Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $14.1 million loan for the construction and permanent financing of River’s Edge Apartments, a proposed 134-unit market-rate apartment community in Knoxville, Tennessee.
Senior Director Tammy Tate of Love Funding’s Knoxville office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program enabled the borrower to secure low-rate, non-recourse financing that is fixed for the initial 14-month construction period and a subsequent 40-year term.
River’s Edge is being built on a vacant site next to the Tennessee River in the Island Home historic district of South Knoxville. The property will also be located in close proximity to the University of Tennessee and downtown Knoxville. It will offer 134 units spread over five, three-story garden-style apartment buildings. The project is being developed by Camden Partners of Atlanta and Dominion Development Group of Knoxville. Empire Construction, also based in Knoxville, will serve as the project’s general contractor.
For more information, contact Tammy Tate at (865) 386.4039.