Rockport Mortgage Provides $17M HUD Loan for Apartment Community in Knoxville

KNOXVILLE, TENN. — Rockport Mortgage Corp. has provided $17 million for the acquisition and rehabilitation of Pinnacle Park Apartments, a 200-unit low- and moderate-income multifamily property in Knoxville. The community was originally developed under the Section 236 Program in the early 1970s. In 1994, the property was preserved as affordable housing under The Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) for a term of 50 years, and was recapitalized in 2004 using Low Income Housing Tax Credits (LIHTCs). Dan Lyons of Rockport Mortgage utilized the HUD 221(d)(4) program for the loan, which was structured using 4 percent LIHTCs, short-term tax-exempt bonds and multiple tranche financing. Working with Rockport and HUD, the borrower was able to obtain a Section 8 rent increase and approval of the creative financing structure under the Section 221(d)(4) Substantial Rehabilitation Program.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Request media kit

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties