MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage closed a $7 million HUD 221(d)(4) loan for the substantial rehabilitation of Talmage-Oakland Portfolio in Minneapolis, Minnesota. The 57-unit affordable multifamily portfolio consists of two (2) properties, Talmage Green (26 units) and Oakland Square (31 units).
All 57 units are covered by Project-Based Section 8 HAP Contracts, which have been renewed with 20-year terms. As part of the transaction, the project will receive $8.14 million ($142,800 per unit) in renovation work, including dwelling unit and community space upgrades.
The properties feature one-, two-, three-, and four-bedroom walk-up units, two- and three-bedroom townhome units, and three- and four-bedroom single-family units. The properties will continue to be professionally managed by the identity-of-interest management agent, Trellis Management Co.
In addition to the HUD-insured first mortgage, the project will utilize 4% Low Income Housing Tax Credits and Tax-Exempt Bonds. The Bonds were underwritten by David Mullen of Colliers Securities LLC, an affiliate of Colliers Mortgage LLC.
The loan carries a 40-year term/amortization and was arranged for borrower, Talmage Oakland Limited Partnership.
About Colliers Mortgage (Agency Finance and Commercial Finance) – part of Colliers | U.S. 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 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 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.