Newmark has completed $79 million in FHA financing for multiple multifamily assets in the Knoxville, Tennessee, MSA–including Kingston Pike Village–in the fourth quarter of 2020.
Newmark’s Multifamily Capital Markets Group directors David Pinson and Bill Tanker arranged $36.6 million in FHA 221(d)(4), a combined construction/permanent loan, on behalf of Watt Road Investments, LLC for the new construction of Kingston Pike Village in Farragut, Tennessee.
The community will include nine three- and four-story apartment buildings offering 228 market-rate, one-, two- and three-bedroom units. There will be surface parking with 399 spaces and 24 units will offer attached garages. Kingston Pike Village will offer a full range of amenities including a fitness center, pool, game room and grill station.
The community is on an adjacent lot to a brand-new grocery store being developed simultaneously. The site is also within a short walk of a large public park with several athletic fields, walking trails, a playground and a lagoon. Located at Kingston Pike & South Watt Road, the property offers easy access to Interstate 40 for those commuting to downtown Knoxville or the University of Tennessee.
Additionally, Pinson recently closed additional transactions in the area, helping borrowers lower interest rates, reduce MIP (mortgage insurance premiums) and deploy capital for other projects. These transactions, including Kingston Pike Village, resulted in Newmark originating nearly $80 million in loans in Knoxville in the fourth quarter of 2020.
