Dougherty Mortgage recently closed a $6.7 million HUD 223(a)(7) loan for the refinancing of Roseville Seniors, a 127-unit affordable multifamily project located in Roseville, Minnesota.
All 127 units are covered by a Project-Based Section 8 HAP Contract and are restricted to elderly and disabled residents.
The refinance allowed the borrower to reduce the interest rate and MIP for this loan, which generates substantial annual savings. The 35-year term, 35-year amortization loan was arranged for borrower Good Neighbor Senior Apartments Limited Partnership, LLLP.
