Berkadia Secures over $76M in Construction Financing for Multifamily Property in Tennessee
Denver, Colorado – May 9, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the financing secured for Icon Apartment Homes at Lovell Road, a to-be-constructed 307-unit garden-style multifamily property located in Knoxville, Tennessee. Managing Director Jennifer Quigley of Berkadia Denver secured $76 million in construction-permanent financing on behalf of the borrower, Montana-based Braxton Development. The deal closed on May 7.
The 221(d)(4) 40-year construction loan, financed through HUD, features a 5.75% interest rate.
“While we were approved to close this loan over a year ago, the team elected to wait for the optimal time to lock in construction pricing as well as the long-term interest rate,” said Quigley. “We’re grateful to be part of this transaction and look forward to seeing Braxton Development deliver another beautiful housing community in Knoxville.”
“We are excited to commence another quality, Class A multifamily project in Knoxville. We believe the quality of units and amenities that this development will provide will make this a preeminent apartment community in this market,” said Will Ralph, Vice President of Development with Braxton Development.”
Located at 10801 Austrian Pine Way, Icon Apartment Homes at Lovell Road will feature floor plans for 83 one-bedroom, 177 two-bedroom, and 47 three-bedroom units. Common-area amenities include a resident clubhouse with a community room and kitchen, fitness center, yoga and bike studio, dog park with pet spa, package center, sports simulator, game room with billiards, resort style pool with cabanas, outdoor grilling stations, outdoor pizza oven, playground, and outdoor recreation areas with lawn games. The general contractor is Construction Enterprises, Inc., and KEPHART is the architect of record. RAM Partners, LLC will serve as the management agent.
Braxton Lands $76M Financing for Knoxville Project | Multi-Housing News