Colliers Mortgage Secures $20.9M HUD Loan For Maplewood Development Site

The American Cooperative on Lake Phalen is a development site located at 1875 East Shore Drive in Maplewood, Minnesota. The property will consist of 56 units catering to residents aged 62 and above. Amenities will include a fitness center, rooftop deck, and underground heated parking. The units will range from 1,200 to 1,900 square feet, providing a comfortable living experience for its residents.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $20,900,000
• Address: 1875 East Shore Drive
• Market: Maplewood, Minnesota
• Lender: Colliers Mortgage
• Loan Type: Construction
• Loan Terms: 40-year term and amortization

Colliers Mortgage secured the $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen. The property is strategically located between Keller and Phalen regional parks and golf courses. The loan will support the development of the property, ensuring a high-quality living experience for the future residents aged 62 and above.