Core Spaces, Schenk Realty and Kayne Anderson Real Estate closed a $233.3 million construction loan to finance the development of Hub Knoxville, a multi-tower, nearly 2,000-bed purpose-built student housing project in Knoxville, Tennessee.
PNC Bank acted as the administrative agent and PNC Capital Markets acted as the joint lead arranger. Truist acted as a joint lead arranger and syndication agent. TSB Capital Advisors acted as the financial advisor on the transaction and Webster Bank and Bank United also participated in the credit facility.
Locatd along Cumberland Avenue near the University of Tennessee, Hub Knoxville will feature three towers made up of two 10-story buildings and one seven-story building. The property will include about 600 units and nearly 2,000 beds in studio through five-bedroom floor plans.
The mixed-use development will also bring an estimated 30,000 square feet of retail space and a parking garage with roughly 1,800 stalls.
