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Chicago & Midwest  + Midwest  + Finance  |  July 24, 2018
Paul Bubny
By: Paul Bubny

Dougherty Closes HUD Loans for Weyerhaeuser Site Redevelopment

Dougherty Mortgage has closed on HUD 221(d)(4) loans totaling $51 million for new construction/permanent financing on the two components of Dominium’s redevelopment of the former Weyerhaeuser Lumber site in the western edge of St. Paul, MN.

The lender’s Minneapolis office has closed on $17 million in financing for Millberry Apartments, a 121-unit affordable housing property, and $34 million for The Legends at Berry Senior, a 241-unit affordable complex that will be restricted to families with heads of households aged 62 and above.

Financing involves 4% Low Income Housing Tax Credits and the issuance of tax-exempt bonds, which were underwritten by Dougherty & Company LLC, an affiliate of Dougherty Mortgage. The loans feature a 40-year term (plus construction period) and amortization.

Construction is set to begin later this year. All 362 units will be restricted to renters earning 60% or less of the Area Median Income.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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