Colliers Mortgage Provides $12.5M HUD-Insured Construction Loan for Minneapolis Affordable Housing Project
MINNEAPOLIS — Colliers Mortgage has provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. The 86-unit affordable housing community will rise five stories at the intersection of 11th and 12th avenues, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood. In addition to underground parking, the property will feature tow lobbies, common area laundry, a roof deck, fitness room, bike repair area, conference room, community room, playground, outdoor promenade and patio space with grills. Reuter Walton Development was the borrower for the 40-year loan. Income restrictions for the units were not provided.