Minnesota

SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the borrower.

BLOOMINGTON, MINN. — Associated Bank and Old National Bank have provided $65 million in construction financing for Carbon 31, a 403-unit apartment complex in the Minneapolis suburb of Bloomington. The project will also include a 14,500-square-foot retail space to be occupied by Oxendale’s Market. Of the 403 units, 36 will be designated for renters earning up to 60 percent of the area median income. Completion is slated for January 2024. Each bank provided 50 percent of the total financing. Randy Stille of Associated Bank managed the loan and closing. The borrower was McGough Development.

MINNEAPOLIS — Colliers Mortgage has provided a $7.4 million Fannie Mae loan for the refinancing of Apt on Essex, a 58-unit multifamily building in Minneapolis. The property offers micro-units and is located within walking distance of a Fresh Thyme grocery store. The 10-year loan features a 30-year amortization schedule. An entity doing business as J2 Catapult LLC was the borrower.