MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed an $11.1 million HUD 223(a)(7) loan for the refinancing of Cedar Villas Townhomes, an existing 104-unit mixed-income multifamily rental project located in Eagan, Minnesota.
The project was constructed in 2004 and consists of 18 residential buildings, in addition to a clubhouse and detached garage buildings. Of the total 104 units, 20% are affordable at 50% or below the area median income, with the remaining units rented at market rates.
This transaction involved the 223(a)(7) refinance of Cedar Villas Townhomes, which was originally financed with Colliers Mortgage as a HUD 223(f) in 2014.
The loan carries a 35-year term and amortization and was arranged for Cedar Villas 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 $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 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.1 billion and more than $50 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.