KeyBank Provides $44.8M Acquisition Loan for Overlook at Farragut Apartments in Knoxville
KNOXVILLE, TENN. — KeyBank Real Estate Capital has provided a $44.8 million loan for the acquisition of Overlook at Farragut, a 267-unit multifamily property in Knoxville. The borrower, Valor Residential, is acquiring the community for $61.7 million utilizing the three-year, senior bridge loan.
Overlook at Farragut offers one-, two- and three-bedroom units with features including stainless steel appliances, granite countertops, walk-in closets, private patios and washer and dryer connections. Located at 11613 Vista Terrace Way, the property is situated about 16.1 miles from downtown Knoxville and about 15.3 miles from the University of Tennessee. Community amenities include a saltwater pool, business center, café, gaming area with shuffleboard and pool table, fire pit, grilling station, fitness center with an infrared sauna, car wash, pet grooming station, bark park, car wash and a clubhouse.
Alan Isenstadt, Pranav Sarda and Jack Hoffman of KeyBank originated the senior loan financing. Moshe Feiner of Sevenstone Capital arranged the acquisition financing and assisted in raising an additional $5.6 million of preferred equity from Walker & Dunlop Investment Partners. Valor Residential contributed the remaining cash equity. The total financing package was provided at 82.5 percent loan-to-cost.