Financial Federal Bank finances Birmingham multifamily apartments
Published on: May 23, 2017
Financial Federal Bank has arranged a financing of two Birmingham apartment complexes worth a combined total of $31,780,000. Both facilities, which are multifamily properties, were more than 90% occupied at the time of their closing.
The buyer, The Embassy Group LLC, utilized a “green” program offered by the seller which allows for energy and water-saving improvements to be made to both properties. Though nothing specific about the green program was mentioned, many complexes have taken to energy and water efficient appliances in order to save money and resources.
Mountain Lodge Apartments, the first of the two complexes, had a loan totaling $13.5 million. Located in Vestavia Hills, Mountain Lodge is a garden-style property built in 1973 and contains 254 units.
Madison at Shoal Run, the second of the two complexes, had a loan totaling $18.28 million and contains 276 units. The price was agreed upon at $66,394 per unit. Whether or not The Embassy Group LLC plans to refinance the existing $13 million dollar loan, with an interest rate of 6.12 percent, on the property has not been said.
Madison at Shoal Run marks the seventh acquisition for the New York firm in the area. Each of the seven complexes has a combined total of 1,566 units and purchase cost of over $81 million.