MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage (part of Colliers International | U.S.) closed a $21 million Fannie Mae Forward Conversion for the construction financing of Gateway Northeast, a 128-unit multifamily affordable housing property in Minneapolis, Minnesota.
Located a short distance from Downtown Minneapolis and within the Riverfront District, the pet-friendly property features underground parking, community lounge, business center, rooftop patio, fitness room, dog wash, outdoor patio and BBQ area, and bike storage.
The developer of this property is CommonBond Communities, a St. Paul based nonprofit dedicated to increasing access to affordable housing.
The loan carries a 15.75-year term and 480-year amortization and was secured for CB LM Redevelopment 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: 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 $4.3 billion and more than $65 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.
About CommonBond Communities: CommonBond Communities believes that a home is the foundation for everything in life. Our mission is to build stable homes, strong futures, and vibrant communities. CommonBond has been a leading provider of affordable homes in the Upper Midwest for more than 50 years, developing and managing over 7,000 units of multi-family housing. Unique to the industry, CommonBond combines access to affordable housing with support services to help residents achieve their goals tied to stability, advancement, and independence.