Dougherty Mortgage Closes $32.5M Acquisition Loan for 252-Unit Multifamily Property Near Minneapolis
MINNETONKA, MINN. — Dougherty Mortgage LLC has closed a $32.5 million Fannie Mae loan for the acquisition of a 252-unit apartment property in Minnetonka, approximately 23 miles southwest of Minneapolis. Woodlands of Minnetonka features amenities such as a clubhouse, media room, outdoor fireplace, swimming pool and grilling pavilion. The 12-year loan includes five years of interest-only payments and a 30-year amortization schedule. Heartland Minnetonka LLC was the borrower.