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Dougherty Mortgage Closes $1.1M HUD Loan for 54-Unit Multifamily Property in Minnesota

WINONA, MINN. — Dougherty Mortgage LLC has closed a $1.1 million HUD loan for the acquisition and rehabilitation of a 54-unit multifamily property. River View Flats is located in Winona, approximately 50 miles east of Rochester. The project has obtained an allocation of Low Income Housing Tax Credits as well as subordinate funding from the Minnesota Housing Finance Agency and the City of Winona. Upgrades will include the replacement of major plumbing and mechanical systems and an improvement to property accessibility. River View Flats features off-street parking, on-site coin laundry and a patio with grill. The 40-year term loan was arranged for borrower Morningside Terrace LLC.

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