MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., closed two HUD 223(f) loans for the refinancing of Ashland Place and The Meadows, affordable multifamily housing properties located in Rochester, Minnesota.
Ashland Place was constructed in 2015 and has 49 units; The Meadows was constructed in 2016 and has 54 units. Both properties were constructed using 9% Low Income Housing Tax Credit syndication proceeds and all units at both properties are rent- and income-restricted to 50% or below the area median income.
Both projects are managed by Velair Property Management, LLC, which has an identity-of-interest with the Owners and Sponsors of the HUD transactions. Both HUD 223(f) loans carry 35-year terms and amortization schedules and were arranged for borrowers, Ashland Village, Limited Partnership and Rochester Meadows, Limited Partnership.
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.