Financial Federal Finances Birmingham, AL Multifamily Properties
Published on: May 11, 2017
The Memphis office of Financial Federal Bank has arranged a combined $31,780,000 in acquisition financing for two multifamily properties located in the suburbs of Birmingham, AL.
Mountain Lodge Apartments, a garden-style property in Vestavia Hills, was built in 1973 and contains 254 units. The loan amount totaled $13.5 million.
Madison at Shoal Run Apartments was built in 1986 and contains 276 units. The loan amount totaled $18.28 million.
Both properties were more than 90% occupied at the time of closing.
The environmentally-conscious Borrower utilized a “Green” program offered by the lender, which allowed for the financing of energy and water-saving improvements at the properties.
Through an agency lender, Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year, fixed rate, nonrecourse loans with four years of interest-only payments followed by a 30-year amortization schedule.