Updated Oct 12, 2026
Colliers Mortgage Provides $18.3M Loan For Sherman Forbes Housing Rehabilitation, Saint Paul
310 7th Street St Paul, Minnesota 55102, USA
$18,300,000
Units
104
Asset Type
MultiFamily
Closing
Jul 27, 2023
About this deal
AI
The asset involved in this transaction is a multifamily property located at 310 7th Street in Saint Paul, Minnesota. The property comprises 104 units and has been financed with an $18.3 million loan aimed at rehabilitation. The financing is backed by the HUD 221(d)(4) loan program. The loan features a 40-year term and an equal amortization schedule over the same period.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $18,300,000
- Lender: Colliers Mortgage
- Landlord: Sherman Forbes Housing Partners LLC
- Loan Type: Refinance
- Loan Terms: 40-year loan, 40-year amortization schedule
The transaction is managed by Sherman Forbes Housing Partners LLC, which is an affiliate of Vitus Group LLC. This entity will also leverage Low Income Housing Tax Credits and tax-exempt bonds for the rehabilitation project.
On the Map
$18,300,000
MultiFamily
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Saint Paul MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.87%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93