Dougherty Mortgage Provides $42.3M HUD Loan for Construction of Apartment Property in Minnesota
ROBBINSDALE, MINN. — Dougherty Mortgage LLC has provided a $42.3 million HUD 221(d)(4) loan for the construction of Parker Station Flats in Robbinsdale, just northwest of Minneapolis. The apartment property will include 198 market-rate units. Dougherty originated the 40-year, fixed-rate loan on behalf of the borrower, Parker Station Flats LLC. The project also received tax-increment financing from the Robbinsdale Economic Development Authority and various environmental grants from the state of Minnesota, Hennepin County and Metropolitan Council.