MINNEAPOLIS, MN - Jeff Rogers of the Fort Worth office of Colliers Mortgage closed a $4.5 million HUD loan for the refinance of Avanti at Greenwood in Corpus Christi, Texas. The project is an 81-unit broadly affordable multifamily property.
The property currently has eight (8) units restricted to individuals or families earning 30% or less of area median income, 15 units restricted to individuals or families earning 50% or less of area median income, and 50 units restricted to individuals or families earning 60% or less of area median income. The remaining eight (8) units at the property are market rate units.
As part of the transaction, the borrower was able to pay off their construction loan and put long term HUD financing on the property.
The loan carries a 35-year term/amortization and was arranged for borrower, Avanti at Greenwood, 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 63 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 $4.5 billion and $81 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.