Financial Federal Bank Closes $1.76 Million Construction Loan on Midtown Townhomes
Published on: December 4, 2018
Financial Federal Bank has closed a $1,760,000 construction loan on a $2.2 million, 10-unit townhome infill development at 1619 Monroe, located between Avalon and Belvedere streets in Midtown Memphis.
1619 Monroe LLC showcases two, 2-story buildings facing a shared courtyard space. Each townhouse will be approximately 1,200 square feet with two bedrooms and 2.5 bathrooms. Units will have sliding-glass doors that overlook the courtyard as well as in-unit laundry, walk-in closet, pantry and two on-site parking spots in a gated parking lot.
The developer has completed seven multifamily redevelopment projects in the past 36 months totaling $20.4 million. 1619 Monroe LLC has been granted a nine-year payment in lieu of taxes (PILOT) incentive from the Downtown Memphis Commission-affiliated Center City Revenue Finance Corporation (CCRFC) board.
“Every property on this block has been renovated and upgraded to meet the rising, growing rental market in Midtown Memphis,” said Rick Wood, Executive Vice President at Financial Federal Bank.
The development is designed by Flemings Architects. Grinder Haizlip is general contractor. MTC will manage the property.