Multifamily W Minnesota

Dougherty closes $4.8 million loan for affordable apartments in Minnesota

  

Dougherty Mortgage recently closed a $4.8 million HUD 221 (d)(4) loan for the new construction financing of Greenway Terrace in Ramsey, Minnesota.

Greenway Terrace is a proposed 54-unit Low Income Housing Tax Credit project with 100 percent of the units restricted to individuals and families earning 50 percent or less of the Area Median Income.

Four units will have Section 811 Project-Based Rental Assistance, four units will have Group Residential Housing assistance and 15 will have Project-Based Vouchers.

The mix of units is six one-bedroom, 21 two-bedroom, 21 three-bedroom and six four-bedroom.