CBRE has secured an $18.1 million refinancing package for the Villas at Emerald Woods, a 198-unit luxury apartment community in Knoxville, Tenn. The new, 35-year fully amortizing non-recourse HUD mortgage will pay off $4.3 million in construction financing held by First Tennessee Bank and a $12.2 million CMBS loan, according to Yardi Matrix. The owner, The Williams Co., developed the property between 2006 and 2009 and plans to use part of the loan’s proceeds to update the asset’s units.
Located at 9400 Havenbrooke Way in Knoxville’s Northshore submarket, the garden-style community is positioned a mile and a half south of Interstate 40, 12 miles west of the city’s central business district. The property is within a mile of the Kingston Pike retail corridor, home to a wide selection of restaurants, big-box retailers and a Kroger supermarket.
A wealth of luxury amenities
The property’s 12 buildings offer a mix of two- and three-bedroom units ranging in size from 1,152 to 1,513 square feet. Community amenities include:
- club house
- gated entry
- fitness center
- swimming pool
- hot tub
- laundry facilities
- tennis court
- attached garages for three-bedroom units
“CBRE is pleased to have been able to assist the borrower in capturing the benefit of a 35-year, low interest rate loan,” said Ann Cone, senior vice president of CBRE Capital Markets in Atlanta, in a prepared statement. “This execution enabled the borrower to pay off an existing higher interest loan and reap the benefits with a fixed long-term rate.”
Image courtesy of Yardi Matrix