The Minneapolis office of Colliers Mortgage closed a $25 million HUD 221(d)(4) loan for the new construction financing of Satori Boutique Apartments in Minneapolis.
Satori Boutique Apartments will consist of 112 units in a six-story apartment building with one level of underground parking and a first-floor commercial space. Of the 112 units, 23 units will be rent- and income-restricted to individuals and families earning 50% or less of the Area Median Income.
The project is located in an Opportunity Zone and received tax-increment financing from the City of Minneapolis, which was utilized to generate additional first mortgage loan proceeds.
The loan carries a 40-year and amortization (plus construction period) and was arranged for Satori Apartments I, LLC.
