Dougherty Mortgage Provides $10.5M HUD Loan for Acquisition of Affordable Housing Property in Minneapolis

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $10.5 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Holmes Greenway Housing in Minneapolis. The six-story building features 54 units that are restricted to individuals and families earning 60 percent or less of the area median income. Minor upgrades will be completed to the common areas and apartment units. Dougherty originated the 40-year loan on behalf of the borrower, Holmes Housing Partners LP.