Dougherty Mortgage Provides $17M Acquisition Loan for Multifamily Community in Biloxi, Mississippi
BILOXI, MISS. — Dougherty Mortgage LLC has provided a $17 million Fannie Mae acquisition loan for The Sound at St. Martin, a 181-unit multifamily community in Biloxi. The property comprises 15 three-story buildings and a single-story clubhouse that were built in 2005 and renovated between 2017 and 2019. Communal amenities include a pool, 24-hour fitness center, grilling areas and a business center. The Sound at St. Martin offers one- and two-bedroom floor plans and is situated at 14801 Lemoyne Drive, six miles north of downtown Biloxi. Dougherty Mortgage originated the loan on behalf of the buyer, an entity doing business as MMP2-Lanier LLC. The 12-year loan features a 30-year amortization schedule. The seller was not disclosed.