Lafayette Apartments Refinanced

Robert H. and Linda Kelly of Fayetteville received two mortgages April 14 for $885,000 each from McIlroy Bank & Trust.

One mortgage is secured against Lafayette Street Apartments at the corner of Lafayette and Gregg streets. The 14,193-SF, 18-unit apartment building was completed earlier this year. The other mortgage is secured with an office building at 100 W. Center St.

A portion of the money was used to settle a previous mortgage from McIlroy Bank that Kelly received Aug. 1, 1996. The $790,000 mortgage had been used to build the apartments.

A portion of the mortgage on the Center Street property was used to settle two previous loans against the building totaling $563,894 that Kelly had received from the Bank of Fayetteville.