Love Funding recently refinanced the Meadowood Apartments and Sutters Mill Apartments in Knoxville, Tenn. Both are market-rate multi-family rental communities owned and managed by the same realty group.
Senior director Tammy Tate of Love Funding’s Knoxville office secured a 35-year loan term, lowered the interest rate and increased debt service savings for each project using the U.S. Department of Housing and Urban Development’s 223(a)(7) program.
The apartment complexes are owned and managed by Allen Orwitz, Benjamin Eisler and Michael Orwitz of Baco Realty Corporation, which has holdings in California, Nevada and Tennessee. Both Meadowood Apartments and Sutters Mill Apartments were originally insured using HUD’s 223(f) program, and were refinanced previously using the 223(a)(7) program. This marks the third time Tate has helped the owners refinance the properties since they were built.
Sutters Mill Apartments was constructed in 1972 and is composed of 252 units; 72 one-bedroom units, 128 two-bedroom units, and 52 three-bedroom units housed in 21 separate buildings. Meadowood Apartments was built between 1971 and 1974 and consists of 235 units; 69 one-bedroom units, and 166 two-bedroom units housed in 29 buildings.