Dougherty Mortgage Provides $20.7M HUD Loan for Refinancing of Affordable Housing Property Near Minneapolis
ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has provided a $20.7 million HUD 221(d)(4) loan for the refinancing and rehabilitation of Oak Park Village, a 100-unit affordable housing property in St. Louis Park, just west of Minneapolis. All 100 units will be covered by a project-based Section 8 HAP contract. The property will undergo $4.7 million in renovations, including replacement of certain mechanical, plumbing and electrical systems and upgraded lighting. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC, an affiliate of Dougherty Mortgage, underwrote the bonds. The 40-year loan is fully amortized. Oak Park Village Partners LP was the borrower.