Colliers Mortgage Funds Two HUD Loans Totaling $7.3M for Realife Cooperative Properties in Hibbing, Minnesota

HIBBING, Minn. — The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., has provided two HUD 223(a)(7) loans totaling $7.3 million to refinance two age-restricted multifamily properties in Hibbing, located in the northern part of the state approximately 80 miles south of the Canadian border.

The properties, totaling 60 units, include Realife Cooperative of Hibbing and Realife Cooperative of Hibbing South. The market-rate cooperative properties are age restricted to heads of household age 62 or older.

The refinancing enabled the borrowers to reduce the interest rates for the loans, creating annual savings. The loan for Realife Cooperative of Hibbing has a 35-year term and amortization. The loan for Realife Cooperative of Hibbing South has a 40-year term and amortization.