Dougherty Mortgage recently closed a $23.8 million Fannie Mae loan for the refinancing of Red44, a 159-unit market-rate multifamily apartment property in Rochester, Minnesota.
The five-story property was built in 2017 with amenities including an outdoor pool, grilling stations, dog park, outdoor fire feature, billiard, community area with coffee bar, pet wash, bike repair station, rooftop terrace with fire pit, community room, fitness center, shuttle to Mayo Clinic, private balconies/patios, in-unit laundry and heated garage parking.
The loan carries a 12-year term and 30-year amortization and was arranged for borrower Mayowood Commons LLC.
