Berkadia Arranges over $50M in Financing for Off-Market Acquisition of Two Multifamily Properties in Knoxville, TN
Knoxville, Tenn. (Oct. 10, 2017) – Berkadia secured over $50 million in financing for the off-market acquisition of two multifamily assets located in Knoxville by Goldelm Capital LLC. Michaelson Group, a commercial real estate management and operation firm, will manage the properties. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office, along with Senior Managing Director Bob Falese and Associate Director Jeremy Lynch of Berkadia’s Philadelphia office, arranged the loans on behalf of Goldelm Capital.
Goldelm Capital acquired The Metropolitan, a 520-unit property located in the Cedar Bluff submarket of West Knoxville, on September 14 th for $48.1 million, with a $38.78 million loan. A few weeks later, on October 5 th , Goldelm Capital closed on Viera Cedar Bluff, a 184-unit community located in the same submarket, for $17.75 million, with a $14.29 million loan. Both properties were financed through Fannie Mae’s Green Rewards program with 12-year, interest only period loans at competitive interest rates and an 80 percent loan-to-value ratio.
Built in 1986 and renovated in 2015, The Metropolitan, a 520-unit, two-story apartment complex, is located at 790 North Cedar Bluff Road. The community offers a business center and corporate suites, as well as a sundeck, courtyard, fitness center, and Wi-Fi. Units feature granite countertops and stainless steel appliances, with wood-style flooring and a private washer/dryer.
Just down the road is Viera Cedar Bluff, a two-story, 184-unit community located at 424 North Cedar Bluff Road. Units feature full, modern kitchens with sleek black/stainless appliances and newly renovated interiors. The community also offers a 24-hour business center with Wi-Fi, clubhouse with gourmet coffee bar, and fitness center.