The commercial/multifamily division of Memphis-based community bank Financial Federal has arranged $6.5 million construction financing through U.S. Bank NA on the second phase of luxury The Orleans at Walnut Grove apartments.
The 18-acre site north of Walnut Grove Road between Gray’s Creek and Houston Levee Road is now developed; the 180-unit first phase is 75 percent leased. The Phase II construction loan closed Jan. 8, allowing an additional 96 units to be delivered in May of this year.
Wes Misenhelter, owner of Lakeland-based Wesscorp Communities, is the developer of Orleans at Walnut Grove apartments, filing under the entity Orleans Apartment Community LLC on the Shelby County Register of Deeds for the second phase financing. Wesscorp’s $6.5 million mortgage matures Jan. 31, 2017.
Total project financing is $19.5 million for both phases of the $30 million project.
“Over the last 24 months, the eastern submarket between Walnut Grove and (Interstate) 40 has been ripe for new multifamily development and Wesscorp was extremely shrewd to act on this opportunity,” Rick Wood, Financial Federal’s executive vice president, said in a statement.
Amenities at the Orleans at Walnut Grove include a 3,500-square-foot clubhouse, a 2,200-square-foot fitness center, and a salt-water pool with palm trees and cooking area. A paved walking path will be added with Phase II incorporating the 20-acre lake to the north.
Jim Bogan of MNB Architects was the lead architect and Fisher & Arnold Inc. was the engineer.
Wesscorp also oversaw two recent turnaround efforts at B properties in Memphis where the company was the developer/contractor: the 248-unit Pinebrook Pointe on Winchester Road west of Perkins Road and the 244-unit Grahamwood Pointe on Summer Avenue east of Graham Street. Laurel Jarrell of Triumph Bank provided the acquisition/renovation loans and Financial Federal arranged the permanent loan on Pinebrook Pointe.