The Minneapolis office of Colliers Mortgage recently closed a $25.2 million HUD 223(f) loan for a repeat client for the refinancing of The Winslow, a 172-unit affordable seniors housing property located in West St. Paul, Minnesota.
This property was originally financed with Colliers Mortgage in 2018 as a HUD 221(d)(4) New Construction transaction.
The project includes one four-story building with an underground parking garage and elevators and is restricted to heads of household aged 62+. All units are affordable at 60% or 50% of the area median income or fair market rents. Community amenities include a clubroom, theatre, fitness center, salon, game room, resident activities and outdoor deck with grills.
The loan carries a 35-year term/amortization and was arranged for WSP Senior Housing I, LLLP.
