MINNEAPOLIS, MN - The Illinois office of Colliers Mortgage, part of Colliers International | U.S., recently closed a $5.1 million HUD 223(a)(7) loan for the refinancing of Gramercy Park Cooperative of Rochester, located in Rochester, Minnesota.
The 87-unit property was constructed in 1997 and all units are restricted to households where the head of household is 62 years of age or older (62+ HOH). The project consists of one (1) three-story building that contains 26 one-bedroom units and 61 two-bedroom units.
The refinance allowed the Cooperative to reduce the interest rate for this loan for substantial annual savings. The 28.92-year term/amortization HUD 223(a)(7) loan was arranged for borrower, Gramercy Park Cooperative of Rochester.
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 (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.