The Retreat at Knoxville is a 65-unit cottage community that serves students of the University of Tennessee.
Knoxville, Tenn. — Walker & Dunlop has provided a $12.65 million Fannie Mae ERL loan for the Retreat at Knoxville, a student-housing property located in Knoxville. The property offers of 65 detached private three-, four- and five-bedroom cottages, a fitness center, a tanning salon, a movie theater, a computer lab, billiard tables, a resort-style swimming pool and a beach volleyball court. The property was 100 percent leased at the time of the transaction. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Additionally, the loan was underwritten to a 75 percent loan-to-value with a 1.03x debt-service coverage ratio. Timothy Bradley of TSB Capital Advisors originated the loan. Will Baker of Walker & Dunlop led the Walker & Dunlop. The borrower is a joint venture between Landmark Properties and Harrison Street Real Estate Capital.
— Amy Bigley