The Minneapolis office of Colliers Mortgage, part of Colliers International| U.S., recently closed an $8.9 million Fannie Mae loan for the acquisition and rehabilitation financing of River Bend Apartments and Kaleva Apartments, multifamily affordable housing properties in Fergus Falls and New York Mills, Minnesota.
River Bend Apartments consists of one seven-story building with 100 units, all of which are covered by a project-based Section 8 HAP Contract and are rented to residents who are age 62 and older and those who are disabled. Project amenities include community reading and hobby rooms; elevators; laundry facility; greenhouse; patio/picnic area; surface lot parking; controlled entrances; and on-site management.
Kaleva Apartments consists of 30 units, all of which are covered by a project-based Section 8 HAP Contract and are rented to residents who are age 62 and older and those who are disabled. The unit mix includes 29 one-bedroom units and one two-bedroom unit. Following the proposed substantial rehabilitation, the subject will continue to operate as a Section 8 property, but will also be restricted to senior and disabled households.
Project amenities include community elevators; laundry facility; sauna; patio/picnic area; surface lot parking; controlled entrances; and on-site management.
The 18-year term, 35-year amortization loan was arranged for Schuett Otter Tail LP.
