KeyBank Provides $ 44.75 Million Loan to Acquire 267 Knoxville Apartments

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Capital Immobilier KeyBank provided a $ 44.75 million three-year senior bridge loan to finance the $ 61.68 million acquisition of a newly developed property, Overlook at Farragut, a 267-unit multi-family property in a western suburb from Knoxville, Tennessee, by Valor Residential.

Valor Residential is a real estate investment and asset management firm with over $ 200 million in multi-family assets throughout the Southeast region including Tennessee, Georgia, North Carolina, North Carolina South, Kentucky, northern Florida and Alabama.

Overlook at Farragut is a Garden-style Class A property with upscale interior finishes, conveniently located near shopping and dining and easy access to Knoxville via I-40. Overlook also offers amenities including a saltwater pool, fitness center with Peloton bikes and infrared sauna, car wash, pet grooming station, and clubhouse.

Funding for the acquisition was arranged by Moshe Feiner, a partner at Sevenstone Capital, who helped raise an additional $ 5.6 million in preferred shares from Walker Dunlop Investment Partners. The remaining equity was contributed by the limited partner, Valor Residential. The senior loan and preferred stock structure provided 82.5% total financing of Loan-to-Cost (LTC) with a relatively low blended interest rate of 2.60%.

KBREC’s New York office provided funding for the senior loan led by Alan Isenstadt, Pranav Sarda and Jack Hoffman.


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