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Memphis bank acquires student housing complex
Staff Report //April 4, 2019//
Listen to this articleStadium Suites Apartments off Bluff Road has been acquired by Financial Federal Bank. The Memphis, Tenn. office of the bank arranged the $24.3 million acquisition funding, according to a news release.
The student housing complex near Williams-Brice Stadium at 112 Silo Court was built in 2004. It has 264 units with 924 beds available for rent. Complex amenities include a pool, clubhouse with fitness center, game room, dog park and basketball and volleyball courts.
Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 10-year fixed rate loan with three years of interest-only payments and a 30-year amortization schedule through Fannie Mae.
Financial Federal, headquartered in Memphis, also has loan offices in Nashville and Atlanta.
