While this past week’s recorded documents are slightly down from the previous week, real estate transfers and lending are still going strong. Last week the number of property transfers was 234 with a total of $69.9 million and we recorded 433 loans that totaled $135.3 million.
The largest property transfer was between UT Federal Credit Union and East Tennessee Children’s Hospital. ETCH purchased the property located at 2100 White Ave. from UT FCU for $8.5 million.
Another purchase of note was between Kingston Pike LLC and ECG Moss Grove LP: ECG Moss Grove LP purchased unimproved property on both sides of Moss Grove Road in West Knoxville for $2 million. They then turned the property over to the Knoxville Community Development Corporation and obtained the largest loan of the week – a leasehold construction loan in the amount of $31.4 million from Truist Bank.
The second-largest loan recorded was $7.16 million. Scripps NP Operating LLC is now indebted to Cortland Products Group (Agent) and uses real property and fixtures of the Knoxville News Sentinel property located on Western Avenue as collateral.
Rounding out the loans over $5 million is French Broad Investments LLC borrowing from Southeast Bank in the amount of $6.7 million. French Broad Investments owns the property at 5502 Island River Dr. in the Forks of the River Industrial development which houses Red Stag Fulfillment. Red Stag Fulfillment is a growing Knoxville based third-party e-commerce fulfillment center.
Like you, and as recommended, we are taking precautions to protect ourselves while doing our part to protect the economy. Currently, we have employees working from home and those that remain in the office environment are adhering to the social distancing guidelines. I appreciate that many of our walk-in customers have opted to mail their documents to us for recording, and though we hope you will not need to come into the office for your own health, we are OPEN for business. You can mail your documents to us at 400 Main Ave., Ste 225, Knoxville, TN 37902. All originals are returned to you. If you need a recording cost, please call 865-215-2330.
Nick McBride is the Knox County register of deeds.