Knoxville-Area Community Lands $10M Refi
- May 21, 2020
MZ Capital Partners has received a $10.3 million Freddie Mac loan to refinance the 130-unit British Woods community in Oak Ridge, Tenn.
Located at 301 Briarcliff Ave., the community is situated 25 miles northwest of downtown Knoxville.
Completed in 1986 on a 10-acre site, the asset was recently renovated and comprises one-, two- and three-bedroom options ranging in size from 714 to 1,030 square feet. Common-area amenities include a pool, fitness center, dog park and tennis court. According to JLL, the property was 98 percent occupied at the time the financing closed.
JLL originated the 10-year, fixed-rate financing. The loan will retire existing debt taken out in 2018, when the owner acquired the property, Yardi Matrix shows.
JLL Director Matthew Schoenfeldt worked on behalf of the borrower. At the beginning of the year, Schoenfeldt led the brokerage team that arranged a joint venture equity partnership with Principal Real Estate Investors for a 202-unit multifamily property in suburban Chicago.