The Minneapolis office of Colliers Mortgage, part of Colliers International|U.S., recently closed a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit senior cooperative property in Rochester, Minnesota.
Constructed in 2003, all 52 units are restricted to households where the head of household is 62 years of age or older.
The refinance allowed the borrower to reduce the interest rate for this loan, which generates substantial annual savings, and deposit a sizeable amount to the reserves for replacement.
The 36-year, three-month term and amortization loan was arranged for borrower Fairway Ridge Cooperative.
