MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage closed a $10.8 million HUD 221(d)(4) loan for the substantial rehabilitation of Labor Retreat Apartments in Minneapolis, Minnesota.
The 77-unit, Section 8 multifamily property features one- and two-bedroom units. Project amenities consist of a community room with kitchenette, on-site management office, elevator, tub rooms (2 total), outdoor patio, sitting lounge area, laundry rooms, and controlled access.
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 affiliate Colliers Securities LLC.
The loan carries a 40-year term/amortization and was arranged for the borrower, Labor Retreat Housing Partners, LLC, an affiliate of Vitus Group LLC.
About Colliers Mortgage and Colliers Securities: 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.
Colliers Securities is a registered securities broker-dealer with over 45 years of experience, specializing in investment and capital-raising strategies to help clients achieve their long-term investment objectives. As a full-service investment banking and investment services firm, Collier Securities offers a wide array of investment products and services to institutions and individuals nationwide.
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 19,000 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.