MINNEAPOLIS, MN - David Mullen of the Minneapolis office of Colliers Mortgage closed a $13.4 million HUD 223(f) loan for the refinance of Boulder Ridge in Apple Valley, Minnesota.
The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by identity-of-interest management agent CommonBond Housing.
The property consists of eight (8) residential buildings with tuck-under garage stalls. The property was previously financed with Colliers Mortgage (fka Dougherty Mortgage) as a HUD 223(a)(7)/221(d)(4) transaction in 2011, followed by a transfer of physical asset (TPA) for the current borrower in 2016.
The loan carries a 35-year term/amortization and was arranged for borrower, CB Boulder Ridge LLC.
About Colliers Mortgage (Agency Finance and Commercial Finance): Colliers Mortgage is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of property types nationwide. Our professionals work collaboratively to analyze and uncover the best options available for each client’s unique needs, by offering access to federal agency loan programs, commercial finance solutions, and in identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $10.0 billion of loans.
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, our 18,000 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 $4.6 billion and $92 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.