MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a $38.5 million HUD 221(d)(4) loan for the land acquisition and new construction financing of Aster House Apartments, a proposed 204-unit affordable multifamily property located in Eagan, Minnesota. Aster House Apartments is anticipated to open in the summer of 2022.
All 204 units will be rent and income restricted, with the average rent restricted to 60% AMI or below. In addition to the HUD-Insured First Mortgage, the project will receive equity from the sale of Low Income Housing Tax Credits (LIHTC) and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement (HOPE) Program. The project also involved Tax-Exempt Bonds, which were underwritten by affiliate, Colliers Securities LLC.
The 40-year term and amortization HUD 221(d)(4) New Construction loan was arranged for borrower Eagan AH I, LLLP.
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.