KNOXVILLE, TN-Sutter Mill Apartments and Meadowood Apartmentshave secured refinance loans totaling $10.87 million through theFHA program. The multifamily properties inked 35-year terms at a4.63% interest rate in a low-vacancy Knoxville apartmentsector.
Tammy Tate, vice president of Love Funding, a mortgage bankingfirm in Knoxville , secured financing for both loans 15 days aftersubmitting the loan packet. Tate closed a $5.44 million loan forSutters Mill Apartments, a 252-unit complex, and a $5.44 millionloan for Sutters Mill, a 235-unit complex.
“The interest rates continue to drop, but we might see ratesstabilize between now and the end of the year so there’s a big pushby multifamily property owners that are FHA-insured to get theserefis,” Tate tells GlobeSt.com. “Occupancy rates on both theseproperties is in the high 90s.”
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