Dougherty Mortgage recently closed a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable seniors housing property in Minneapolis.
The property is made up of one eight-story residential building covered by a Project-Based Section 8 HAP Contract. The project will receive a substantial rehabilitation as part of the HUD financing, with $6.7 million in renovation work that will include dwelling unit and community space upgrades.
In addition to the HUD-insured first mortgage, the project used Low Income Housing Tax Credits and tax-exempt bonds. The bonds were underwritten by Dougherty & Company LLC, an affiliate of Dougherty Mortgage LLC.
