Financial Federal Bank Secures $24.3M Acquisition Loan for Multifamily Property in Metro Charlotte
The 288-unit Legacy Matthews Apartments in Matthews, N.C., was 97 percent occupied at the time of closing.
MATTHEWS, N.C. — The Memphis office of Financial Federal Bank has arranged a $24.3 million acquisition loan for Legacy Matthews Apartments in Matthews, a suburb of Charlotte. The borrower, a repeat Financial Federal customer, purchased the 288-unit garden-style property, which was 97 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule through an agency lender.