MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a $1.9 million HUD 223(f) loan for the refinancing of the 29-unit Lowertown Lofts Artist Cooperative located in St. Paul, Minnesota.
The historic building that houses the Lowertown Lofts Artist Cooperative was originally constructed in 1901, and the third through fifth floors were renovated into the cooperative living space in 1985. All units are marketed to artists seeking affordable live-work housing.
The loan carries a 35-year term/amortization and was arranged for borrower, Lowertown Lofts Cooperative.
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 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners, and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients.