The Minneapolis office of Colliers Mortgage, part of Colliers International, has provided two HUD 223(a)(7) loans totaling more than $7.304 million for the refinancing of two age-restricted multifamily properties in Hibbing, Minnesota.
The properties, totaling 60 units, include Realife Cooperative of Hibbing and Realife Cooperative of Hibbing South.
The market-rate cooperative properties are age-restricted to 62-plus head-of-household. The refinancing enabled the borrowers to reduce the interest rates for the loans, creating substantial annual savings.
The loan for Realife Cooperative of Hibbing has a 35-year term and amortization. The loan for Realife Coopertive of Hibbing South has a 40-year term and amortization.
