Dougherty Mortgage LLC recently closed a $3.8 million Fannie Mae loan for the acquisition of Castlewood Apartments, a 96-unit multifamily affordable housing property in Davenport, Iowa.
The property offers two-bedroom apartments and three-bedroom townhomes. Community amenities include on-site laundry facilities, a computer room and two playgrounds.
The Fannie Mae 16-year term, 30-year amortization loan will be used in conjunction with tax credit equity to fund the moderate rehabilitation of this Section 8 project. Financing was arranged through Dougherty’s Minneapolis office for borrower Davenport MAHC LLLP.