Financial Federal Bank Arranges $24.45M Loan in Austin
Published on: May 20, 2019
AUSTIN—Financial Federal Bank has obtained construction and permanent financing on a 288-unit apartment project north of Austin, TX. The thirteen, two-story building complex will include one, two and three-bedroom units averaging 860 square feet.
Financing under the HUD 221(d)(4) program was arranged by Financial Federal Bank with partner PGIM on behalf of a Mid-South-based LLC sponsor. The $29,450,000 loan features a two-year construction period, followed by a 40-year fixed rate term and amortization. The debt is nonrecourse and assumable.
“The northern Austin submarket continues to expand and, most recently, the City has announced a new campus for Apple with over 5,000 employees to be constructed less than ten miles from the site,” said Rick Wood of Financial Federal Bank, who along with Jon Van Hoozer and PGIM represented the Borrower in the HUD transaction.
For more information, visit finfedmem.com.