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.