Walker & Dunlop has arranged a $21.1 million construction loan for Kodak Crossing in Kodak, Tenn.
The new multifamily property is being developed by long-time client VITA Development Group, and it will be located within the bounds of Sevier County, one of Tennessee’s designated opportunity-zone census tracts. The transaction represents one of the first opportunity properties financed with the United States Department of Housing and Urban Development (HUD).
Situated 15 miles east of Knoxville and nestled in the foothills of Great Smoky Mountains National Park, the town of Kodak recently suffered a series of forest fires, causing significant destruction of the local infrastructure, as well as a deficit of housing. Once complete, Kodak Crossing will offer 192 affordably priced units ranging from one to three bedrooms and
