Published on: 07 July 2020
Financial Federal Bank, a commercial real estate finance firm and bank with offices in Memphis and Nashville, has arranged a $60,225,000 bridge loan for the acquisition and rehab of a multifamily portfolio of six apartment complexes, totaling 1,186 units, in Lexington and Louisville, Kentucky & New Albany and Jeffersonville, Indiana.
The application / term sheet was signed on May 27, 2020, featuring a tight deadline involving a 1031 exchange. The loan successfully closed ahead of schedule, 34 days later, on June 30, 2020. Features of the non-recourse loan include 75% loan to total cost, a three-year initial term, and full-term interest only.
The transaction was originated by Battle Williford of the Nashville office and Jon Van Hoozer of the Memphis office of Financial Federal.
For more information, visit finfedmem.com.