MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage closed a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, Minnesota. The 56-unit market-rate cooperative is designed for members 62+ and is located on the north shore of Lake Phalen between Keller and Phalen Regional Parks and golf courses.
Home plans range from two-bedroom/two-bath (1,200 SF) to two-bedroom plus den/two-bath (1,900 SF). Property amenities include a 24-hour fitness center, roof top deck with lake view, shared garden space, underground heated parking, club room and storage units. Unit amenities include balconies/patios, stainless-steel appliances, 9-foot ceilings and in-unit washer/dryer.
The loan carries a 40-year term/amortization and was arranged for borrower, The American Cooperative on Lake Phalen.
About Colliers Mortgage - part of Colliers: Colliers Mortgage is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of commercial property types nationwide. Our professionals work collaboratively to provide solutions that best fit each client’s unique needs, offering access to federal agency loan programs, commercial finance solutions, and identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $14.0 billion of loans.
About Colliers: Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.3 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.