
Developers Close $233.3M Loan for Knoxville Student Housing
Core Spaces, Schenk Realty and Kayne Anderson Real Estate closed a $233.3M construction loan to finance development of Hub Knoxville. Spanning four acres, the project is the largest student development in Knoxville’s history.
PNC Bank acted as the administrative agent and PNC Capital Markets LLC acted as the joint lead arranger for the multi-tower, nearly 2,000-bed purpose-built student housing project. 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.
Located near the University of Tennessee, Hub Knoxville will feature three towers, including two 10-story buildings and one 7-story building, with a total of approximately 600 units in studio through five-bedroom floor plans. The mixed-use development will also feature an estimated 30,000 square feet of retail space and a roughly 1,800-stall parking garage.