MINNEAPOLIS, MN - Colliers Mortgage, part of Colliers International | U.S., recently closed a $5 million HUD 221(d)(4) loan for the substantial rehabilitation of Sandy Springs Townhomes, a 74-unit affordable multifamily project located in Macon, Georgia. The property is restricted to individuals and families earning 60% or less of the City of Macon's Area Median Income. All 74 units are currently covered by a Project-Based Section 8 HAP Contract.
The rehabilitation will include interior and exterior renovations and replacing components that are in disrepair and beyond their remaining useful life, including kitchen and bath remodels, new flooring, LED light fixtures, as well as energy efficient HVAC systems and water heaters in all units. Exterior renovations will include new unit entry doors, modified exterior stairs, and new roofs and gutters.
The 40-year term/ amortization loan was arranged for borrower, SSGM Housing Partners, LP. The project also involved Tax-Exempt Bonds, which were underwritten by affiliate Colliers Securities LLC.
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 $10.0 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 66 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.