MINNEAPOLIS, MN - Jeff Rogers of the Fort Worth, Texas office of Colliers Mortgage closed a $7.3 million HUD 221(d)(4) loan for the new construction financing of Avenue at Sycamore Park in Fort Worth, Texas. Avenue at Sycamore Park will be an affordable multifamily project consisting of 108 units, 91 of which are affordable multifamily units and 17 are market rate units.
Of the 91 affordable units, 10 units are restricted to individuals and families earning 30% or less of the Area Median Income (“AMI”), 37 units are restricted to 50% AMI, and 44 units are restricted to 60% AMI. The unit mix includes 42 one-bedroom units, 57 two-bedroom units, and 9 three-bedroom units.
The project involved an allocation of 9% Low Income Housing Tax Credits and the loan carries a 40-year term/amortization and was arranged for CSH Avenue at Sycamore Park, Ltd.
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.