Financial Federal Bank arranges $35.7 million apartment refinancing in Harrisonburg, VA
Published on: February 26, 2020
Harrisonburg, VA — The Memphis office of Financial Federal Bank has arranged a $35,700,000 non-recourse loan for the refinance of North 38 Apartments in Harrisonburg, VA. Built in 2009, North 38 is a student-purpose-built apartment property located near James Madison University. The property contains 228 units with 816 beds. Each unit is fully furnished including 55” Smart 4K HDR Samsung TVs and has 100% bed/bath parity. The property has an extensive amenity package, including a resort style-pool, hammock gardens, a car care center, a sand volleyball court, a computer lounge, a fitness center, detached garage buildings, and multiple dog parks. At the time of loan closing the property was 94% occupied.
Rick Wood and Jon Van Hoozer of Financial Federal arranged the twelve year fixed rate loan with three years of interest-only payments, 30-year amortization, and a sub 3.95% interest rate.