Colliers Mortgage Provides $20.9M HUD Loan for Construction of Seniors Housing Community in Minnesota

by Kristin Harlow

MAPLEWOOD, MINN. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet, and amenities will include a fitness center, rooftop deck, shared garden space, clubroom, underground heated parking and storage units. The loan features a 40-year term and amortization.

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