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Berkadia Secures $76 Million Construction Loan For Braxton Development's Icon Apartment Homes Project

Property Image
FINANCED
$76,000,000

Tennessee

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Development Site
Financed 05/07/2025
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Property Image
FINANCED

Berkadia Secures $76 Million Construction Loan For Braxton Development's Icon Apartment Homes Project

10801 Austrian Pine Way

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Development Site
Financed 05/07/2025
the dealplayerscompscontact
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Summary

TENNESSEE
Asset Type:Development Site
Transaction Type:Loan

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

Jennifer Quigley
Berkadia
Jennifer Quigley
2 deals$146M volume(303) 689-8326
BROKER

Details

FINANCED
IMAGE: 05/07/2025 ADDRESS: 10801 Austrian Pine Way MARKET: Knoxville, TN ASSET TYPE: Development Site LANDLORD: Will Ralph - Braxton Development BROKER: Jennifer Quigley - Berkadia LOAN AMOUNT: $76,000,000 LOAN TYPE: Construction LOAN TERMS: 40-year construction loan, financed through HUD, features a 5.75% interest rate NOTE: Berkadia secured $76M in HUD 221(d)(4) construction-perm financing for Braxton Development’s 307-unit Icon Apartment Homes project in Knoxville, TN. The 40-year loan closed May 7 at a 5.75% rate, with construction led by CEI and management by RAM Partners.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$76,000,000.00

Monthly NOI$506,666.67
Monthly Debt Service$480,371.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00