MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage closed an $11.1 million HUD 213 loan for the new construction financing of Village Cooperative of Fargo in Fargo, North Dakota. The 52-unit age-restricted cooperative is the first cooperative financed by Colliers Mortgage under Section 213 in the State of North Dakota.
Village Cooperative of Fargo will bring a new home ownership option to active adults (62+) in Fargo, a perennial “10 Best Places to Live in U.S.” city and home to several colleges and a vibrant downtown. The homes will range in size from approximately 900 sq. ft. to over 1,500 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this community include community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you’re-away services, underground heated parking with a car wash bay—all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems.
The loan carries a 40-year term/amortization and was arranged for Village Cooperative of Fargo.
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.