Colliers Mortgage Provides $14.9M HUD Loan for Affordable Housing Property in Durham
DURHAM, N.C. — Colliers Mortgage has provided a $14.9 million HUD 221(d)(4) loan for Oakley Square, a 100-unit affordable housing property located in Durham. The borrower, Oakley Square Housing Partners LP, will use the loan for the acquisition and substantial rehabilitation financing of Oakley Square. The loan features a 40-year term and a 40-year amortization schedule. Colliers Securities LLC provided tax exempt bonds to the borrower, which will also receive equity from the sale of Low-Income Housing Tax Credits (LIHTC).
Colliers Mortgage, formerly known as Dougherty Mortgage, is part of Colliers International and is a nationwide mortgage banking firm.