MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed three HUD 223(a)(7) loans totaling $18,781,200 for the refinancing of three Village Cooperative properties located in Iowa and Minnesota, totaling 162 units: Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. All three market rate properties are age-restricted to 62+ head-of-household. The refinancing of the properties allowed the borrowers to reduce the interest rates and MIP for the loans, creating substantial annual savings.
The loans for Village Cooperative of Cedar Falls and Village Cooperative of Marshalltown both carry 40-year terms and 40-year amortization and were arranged for Village Cooperative of Cedar Falls and Village Cooperative of Marshalltown. The third loan for Village Cooperative of Austin has a 39.17-year term and 39.17-year amortization and was arranged for Village Cooperative of Austin.
About Colliers Mortgage: Colliers Mortgage, part of Colliers International, is a full-service, nationwide mortgage banking firm, approved FHA MAP and LEAN lender and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, specializing in providing access to federal agency loan programs for the acquisition, refinance, construction or rehabilitation for a multitude of property types. Colliers Mortgage also holds designation as a lender/partner with the USDA under the Community Facilities Guaranteed Loan Program. Additionally, as an approved Ginnie Mae seller/servicer, they provide loan servicing for their mortgages and currently service in excess of $8.0 billion of loans.
About Colliers International Group Inc. Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our 14,500 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.