Walker & Dunlop, Inc. closed a $17,663,486 loan for a premier multifamily apartment complex, The Cove at Creekwood Park, in Lenoir City, Tennessee.
This non-recourse loan was structured with a 39 year fixed rate term using the U.S. Housing and Urban Development’s (HUD’s) Interest Rate Reduction (IRR) program.
The IRR resulted in a cash neutral transaction yielding a significant increase in the property’s cash flow.
Managing Directors Keith Melton and David Strange led the Walker & Dunlop team. Strange commented, “This is another example of the unique interest rate environment we’ve enjoyed over the last few years whereby real estate owners are able to reduce their cost of debt and best position their long term assets for both today and tomorrow’s competitive landscape.”
Built in 2011 and located 30 minutes away from Knoxville, Tennessee, The Cove at Creekwood Park features 208, apartments with keyless door entry systems.
Common area amenities include gated access, a picnic/play area, walking trail, pavilion, business center with cyber cafe, fitness center, salt water swimming pool, and an outdoor cooking station.