Vector Hospitality Secures $39 Million Construction Loan From Cronheim Hotel Capital For Development Site In Knoxville TN

The property asset involved in this transaction is a development site located at 427 Walnut Street and 416 Locust Street in Knoxville, TN. The loan amount for this project is $39,000,000, secured through construction financing that includes a C-PACE component and is structured with a 75 percent loan-to-cost (LTC) ratio.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $39,000,000
• Lender: Cronheim Hotel Capital
• Landlord: Vector Hospitality
• Loan Type: Construction
• Loan Terms: Non-recourse financing with a 75 percent loan-to-cost (LTC) ratio and a C-PACE component.

Key individuals and companies involved in this deal include Cronheim Hotel Capital, the lender overseeing the financing of the project, and Vector Hospitality, serving as the landlord for the development site. Their roles are significant in facilitating the terms of this construction loan.