Alco Properties Accesses $4.7M Refinancing Loan for Apartment Property
By Eliza Theiss, Associate Editor
Leading operator of affordable housing, Alco Properties Inc./Alco Management, Inc. has obtained a $4.7 million loan for Greenbriar Apartments, refinancing a comparable 2010 loan, reports The Memphis Daily News. Alco Vice President Robert Hyde signed the trust deed, filed under the operating name Alco Greeenbriar Partners LP, through Love Funding Corp., a HUD MAP- and LEAN-approved lender.
Located on 12.7 acres at 3131 Madewell St., the 1973-built apartment community is worth $3.8 million, according to the Shelby County Assessor of Property’s 2013 appraisal, and it is under a PILOT program through the Shelby County Health, Education and Housing Facility Board.
The 208-unit Greenbriar Apartments is comprised of 16 one-bedroom apartments, 128 two-bedroom units and 64 three-bedroom residences.
Love Funding, which focuses solely on FHA full-insurance loans, currently boasts an estimated servicing portfolio of $1 billion.
Memphis-based Alco Management is an owner, developer and manager of conventional and government-assisted multifamily properties throughout the Southeastern US. Properties include the award-winning senior living community Riverwood Tower Apartments, located in suburban Nashville. Read more about Alco’s National Affordable Housing Management Association distinction here.
In other financing news, the Germantown-based TD Properties LLC has obtained a $1.8 million loan on a Collierville office building, reported The Memphis Daily News. TD members Terry and Jan Callaway signed the trust deed filed through Renasant Bank. The Class B office property, dubbed 60 Market Center, features 15,632 square feet of space and sits on 1.5 acres in the Shilling Farms planned development. Built in 2005, the Shelby County Assessor appraised it at a value of $1.6 million.
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Chart courtesy of CBRE Memphis