MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage closed a $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul, Minnesota. The 104-unit, Section 8 multifamily property features one-bedroom and two-bedroom apartment units.
Project amenities include on-site laundry, off-street parking, community playground, community patio, and a leasing office.
In addition to the HUD-insured first mortgage, the project will utilize 4% Low Income Housing Tax Credits and Tax-Exempt Bonds. The Bonds were underwritten by Colliers Securities LLC, an affiliate of Colliers Mortgage LLC.
The loan carries a 40-year term/amortization and was arranged for the borrower, Sherman Forbes Housing Partners, LLC, an affiliate of Vitus Group LLC.
About Colliers Mortgage (Agency Finance and Commercial Finance) - part of Colliers | U.S. Colliers Mortgage is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of property types nationwide. Our professionals work collaboratively to analyze and uncover the best options available for each client’s unique needs, by offering access to federal agency loan programs, commercial finance solutions, and in identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $10.0 billion of loans.
About Colliers Securities - part of Colliers | U.S. Colliers Securities is a full-service investment bank and registered securities broker-dealer with over 45 years of experience specializing in investment and capital-raising strategies to meet the long-term objectives of individual and institutional investors nationwide. Their public finance group serves the needs of affordable housing developers, non-profits, units of state and local government and other tax-exempt entities, underwriting, selling, and trading municipal bonds. Member SIPC/FINRA.
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 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.