MINNEAPOLIS, MN - Adrian Hartman of the Colliers Mortgage St. Louis office recently closed an $11,054,000 Fannie Mae loan for the refinancing of Hummingbird Heights located in Union, Missouri for borrower Hummingbird Heights LLC. The 108-unit market rate multifamily property spans 21 garden style apartment buildings, managed by ELS Properties, LLC.
The refinance enabled ownership to recoup a portion of equity deployed during development, reposition conventional debt to non-recourse freeing up future development borrowing capabilities, and boost cash flow due to the longer amortization and interest only period.
This developer / owner has used Agency previously as part of their tested strategy to develop conventionally with non-recourse debt planned for the hold period to enhance cash flow and manage risk. Currently, bank terms are unable to match proceed levels of the secondary market due to DCR constraints. The longer amortization and lower rate available through Agency will consistently yield higher loan proceeds.
About Colliers Mortgage (Agency Finance and Commercial Finance): 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 in loans.
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 $99 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.