Dealmaker: Colliers Mortgage Provides $20M in HUD 221(d)(4) Funds

Colliers Mortgage provided $20 million in HUD-insured construction loans in Texas and Minnesota.

In Fort Worth, Texas, Colliers provided a $7.3 million construction loan for Avenue at Sycamore Park, a multifamily property with 91 affordable housing units and 17 market-rate apartments.

Sycamore Park’s affordable component will include units for renters earning less than 30%, 50% and 60% of the area’s median income. Jeff Rogers of Colliers Mortgage originated the financing through HUD’s 221(d)(4) program for borrower CSH Avenue at Sycamore Park Ltd.

Colliers Mortgage also provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. Reuter Walton Development received the 40-year loan.

When completed, the five-story, 86-unit affordable housing community at the intersection of 11th Avenue and 12th Avenue will sit next to the Midtown Greenway rail trail in the city’s Midtown Phillips neighborhood.