Financial Federal Secures Three CRE Mortgages
Published on: April 26, 2012
Sarah Baker, The Daily News
Memphis-based Financial Federal recently brokered three significant mortgage negotiations, including $9.5 million in first-mortgage refinancing and $6 million in first-mortgage proceeds in Memphis and Jackson, Miss.
Rick Wood and Jon Van Hoozer of Financial Federal’s Memphis office arranged all three loans.
Wood and Van Hoozer arranged the first – a $6.5 million first-mortgage refinancing for the 110,500-square-foot Electric Building in Downtown Jackson – as a 10-year loan with a 24-year amortization schedule.
The Electric Building is a mixed-use structure with first-floor retail use, six floors of office space and multifamily space on the top two floors. Wood and Van Hoozer arranged the loan through one of their life insurance company relationships.
For the second transaction – the acquisition of a 750-space parking garage in Downtown Memphis – Financial Federal secured $6 million in first-mortgage proceeds. The eight-story parking garage was built in 2000.
Wood and Van Hoozer arranged the acquisition, a 10-year loan with a 25-year amortization schedule, through one of Financial Federal’s insurance company relationships.
The third loan, also a first-mortgage refinancing, was secured through Financial Federal’s Wood and Van Hoozer for $3 million.
The property, 128-unit Park Tower Apartments in Memphis, is a mid-rise apartment complex built in 1957, and is 93 percent occupied. Wood and Van Hoozer arranged the refinancing with a 10-year loan and a 25-year amortization schedule, also through one of Financial Federal’s insurance company relationships.