Dougherty Mortgage LLC recently arranged refinancing for two senior care facilities located within the St. Therese Southwest senior community in Hopkins, Minn.
The company arranged a $10.9 million HUD 232/223(a)(7) loan for the refinance of The Terraces, an 86-unit assisted living/dementia care facility. The 34-year, three-month term, 34-year, three-month amortization loan was arranged for The Terraces Assisted Living LLC.
The company also arranged a $9.6 million HUD/FHA 223(a)(7) loan for the refinance of The Towers, a 224-unit age-restricted seniors housing property. The 35-year term, 35-year amortization loan was arranged for The Towers LLC. The sole member of both The Terraces Assisted Living LLC and The Towers LLC is St. Therese Southwest Inc., a Minnesota based non-profit corporation.
Both projects are managed by Great Lakes Management Co., a professional management company based in Golden Valley, Minn. The refinance loans allowed the owner to reduce the interest rates on the loans and improve property operations. Both loans were arranged by Dougherty’s Minneapolis office.