Financial Federal lines up $6.5 million for second phase of Cordova apartments
Published on: January 23, 2013
Andy Ashby, Memphis Business Journal
Financial Federal’s commercial/multifamily division has arranged $6.5 million in construction financing through U.S. Bank for the second phase of the Orleans at Walnut Grove apartments.
The overall $30 million project is on an 18-acre site north of Walnut Grove Road between Gray’s Creek and Houston Levee Road.
Wesscorp Communities LLC is developing the property, where the 180-unit first phase is 75 percent leased. The second phase will consist of 96 units to be delivered in May.
“Over the last 24 months, the eastern submarket between Walnut Grove and I-40 has been ripe for new multifamily development and Wesscorp was extremely shrewd to act on this opportunity,” Rick Wood, Financial Federal’s executive vice president, said.
Jim Bogan of McGehee Nicholson Burke led the architecture team and Fisher & Arnold Inc. was the engineer of record. Keith Shepard of MultiSouth Management Co. handled leasing.
Amenities at the Orleans at Walnut Grove include a 3,500-square-foot clubhouse, a 2,200-square-foot fitness center and a salt-water pool with palm trees and cooking area. A paved walking path will be added with the second phase, incorporating a 20-acre lake to the north.
Wesscorp also oversaw two recent turnaround efforts at Class B properties in Memphis where the company was the developer and contractor: Pinebrook Pointe, which has 248 units on Winchester Road west of Perkins, and Grahamwood Pointe, which has 244 units on Summer Avenue east of Graham.
Laurel Jarrell of Triumph Bank provided the acquisition and renovation loans and Financial Federal arranged the permanent loan on Pinebrook Pointe.
Financial Federal is a Memphis-based community bank which has three divisions: private banking, residential and commercial/multifamily.
Its commercial/multifamily division has production offices in Memphis, Nashville, Atlanta and Dallas and makes loans for multifamily, retail, office, industrial, self-storage, flagged hospitality and senior housing facilities.
Financial Federal services more than $1 billion in commercial loans across the U.S.