MINNEAPOLIS, MN – The Minneapolis Colliers Mortgage team collaborated to close a $12.5 million HUD 221(d)(4) loan for a repeat client, for the new construction financing of Greenway Apartments, an 86-unit multifamily affordable housing property in Minneapolis, Minnesota. The units will be housed in one five-story building located between 11th Avenue South and 12th Avenue South, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood.
The property will offer underground parking and other anticipated amenities include two entry lobbies, common area laundry, roof deck, fitness room, bike repair room, conference room, community room, patio space with grills, outdoor cooking area, playground, and a promenade overlooking the Midtown Greenway. Units will be equipped with a range/oven combination, refrigerator, microwave, dishwasher, washer/dryer in two- and three-bedroom units, balconies on select units, walk-in closets, and eat-in kitchens in select units.
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.