The Minneapolis office of Colliers Mortgage closed a $7 million HUD 221(d)(4) loan for the rehabilitation of the Talmage-Oakland portfolio of multifamily homes in Minneapolis.
The 57-unit affordable multifamily portfolio includes two properties, Talmage Green, which is made up of 26 units, and Oakland Square, made up of 31 units.
All 57 units are covered by project-based Section 8 HAP contracts that have been renewed with 20-year terms. The project will receive $8.14 million in renovation work, including dwelling unit and community space upgrades.
The properties feature one-, two-, three- and four-bedroom walk-up units; two- and three-bedroom townhome units; and three- and four-bedroom single-family units.
