Colliers Mortgage closes $ 4.3 million HUD refinance loan for affordable multi-family community of Rosa Place in Mankato, Minnesota
MINNEAPOLIS, MN – The Minneapolis office of Colliers Mortgage, part of Colliers International | US, recently entered into a $ 4.3 million HUD 223 (f) loan to refinance Rosa Place, an affordable 60-unit multi-family building in Mankato, Minnesota.
Rosa Place was built in 2019 with the proceeds of the syndication of the 9% Low Income Housing Tax Credit. All 60 units are rented and incomes are capped at 50% or below the region’s median income.
The project is managed by Velair Property Management, LLC, which has an identity of interest with the owner and sponsor of the HUD transaction.
The 35 Year HUD Term / Amortization Loan has been arranged for the borrower, Rosa Place, Limited Partnership.
About Mortgage Collars: Colliers Mortgage, part of Colliers International, is a national full-service mortgage bank, FHA MAP and LEAN approved lender, and Fannie Mae Delegated Underwriting and Servicing (DUSÂ®) lender, specializing in accessing loan programs for federal agencies for the acquisition, refinancing, construction or rehabilitation of a multitude of types of properties. Colliers Mortgage also holds the Lender / Partner designation with the USDA under the Secured Loans for Community Facilities program. Additionally, as Ginnie Mae’s Authorized Seller / Repairer, they service their mortgages and currently manage over $ 10.0 billion in loans.
About the Colliers International Group Inc. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Present in 67 countries, our more than 15,000 enterprising professionals work together to provide expert advice to occupants, owners and real estate investors. For over 25 years, our experienced leadership with significant insider participation has generated annual compound returns of almost 20% for shareholders. With annualized revenues of $ 3.0 billion ($ 3.3 billion including affiliates) and $ 40 billion in assets under management, we maximize the potential of ownership and accelerate the success of our clients and of our employees. Find out more at corporate.colliers.com, Twitter @Colliers or LinkedIn.