Colliers Mortgage Closes Substantial HUD $ 5 Million Rehabilitation Loan for Sandy Springs Townhomes in Macon, Georgia
MINNEAPOLIS, MN – Colliers Mortgage, a subsidiary of Colliers International | US, recently entered into a $ 5 million HUD 221 (d) (4) loan for the substantial rehabilitation of Sandy Springs Townhomes, an affordable 74 unit multi-family project located in Macon, Georgia. Ownership is restricted to individuals and families earning 60% or less of the median income in the Macon City region. The 74 units are currently covered by a HAP contract based on section 8 of the project.
The rehabilitation will include interior and exterior renovations and replacement of components that are in poor condition and beyond their remaining useful life, including kitchen and bathroom renovations, new flooring, LED light fixtures, as well as energy efficient HVAC systems and water heaters in all units. Exterior renovations will include new unit entry doors, modified exterior stairs, and new roofs and gutters.
The 40 year term / amortization loan has been arranged for the borrower, SSGM Housing Partners, LP. The project also involved tax-exempt bonds, which were underwritten by the subsidiary Colliers Securities LLC.
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 USDA Lender / Partner designation 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 66 countries, our more than 15,000 enterprising professionals work together to provide expert advice to occupants, owners and real estate investors. For more than 25 years, our experienced leadership with significant insider participation has generated annual compound returns of nearly 20% for shareholders. With annualized revenues of $ 3.0 billion ($ 3.3 billion including affiliates) and $ 40 billion in assets under management, we are maximizing real estate potential and accelerating the success of our clients. and our employees. Learn more about colliers.company.com, Twitter @Colliers or LinkedIn.