Dealmaker: Dougherty Mortgage Closes $82M in HUD Loans

Dougherty Mortgage LLC, Minneapolis, closed $81.5 million in HUD 223 (f) and 221(d)(4)  loans on apartment communities in Louisiana, Texas and Florida.

Dougherty’s Dallas office closed a $29 million HUD 223 (f) loan to refinance Calypso Bay Apartments, a 280-unit market-rate property near New Orleans in Gretna, La. Borrower Calypso Bay LLC took out the 40-year loan.

Dougherty also closed a $9.5 million HUD 223 (f) PILOT Program loan for The Timbers, a 104-unit Austin, Texas affordable housing property. The 35-year acquisition loan included funds to substantially rehabilitate the property. The financing also utilized tax credits and bonds.

In Fort Worth, Texas, Dougherty closed a $25 million HUD 221(d)(4) construction loan for Reserve at Quebec. When completed, the community will include 296 affordable units in twelve buildings. The 40-year loan for borrower Reserve at Quebec LLC included a 4 percent Low-Income Housing Tax Credit.

Dougherty Mortgage also arranged an $18 million 221(d)(4) loan for The Portofino at Champions Gate, a 120-unit market-rate apartment property under construction in Davenport, Fla. The project will include a mix of one-, two- and three-bedroom units with attached garages when completed.