West Knoxville Welcomes New Apartment Project financed with HUD's Mortgage Loan Program

(l-r) Arkansas and Tennessee Attorney General Dustin McDaniel, Robert E. Cooper, Jr., and HUD Secretary Shawn Donovan

On February 26, 2013, a groundbreaking ceremony took place in West Knoxville to celebrate the beginning of construction of a new $29.5 million multifamily development called Wellsley Park at Deane Hill (http://braxton-development.com/property/wellsley-park-at-deane-hill-apartment-homes/) that will feature 14 buildings; each featuring nine one-two-and three bedroom floor plans ranging in size from 800 to 1,420 square feet, some with attached and detached garages.

The 249 unit development will be located on 15 acres just southeast of West Town Mall in West Knox County. The first building in the complex is scheduled to be completed and leased by October, 2013, and the entire project will be finished by April, 2013. This will address a growing need for market-rate upscale rental properties. This planned community reflects a growing trend and desire for upscale energy efficient rental housing that can co-exist with the affordable rental housing that most people associate HUD with.

Knoxville Mayor Madeline Rogero (www.cityofknoxville.org/mayor/bio.asp) welcomed everyone at the ceremony that was attended by HUD Knoxville Office Kim Cox, Multifamily Director, Howard Roberts, and Suzanne Wright.

Artist rendition of Wellsley Park

The development is the latest in a trend of market-rate rental housing, financed with the FHA Section 221 (d)(4) mortgage loan program.

The ground breaking photo included local partners and dignitaries. SGN&A Architects, Atlanta, GA, and Cannon & Cannon, Inc., Knoxville, are architects and engineering partners for the project. The developer, Lance Swank, President of the Sterling Group based in Indiana, noted that the Knoxville market was selected based on its diverse population and stable economy.

Visit FHA Section 221 (d)(4) mortgage loan program on HUD's website to learn more.

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