CEDAR FALLS, Iowa, MARSHALLTOWN, Iowa, and AUSTIN, Minn. — The Minneapolis office of Colliers Mortgage has closed three HUD 223(a)(7) loans totaling $18.8 million to refinance three Village Cooperative properties in the Midwest totaling 162 units: Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin.
All three market-rate properties are restricted to heads of household over age 62. The refinancing allowed the borrowers to reduce the interest rates and realize substantial annual savings.
The loans for Village Cooperative of Cedar Falls and Village Cooperative of Marshalltown both carry 40-year terms and 40-year amortization. The third loan for Village Cooperative of Austin has a 39.17-year term and 39.17-year amortization.