MINNEAPOLIS, MN - The Minneapolis team of Colliers Mortgage closed an $11.2 million HUD 221(d)(4) loan for the new construction financing of 42nd & Central in Columbia Heights, Minnesota. The proposed Project will consist of 62 affordable multifamily units, all of which will be restricted to individuals and families earning 60% or less of the Twin Cities Metro’s AMI.
The unit mix is anticipated to include 16 one-bedroom units, 28 two-bedroom units, and 18 three-bedroom units, all equipped with a range, refrigerator, garbage disposal, dishwasher, microwave, central air conditioning, and in-unit washer and dryer. Planned community amenities include a clubroom, fitness room, playground, bike fix-it station, dog run, storage lockers, playground, package room, on-site management, leasing office, elevator, and controlled entrances. Parking will include 48 enclosed stalls provided for residents in an underground garage, with 60 additional stalls in the surface parking lot.
The loan carries a 40-year term and was arranged for Reuter Walton Development.
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.