Colliers Mortgage Closes $40.7 Million HUD 221(D)(4) Loan for The Grassdale At Manor

The Minneapolis office of Colliers Mortgage, part of Colliers | U.S. recently closed a $40.7 million HUD 221(d)(4)  loan for the new construction financing of The Grassdale at Manor, located in Manor, Texas.  The proposed new construction is a 320-unit market rate multifamily apartment property consisting of ten garden-style buildings that will be two (2) to three (3) stories in height with 90 garage spaces, 79 carport spaces, and 410 surface spaces for a total of 579 parking spaces.  The unit mix will include 156 one-bedroom units, 108 two-bedroom units, and 56 three-bedroom units. The Project is located in an Opportunity Zone and the equity is being contributed through a Qualified Opportunity Fund.  The 40-year term plus construction period, 40-year amortization loan was arranged through a partnership with Old Capital Lending for The Grassdale at Manor, LLC.