Berkadia Arranges $10.1M Acquisition Loan for Apartment Community in Knoxville

KNOXVILLE, TENN. — Berkadia has arranged a $10.1 million acquisition loan for The Element at Cedar Bluff, a 223-unit apartment community in Knoxville formerly known as Warren House Apartments. The property is situated roughly 10 miles from the University of Tennessee and Neyland Stadium. The borrower, SCBP Knoxville Associates LLC, a partnership between Springer Capital and Brookside Properties, used the loan to acquire the property and fund future renovations totaling roughly $5 million. The Element at Cedar Bluff’s amenities include a new fitness center, resort-style swimming pool, granite countertops and stainless steel appliances. The property was 93 percent occupied at the time of financing. Corby Chaffin of Berkadia’s Houston office arranged the floating-rate loan through Latitude Management Real Estate Investors, a Southern California-based institutional debt fund specializing in bridge lending.