Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors facility in Minneapolis for residents aged 62 and older.
The 40-year term, 40-year amortization loan was arranged by Dougherty’s Minneapolis office for Covenire Care Nokomis, LLC.
The Minnehaha Senior Living property provides a full spectrum of care options and is located just north of Lake Nokomis and Minnehaha Falls, easily accessible from all areas of the Twin Cities. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
