The Minneapolis office of Colliers Mortgage closed a $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul, Minnesota.
The 104-unit, Section 8 multifamily property features one-bedroom and two-bedroom apartment units. Project amenities include on-site laundry, off-street parking, community playground, community patio, and a leasing office. 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 Colliers Securities LLC, an affiliate of Colliers Mortgage LLC.
The loan carries a 40-year term/amortization and was arranged for the borrower, Sherman Forbes Housing Partners, LLC, an affiliate of Vitus Group LLC.
