Financial Federal Bank Arranges $13.1M Refinance of Two Jackson Apartment Communities

JACKSON, MISS. — The Memphis, Tenn.-based office of Financial Federal Bank has arranged the $13.1 million refinancing of two apartment communities in Jackson. The properties, known as Somerset and Woodridge, were built in the 1980s and were both 95 percent occupied at the time of sale. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating rate loans with one year of interest-only payments and a 30-year amortization schedule through Freddie Mac.