Dougherty Funding LLC has closed an $11.7 million first mortgage acquisition loan for Pheasant Ridge Apartments, a 248-unit affordable multifamily property located in Iowa City, Iowa.
93 percent of the units are affordable and are covered under a Project-Based Section 8 Housing Assistance Payment contract.
The Project was originally constructed in 1971 and recently had nearly $700,000 in improvements, including new furnaces, roofing, kitchen cabinets, counter top replacements and new appliances.
Financing was arranged for Iowa City Leased Housing Associates II, LLLP. Dougherty Funding LLC is the lead lender and servicer for the loan.