Dougherty Mortgage congratulates Boisclair Corporation on the first closing in the nation under HUD’s new 221(d)(4) Pilot Program – Brooks Landing and Brook Gardens Apartments
MINNEAPOLIS, Minn. – September 12, 2019 – Dougherty Mortgage LLC and their affiliate Dougherty & Company LLC congratulate Boisclair Corporation on the closing of the re-syndication of Brooks Landing and Brook Gardens Apartments in Brooklyn Park, Minnesota. Dougherty Mortgage provided a $14.8 million loan for the acquisition and substantial rehabilitation of these two projects under the HUD 221(d)(4) LIHTC Pilot Program. This transaction represents the first closing nationally under HUD’s new 221(d)(4) Pilot Program, which provides faster processing for projects utilizing Low Income Housing Tax Credits. It is appropriate that Boisclair Corporation is involved in the first closing under this new program, as Boisclair Corporation is recognized in the Congressional Record for having built the first Section 8 subsidized housing property in the nation in 1974.
About Dougherty Mortgage Dougherty Mortgage LLC is a full-service, nationwide mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types. In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $6.7 billion of loans. Dougherty Mortgage LLC has also been awarded designation as a lender/partner with USDA under the Community Facilities Guaranteed Loan Program. Based in Minneapolis, Dougherty Mortgage also has offices in Colorado, Georgia, Illinois, Mississippi, Tennessee and Texas.
For more information, please visit www.doughertymortgage.com.