Lazenby refinances rental plexes en masse
by January 25, 1999 12:00 am 53 views
Lazenby Properties of Fayetteville refinanced 408 rental units with a $12.6 million loan through Arkansas National Bank of Bentonville on Dec. 12. The low ratio loan was for around 68 percent of the properties’ appraised value of $18.4 million.
The refinancing included duplexes, quadplexes and a number of 20- to 30-unit complexes in Springdale and Fayetteville.
Lazenby is also working on the final phase of a 6,000-SF addition to some existing warehouses at 1132 Beachwood St. in Fayetteville. Construction includes four 3,000-SF warehouses and two of about 4,500 SF each.
The total project is estimated to cost $800,000 and Lazenby hopes to have it completed in March, weather permitting.