Dougherty Mortgage LLC recently closed a $1.1 million HUD 221(d)(4) loan for the acquisition and substantial rehabilitation of River View Flats, a 54-unit affordable multifamily apartment property in Winona, Minnesota.
The project has obtained an allocation of Low Income Housing Tax Credits as well as subordinate funding from the Minnesota Housing Finance Agency and the City of Winona.
Upgrades will include the replacement of major plumbing and mechanical systems, as well as improving property accessibility. The property includes off-street parking, coin-operated on-site laundry and a community patio with grill.
The 40-year term loan was arranged for borrower Morningside Terrace LLC through Dougherty’s Minneapolis office.