The Minneapolis office of Colliers Mortgage recently closed a $3.2 million HUD 223(f) loan for the refinancing of Old Walnut Apartments, an affordable multifamily property in Grand Island, Nebraska.
Old Walnut Apartments was converted from an educational institution to multifamily housing in 2004. The property is 99.88 percent affordable, with 88 of the 89 units rent- and income-restricted to 41.61 percent of Area Median Income. The remaining unit is rented at market-rate.
The 35-year term and amortization loan was arranged for Walnut Housing.