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MinnesotaFinance

Dougherty Mortgage originates $11.2 million refinance loan for Buzza Lofts in Minneapolis

Staff Writer April 5, 2017
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buzza lofts

Dougherty Mortgage LLC recently originated an $11.2 million HUD-insured 223(f) refinance loan for the Buzza Lofts of Uptown, a 136-unit multi-family property located in Minneapolis.

The 35-year term and amortization loan was arranged by Dougherty’s Minneapolis office.

The property was originally built in 1907 as a warehouse building and was rehabbed in 2012 into a 136-unit apartment building. As part of the renovation, the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit.

The property operates as a Section 42 Low Income Housing Tax Credit property with all of the units having restricted rents at 60 percent or less of the area median income.

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