Top commercial sales of the week | Jax Daily Record | Jacksonville Daily Record jaxdailyrecord.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jaxdailyrecord.com Daily Mail and Mail on Sunday newspapers.
MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a $20.5M HUD 221(d)(4) loan for financing for the substantial rehabilitation of Sycamore Ridge, a 220-unit multifamily affordable housing property located in Gainesville, Georgia.
The Borrower will be renovating the project at a cost of $12,885,333 using 4% Low Income Housing Tax Credits and tax-exempt bonds, as well as a HUD-insured first mortgage. The tax-exempt bonds were underwritten by Colliers Securities, an affiliate of Colliers Mortgage and part of Colliers International | U.S. The rehabilitation facilitates the revitalization of rental housing for families earning 60% or less of Area Median Income.