February is flying by, isn’t it? The week was busy with 1,868 total documents recorded. Of those, 454 were loans. The total amount borrowed for the week came to just over $271 million which included 10 loans over $1 million.
Walker and Dunlop LLC funded two of these jumbo loans, one for $64.29 million and the other for $9.39 million. Coming in a close second was CBRE Multifamily Capital Inc. who funded a loan for $50.1 million. Bank of America funded the third highest loan of $19.8 million, and rounding out the loans over $10 million was Georgia Banking Company funding a loan of $14.69 million. There were some busy (and happy) bankers last week! The other million dollar plus loans were funded by:
Property sales made up 230 of the total deeds recorded last week. The grand total for these came in at approximately $74 million, which is lower than the previous week’s $116 million (there was an apartment complex sale driving that number higher) but higher than 2021’s $60.8 million. The 2022 market is still hot!
Nick McBride
Three commercial properties were among the 230 property transfers including the Kern’s Bakery site on Chapman Highway. The former Kerns bakery building was sold by FSRE IV LLC to FSRE-Kerns Bakery LLC for $2 million dollars.
Another property changing hands has housed “The International” music venue as well as the other buildings located on the triangular piece of property between Blackstock Avenue and Ramsey Street in the downtown area. This property, pictured here from the Western Avenue viaduct, was sold by Teraz Investment Properties LLC and Terilynn Investment Properties to Asylum Ave LLC for $2.3 million.
Former home of The International
I doubt there are many people in town who remember when Western Avenue was named Asylum Avenue. Only the oldest members of our county might remember because after some research, I found that the name was changed around 1926. Knoxville sure has a rich and interesting history!
The third property that was sold was 4724 Western Avenue. The freestanding National Automotive building sits in front of the Tennessee School of Beauty center just past the Western Ave/I-640 interchange. Western Avenue Properties LLC sold it to 4724 Western Avenue LLC for $1 million.
Our three-year comparison still shows growth, and that’s what I like to see.
If you are ever interested in knowing the ownership history of your home, we have all the documents dating back to the 1700s! Just give us a call or come on down to the office – we have workstations set up and ready for the public to use for property information searches. If you need a copy of a deed, you can come to the office OR you can give us a call and we can send you a copy via mail or email.
Look for me on Facebook here, then please like and share the page. My calendar is filling up for speaking engagements but there are still times available if you need someone to make a presentation to your homeowner’s group or civic group. Give me a call at the office 865-215-2330 and we’ll figure out something that works for you. Have a great week!
Nick McBride is register of deeds for Knox County.