376
MINNEAPOLIS — Colliers Mortgage has provided a $10.8 million HUD 221(d)(4) loan for the rehabilitation of Labor Retreat Apartments in Minneapolis. The 77-unit Section 8 property features one- and two-bedroom units. Amenities include a community room, onsite management office, outdoor patio, lounge area and laundry rooms. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low-Income Housing Tax Credits and tax-exempt bonds, which were underwritten by affiliate Colliers Securities LLC. The loan features a 40-year term and 40-year amortization schedule. The borrower was Labor Retreat Housing Partners LLC, an affiliate of Vitus Group LLC.