Colliers Mortgage completes $14.2 million HUD refinance loan for 161-unit Northtown Village apartment community in Minnesota
MINNEAPOLIS, MN – The Minneapolis office of Colliers Mortgage (part of Colliers | US) closed a $14.2 million HUD 223(f) loan to refinance Northtown Village Apartments, a 161-unit multifamily apartment building at market rate in Spring Lake Park, Minnesota.
This transaction represents the second refinance completed with Colliers Mortgage for this client, with the first refinance completed in 2015. Property amenities include an outdoor pool, playground and on-site laundry facilities.
The loan has a 35-year amortization and was guaranteed for Northtown Village LLLP.
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 investment management and professional services 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.