Low interest rates spark commercial refinancing

Nick McBrideOn the Grow

SNOW! We saw that snowflake icon on the weather forecast but did anyone believe it? Everything looks pretty in the snow!


November 2019 is starting off a bit slower than either October 2019 or November 2018, but we are still seeing good numbers in both lending and transfers. In the first week of November 2019, we recorded 233 property transfers and 413 loans. The property transfers equaled $67.19 million with the largest being the transfer between Pellissippi South LLC and Lakeside Centre Realty Partners LLC for 2035 Lakeside Centre Way. The property located at Northshore Drive and Keller Bend Road changed hands for $9.65 million. The second-largest sale of the week was the transfer of 119 E. Emory Road from Emory Wings LLC to 119 Emory Road LLC for $2.5 million.

Nick McBride

Commercial companies are certainly taking advantage of lower interest rates. The largest refinance of the week was $51.98 million. Citi Real State Funding Inc. and Deutsche Bank AG, New York Branch are the lenders for the re-fi of the medical office building located at 1400 Dowell Springs Blvd. owned by SPT Ivey Dowell Springs MOB LLC. Another large refinance was for the Retreat at West Hills apartment complex. The owner, 3399 Lake Brook LLC, refinanced $18.3 million with CBRE Multifamily Capital Inc. We’ve seen several apartment complexes being refinanced since the rates dropped.

Have a great week!

 

Nick McBride is register of deeds for Knox County. 

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