The Minneapolis office of Colliers Mortgage closed a $17.7 million HUD 213 loan for the new construction financing of Village Cooperative of Century Hills in North Richland Hills, Texas. The 55-unit age-restricted cooperative is the first cooperative to close under the Section 213 program in the State of Texas.
Village Cooperative of Century Hills will bring a new home ownership option to the area for active adults (62+) to enjoy living in this vibrant community without the worries of maintenance, repairs, or repair bills. The homes will range in size from approximately 889–1,770 square feet on one level within a three-story building built over secure parking. Property features will include a community area with full kitchen, club room, fitness room, reading areas, shop/craft room, guest suite, garden plots, and underground temperature-controlled parking—all within a fully secure building.
The loan carries a 40-year term/amortization and was arranged for Village Cooperative of Century Hills.