Dougherty Funding LLC has closed on a $10.3 million construction loan for a to-be-built, six-story, 45-unit apartment project located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood of Minneapolis.
The new construction financing was arranged for Laguna Property Investors, LLC, and will be developed by CPM Development.
Construction of the project will begin in May of 2015, with completion expected 12 months later. Dougherty Funding LLC serves as lead lender and servicer for the loan.
