In typical fall fashion, sales and lending seem to be slowing, although it isn’t unusual for the second week of the month to have fewer transactions than the first week.
Our numbers in the second week of October show a total of 242 property transfers that equaled $56.1 million. For the second week in a row, there were no commercial property transfers over $1 million.
The 402 loans recorded equaled $104.6 million. Refinancing is in the air – many people are taking advantage of the lower rates! A refinance loan ($5.3 million) was obtained by Nature’s Best Organics of TN LLC from First National Bank of Clarksdale. The properties used as collateral are on Proctor Street, Middlebrook Pike and Joe Daniels Road. Nature’s Best Organics is a green waste facility that produces mulch and soil products through recycling and composting.
Corporate Square LP borrowed $4.65 million from Smartbank. Corporate Square owns two properties on Executive Park Drive in West Knoxville.
Included in the $104.6 million total was a $6 million loan from Suntrust to Villa Collina LLC. Villa Collina is the 86 room, 40,250 square-foot home on Lyons View Pike. Currently for sale, the owner offers this Italianate style mansion as an elegant backdrop for fundraising events.
Nick McBride is the register of deeds for Knox County.