Colliers Mortgage completes $12.5 million HUD-insured construction loan for 86 Greenway apartments in Minneapolis, Minnesota
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, a property of 86-unit multi-family affordable housing in Minneapolis, Minnesota. The units will be housed in a 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 planned amenities including two lobbies, communal laundry room, roof terrace, fitness room, bike repair room, conference room, community room , a patio with grills, an outdoor cooking area, a playground and a promenade overlooking the downtown greenway. Units will be equipped with a combination stove/oven, refrigerator, microwave, dishwasher, washer/dryer in two and three bedroom units, a balcony in some accommodations, a dressing room and a kitchen with dining area in some accommodations.
The loan has a term of 40 years and was arranged for Reuter Walton Development.
About Colliers Mortgage: Colliers Mortgage, part of Colliers | US, is a national full-service mortgage banking company, an FHA MAP and LEAN approved lender, and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, specializing in accessing federal agency lending programs for the acquisition, refinancing, construction or rehabilitation for a multitude of types of property. Colliers Mortgage also holds Lender/Partner designation with the USDA under the Community Facilities Guaranteed Loan Program. Additionally, as an authorized Ginnie Mae salesperson/repairer, they provide lending services for their mortgages and currently service over $10.0 billion in loans.
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management firm. With operations in 62 countries, our 17,000 enterprising professionals work together to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant internal ownership has generated 20% compound annual returns for shareholders. With annual revenues of $4.3 billion and more than $65 billion in assets under management, Colliers maximizes the potential of properties and real estate assets to accelerate the success of our clients, investors and associates. For more information, visit corporate.colliers.com, Twitter @Colliers or LinkedIn.