As our economy continues to re-open, the real estate market remains active. Last week we recorded 472 loans valuing $110 million. Along with those deeds of trust, 227 transfers totaling $50 million were also recorded.
Nick McBride
Summit Investments Southeast recorded the largest deed of trust the week of May 11. Summit refinanced $11.2 million with United Community Bank.
The second-largest commercial loan was between 1617 Lauderdale Hwy LLC and ORNL Federal Credit Union. 1617 Lauderdale Hwy LLC used two convenience stores as collateral to secure $1.65 million from ORNL. The stores listed as collateral are located at 2901 Whittle Springs Rd. and 3101 Tazewell Pk.
Included in the 227 property transfers recorded last week is a building that many Knox County natives will recognize. The local AAA office was the largest sale of the week with The Auto Club Group selling the property to All Souls Church for $2.5 million
The last property we are going to look at from last week may arouse locals’ interest as well. What was known as the old Jenkins Family Farm located at 5617 Tazewell Pk. was involved in the second largest commercial conveyance of the week. HTC Inc. sold the property for $1.05 million to Tazewell Partners Properties LLC. As a result, Tazewell Partners Properties LLC recorded a deed of trust borrowing $1.148 million from the American National Bank.
As we continue to adapt as a community to overcome the current economic hardships we are experiencing, the register of deeds office will remain open! We strive to keep our team members and customers safe and healthy, and we are doing our part to follow authoritative guidelines and suggestions. Though minimizing foot traffic is ideal, we have installed plexiglass screens to provide greater protection during personal interaction.
Please support your local small businesses in whatever ways you can in the upcoming weeks and months.
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Nick McBride is the Knox County register of deeds.