The Minneapolis office of Colliers Mortgage closed a $21 million Fannie Mae Forward Conversion for the construction financing of Gateway Northeast, a 128-unit multifamily affordable housing property in Minneapolis, Minnesota.
Located a short distance from downtown Minneapolis and within the Riverfront District, the pet-friendly property features underground parking, community lounge, business center, rooftop patio, fitness room, dog wash, outdoor patio and BBQ area and bike storage.
The developer of this property is CommonBond Communities, a St. Paul-based nonprofit dedicated to increasing access to affordable housing.
The loan carries a 15.75-year term and 480-year amortization and was secured for CB LM Redevelopment Limited Partnership.
