Real estate companies Core Spaces, Schenk Realty, and Kayne Anderson Real Estate have secured a $233.3m construction loan to fund the construction of the Hub Knoxville development in Tennessee, US.
Hub Knoxville is located near the University of Tennessee on Cumberland Avenue and will consist of three towers, two ten-storey structures and one seven-story building, with 600 apartment units and approximately 2,000 beds ranging from basic studio floor plans to five-bedroom floor plans.
PNC Bank is serving as the project’s administrative agent, with PNC Capital Markets assisting as joint lead arranger.
Truist is also serving as joint lead arranger and syndication agent while TSB Capital Advisors was the transaction’s financial advisor.
Core Spaces executive managing director and CCO Andrew Wiedner said: “We’re thrilled to partner with Schenk Realty and continue our long-standing equity relationship with Kayne Anderson, and to have worked with this dynamic group of lenders to deliver the most exciting project yet at the University of Tennessee.”
The mixed-use property will also include an estimated 30,000ft² of retail space and a parking garage with roughly 1,800 spaces.
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By GlobalDataConstruction works are set to commence early next year, with the project set to be completed in phases in both 2025 and 2026.
During development, Hub Knoxville is estimated to generate $700m to $800m in economic impact for the region, supporting more than 3,800 jobs in the process.
