Loans and refinances remain strong as 2020 begins

Nick McBrideOn the Grow

The last days of 2019 and the first days of 2020 rolled into one business week, with a day off right in the middle. That made for an interesting week. We recorded 204 property transfers which equaled $61.19 million and 364 mortgages that totaled $85.83 million.


In total for 2019, we recorded over $3.76 billion in property transfers which is $73.3 million more than we recorded for the calendar year 2018. The loans that we recorded in 2019 equaled $5.28 billion, a huge jump of $830 million over the 2018 total of $4.45 billion. The interest rate drop in 2019 was really an enticement for people to purchase property and refinance existing loans. We hope this trend continues throughout 2020.

The highest value property transfer of the week was recorded on the last day of the year between America Plastics LLC and DVP USA INC for the Omega Plastics manufacturing facility located on Byington Solway Road. This property transfer was $5.83 million.

The second highest transfer of the week, $4.25 million, took place on the first working day of the year and was between First Horizon Bank, Trustee of the Lida Belle Gambill Memorial Trust Fund; Cedar Springs Presbyterian Church; Edgewood Cemetery; East Tennessee Children’s Hospital Association; and The Gideons International, collectively as Grantors; and FCA Realty LLC. This is the Jim Cogdill Dodge property located at 8544 Kingston Pike.

As for money borrowed, the largest loan of the week was $10.75 million between Flagship Knoxville Parkside LLC and First Horizon Bank. Flagship Knoxville Parkside LLC owns the Parkside Medical Plaza located at 11440 Parkside Drive.

The second highest loan was a refinance obtained by the owners of The Vue at Ridgeway apartments. West Vista Ridge LLC borrowed $4.75 million from CBRE Capital Markets Inc. The Vue at Ridgeway is located on Lake Brook Boulevard.

Nick McBride is the Knox County register of deeds.

 

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