Berkadia Secures $76 Million Construction Loan For Braxton Development's Icon Apartment Homes Project
10801 Austrian Pine Way
$76,000,000
Units
307
Asset Type
Development Site
Closing
May 7, 2025
AI
The asset involved in this transaction is a development site located at 10801 Austrian Pine Way, Knoxville, TN. Braxton Development serves as the landlord for this project, which is the Icon Apartment Homes encompassing 307 units. The financial aspect includes a loan amount of $76,000,000 secured for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $76,000,000
- Loan Type: Construction
- Loan Terms: 40-year construction loan, features a 5.75% interest rate
- Market: Knoxville, TN
- Landlord: Will Ralph - Braxton Development
- Broker: Jennifer Quigley - Berkadia
The financing structure involved a 40-year construction loan, which was financed through HUD and specifically secured through HUD 221(d)(4) for the project. Construction for the development is led by CEI, while management responsibilities are handled by RAM Partners.
Players
Knoxville Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93