FORT WORTH, TX - The Fort Worth, Texas office of Colliers Mortgage (part of Colliers | U.S.) closed a $25.4 million HUD 221(d)(4) loan for the construction of The Draper Apartments, located in Garland, Texas.
The Draper Apartments will be a 155-unit market rate multifamily project consisting of a mix of studio, one-bedroom and two-bedroom units located near the Garland DART light rail station and within walking distance to retail shops, restaurants, and entertainment venues.
The loan carries a 40-year term and amortization and was secured for GFNT Opportunity II, LP.
About Colliers Mortgage: Colliers Mortgage, part of Colliers | U.S., 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.