MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed three separate HUD 223(a)(7) loans totaling $20.4 million for the refinancing of three senior cooperative properties located in Minnesota and Kansas: Village Cooperative of Albert Lea (Minnesota), Village Cooperative of Red Wing (Minnesota) and Village Cooperative of Lawrence (Kansas). The three properties total 146 units. The financing allowed the borrowers to reduce their interest rates to generate substantial annual savings.
The two HUD loans for the Minnesota properties carry 38-year term and amortization schedules and the loan for the Kansas property has a 40-year term and amortization schedule. The loans were arranged for Village Cooperative of Albert Lea, Village Cooperative of Red Wing and Village Cooperative of Lawrence.
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 diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 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.