The Minneapolis office of Dougherty Mortgage closed a $5.7 million HUD 213/223(a)(7) loan for the refinance of Village Cooperative of Clinton, a 44-unit, market-rate seniors housing cooperative property in Clinton, Iowa.
The project was originally built in 2013. All 44 units are restricted to individuals and families with heads of household age 62 and older.
This refinance lowered the interest rate and resulted in reduced annual debt service payments. The loan features a 40-year term and amortization.