MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a $25.2 million HUD 223(f) loan for a repeat client for the refinancing of The Winslow, a 172-unit affordable senior housing property located in West St. Paul, Minnesota.
This property was originally financed with Colliers Mortgage in 2018 as a HUD 221(d)(4) New Construction transaction.
The project includes one four-story building with an underground parking garage and elevators and is restricted to heads of household aged 62+, and all units are affordable at 60% or 50% of the area median income or fair market rents. Community amenities include a clubroom, theatre, fitness center, salon, game room, resident activities and outdoor deck with grills.
The loan carries a 35-year term/amortization and was arranged for WSP Senior Housing I, LLLP.
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.