Happy St Patrick’s Day! I hope everyone remembered to wear green.
During the week of March 7-11 our office recorded a total of 1,862 deeds. That includes 243 warranty deeds (property sales) and 449 trust deeds (loans). The total value of the loans that were obtained last week came to $155,816,043. The highest value loan was a whopper—$23.5 million dollars funded by Key Bank National Association. Home Federal Bank of Tennessee funded the next highest loan of $11 million and the third highest was for $4 million funded by Sandy Spring Bank.
The other six loans over $1 million were funded by:
The total of all 243 property sales was over $126 million with five commercial transactions over $1 million.
Apartments, apartments, apartments! More student housing was sold last week bringing in big bucks. M&A Hive Knoxville LLC sold seven properties, two of which were parking lots, to EEA Highland Terrace III LLC for $18.38 million. Included in this sale are properties known as: The Hive, The Hive Five, The Hive on Laurel, The Hive on Clinch and The Hive on Bridge Ave.
Nick McBride
M&A Hive Knoxville LLC also sold two properties known as The Hive on Highland. These properties were sold to EEA Highland Terrace IV LLC for $5 million dollars.
Unless you’re familiar with the area around UT Campus, you might not know where all the student housing is, but I’m guessing most people are familiar with Clinton Plaza on Clinton Highway. FC Clinton Plaza LLC sold the property and the outparcel, anchored by Food City, to LBD Properties,LLC for $7.75 million.
In the Bearden area, Cancer Support Community-East Tennessee Inc. has purchased property at 6204 Baum Drive. The previous owner of the property, MCR, sold it for $1.2 million.
And the final property with a hefty price tag is in the Hardin Valley community. If you like great pizza, you’ve likely heard of Stefano’s Pizza. There is a location on Hardin Valley Road right next to a carwash. The property of both businesses is now owned by HV Development LLC who purchased both from Papillon Capital LLC for $1.6 million.
Look at this 3-year comparison and you will see that property transfers are 236 million dollars more than property transfers during the same time period in 2021. That’s huge! It’s great to see the increase in these numbers as well as the population growth in our great county.
I mentioned last week that we have a new tool available on our website. The Fee Calculator will come in handy for title companies, attorneys and the general public. It’s easy to use and will estimate the approximate amount of money that may be due for your project. Go here to view top lenders, recording statistics, and other resources available for your convenience
Have a great weekend!
Nick McBride is register of deeds for Knox County.
