South Junction Apartments Memphis

The developers behind the South Junction apartments on Main Street have refinanced the debt on the second phase of their $17.5 million development.

South Junction Partners II — a joint venture between Henry Turley, Jason Wexler, Billy Orgel, M&T Development LLC and Alex Turley — has refinanced the debt on the second phase of its South Junction apartment development with Prudential Multifamily Mortgage LLC, a subsidiary of Prudential Mortgage Capital Holdings Corp. of Newark, New Jersey.

The Center City Revenue Finance Corp. (CCRFC) approved a resolution at its meeting Tuesday, Dec. 8, to okay the refinancing of the property.

In August, the CCRFC granted developers an 11-year PILOT that will save them $3 million over the course of the agreement.

The second phase of South Junction consists of seven three-story apartment buildings at the corner of Carolina Avenue and Florida Street, with a total of 84 apartment units, a surface parking lot and community amenities including a pool and outdoor gathering space.