MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a $25 million HUD 221(d)(4) loan for the new construction financing of Satori Boutique Apartments located in Minneapolis, Minnesota.
Satori Boutique Apartments will consist of 112 units in one, six-story apartment building with one level of underground parking and a first-floor commercial space. Of the 112 units, 23 units (20%) will be rent- and income-restricted to individuals and families earning 50% or less of the Area Median Income.
The project is located in an Opportunity Zone and received tax-increment financing from the City of Minneapolis, which was utilized to generate additional first mortgage loan proceeds.
The loan carries a 40-year and amortization (plus construction period) and was arranged for Satori Apartments I, 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 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 and our people. Learn more at corporate.colliers.com