Dougherty Provides $4.8M HUD Loan for Construction of Affordable Housing Property in Ramsey, Minnesota
RAMSEY, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 221(d)(4) loan for the construction of Greenway Terrace in Ramsey, about 30 miles north of Minneapolis. All 54 of the property’s units will be restricted to individuals and families earning 50 percent or less of the area median income. The project will feature six one-bedroom units, 21 two-bedroom units, 21 three-bedroom units and six four-bedroom units. Dougherty arranged the 40-year loan on behalf of the borrower, Ramsey Station Apartments Limited Partnership. In addition to the HUD-insured first mortgage, the borrower obtained capital via the Low-Income Housing Tax Credit (LIHTC) program as well as funds from Anoka County and the Metropolitan Council.