Bellco Federal Credit Union Provides $13M Refinance Loan For Garden View Apartments In Memphis

The asset involved in this transaction is a multifamily property located at 1033-1087 Whitaker Drive in Memphis, TN, comprising 156 units. A refinance loan amounting to $13,000,000 was secured for this property, reflecting a 7.25% interest rate over a ten-year term, including three years of interest-only payments.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $13,000,000
• Units: 156
• Lender: Bellco Federal Credit Union
• Brokers: Mendy Pfeifer & Motti Blau - Eastern Union
• Loan Type: Refinance
• Interest Rate: 7.25%
• Term: Ten years
• Interest-Only Period: Three years

The deal was facilitated by brokers Mendy Pfeifer and Motti Blau from Eastern Union, who arranged the refinancing for the Garden View Apartments, contributing their expertise to complete this transaction in the Memphis market.