Knoxville to Sell $45.3M of Revenue Bonds to Fund Purchase of Apartment Complex
By Chris Wack
The Industrial Development Board of the City of Knoxville plans to sell $45.3 million of revenue bonds to finance the purchase of an apartment complex.
The board will loan the proceeds of the Series 2025 bonds to TUFF UT Park LLC, a Georgia limited liability company, according to documents posted on MuniOS.
TUFF UT Park will use the proceeds to buy a 199-unit apartment complex known as Maplehurst Park Apartments in Knoxville, Tenn.
The bonds will bear interest at a fixed rate and mature on Nov. 1, 2030. Interest will be payable on each May 1 and Nov. 1, beginning May 1, 2026.
Interest rates and yields for the bonds have not been set.
The apartments are primarily marketed and rented to graduate students of the University of Tennessee. Typical leases are 12 months, and current occupancy is about 97%.
TUFF UT Park has and will have no other assets other than the apartment project. It will have no sources of revenue other than payments received from tenants of the project.
Truist is listed as the lead manager of the offering.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 12, 2025 15:05 ET (19:05 GMT)
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