Colliers Mortgage Provides $26.4M HUD-Insured Loan for Multifamily Conversion Project in Minnesota
DULUTH, MINN. — Colliers Mortgage has provided a $26.4 million HUD 221(d)(4) loan for the acquisition and rehabilitation of the historic Duluth Central High School in Minnesota. The 128-year-old building will be transformed into a 122-unit, mixed-income multifamily development known as Zenith. Amenities will include a gym, community lounge, game den, golf simulator, library, package room, patio and coworking area. The loan features a 40-year term and a 40-year amortization schedule. An entity doing business as Saturday Zenith LLC was the borrower.