REBusinessOnline

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

Fairway Ridge Cooperative is home to 52 units.

ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.

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