Updated Mar 11, 2025
Colliers Mortgage Provides $7M Loan For Minneapolis Affordable Housing Portfolio
2653 Portland Avenue South Minneapolis, Minnesota 55407, USA & 1030 Southeast 11th Avenue
$7,000,000
Units
57
Asset Type
MultiFamily
Closing
Jul 18, 2023
About this deal
AI
Colliers Mortgage has provided a $7 million HUD 221(d)(4) loan to rehabilitate a 57-unit affordable housing portfolio in Minneapolis. The portfolio consists of two properties, Talmage Green located at 2653 Portland Avenue South and Oakland Square located at 1030 Southeast 11th Avenue. Both properties are covered by project-based Section 8 Housing Assistance Payments contracts.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $7,000,000
- Units: 57
- Market: Minneapolis, MN
Colliers Mortgage served as the lender in this transaction. They provided the HUD 221(d)(4) loan to support the rehabilitation of Talmage Green and Oakland Square, which both serve as affordable housing options. The loan amount of $7 million will go towards improving the properties and ensuring the units remain affordable for residents.
Players
Minneapolis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93