MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., has provided two HUD 223(a)(7) loans totaling $7,304,500 for the refinancing of two age-restricted multifamily properties in Hibbing, Minnesota.
The properties, totaling 60 units, include Realife Cooperative of Hibbing and Realife Cooperative of Hibbing South. The market-rate cooperative properties are age restricted to 62+ head-of-household. The refinancing enabled the borrowers to reduce the interest rates for the loans, creating substantial annual savings.
The loan for Realife Cooperative of Hibbing has a 35-year term and amortization and was arranged for Realife Cooperative of Hibbing. The loan for Realife Cooperative of Hibbing South has a 40-year term and amortization and was arranged for Realife Cooperative of Hibbing South.
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.