The Minneapolis office of Colliers Mortgage recently closed an $11.1 million HUD 223(a)(7) loan for the refinancing of Cedar Villas Townhomes, an existing 104-unit mixed-income multifamily rental project in Eagan, Minnesota.
The project was built in 2004 and consists of 18 residential buildings in addition to a clubhouse and detached garage buildings. Of the total 104 units, 20% are affordable at 50% or below the area median income, with the remaining units rented at market rates.
This transaction involved the 223(a)(7) refinance of Cedar Villas Townhomes, which was originally financed with Colliers Mortgage as a HUD 223(f) in 2014.
The loan carries a 35-year term and amortization and was arranged for Cedar Villas Limited Partnership.
