JLL Capital Markets announced that it has arranged the acquisition financing for 303 Flats, a Class A, 138-unit / 431-bed, mid-rise student housing community located at the University of Tennessee in Knoxville.
JLL represented the borrower, Horizon Realty Advisors, to secure a five-year, fixed-rate loan through Northwestern Mutual.
Completed in the fall of 2018, the property offers a mix of one-, two-, three- and four-bedroom units with bed-bath parity. The units feature modern kitchens with granite countertops, stainless steel appliances, luxury vinyl plank flooring, contemporary furniture, washers and dryers, high-speed internet, 50-inch televisions, smart locks and large walk-in closets. The property’s luxurious amenity package includes a resort-style pool, a 24-hour fitness studio, yoga studio, outdoor kitchen and grills, group study and computer rooms, business center with free printing, bike storage, pet wash stations and reserved parking.
303 Flats is located less than one mile from the University of Tennessee at 303 W. Blount Ave., giving students the option to walk, bike, drive or take public transit to campus. Situated across the Tennessee River from Neyland Stadium on the east side of campus, the property’s location allows access to nearly any location on campus within a 10-minute drive, including the Student Union, VolShop, McClung Plaza, Thompson-Boling Arena, College of Nursing, College of Engineering and more. Adjacent to the property is Henley Street Bridge, which provides easy connectivity between the University of Tennessee and Downtown Knoxville.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jake Wisness, Director Kaden Eichmeier and Analyst Bill Maloney.
“We are excited to have represented Horizon Realty Advisors on this assignment,” Wisness said. “All partners in this transaction worked tirelessly to navigate the current volatility in the debt capital markets. Although there is some fragmentation, this marketing process clearly demonstrated ample liquidity remains for multi- and student-housing. Through a competitive process, HRA secured best-in-market loan terms that will help set them up for success with their acquisition of 303 Flats.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
