It is hard to believe that May has already gone, yet today we step into June with anticipation of continued growth in the real estate market. With interest rates staying low, it’s no surprise that more loans were recorded last month than May a year ago. In May 2020 we recorded 2,096 trust deeds valuing $542.1 million. This exceeds last May’s document numbers by 30 percent with a nearly $50 million increase in value. However, warranty deeds did not hold up to last year’s performance. May 2020 recorded 1,055 transfers valued at $285.6 million compared to 2019’s 1,285 transfers totaling $437.2 million.
To close out the month, in the final week of May we recorded 460 mortgages valued at $158.3 million. Though this reflects fewer transactions than the previous week, it was an increase of $32 million in value. The largest of these loans was for $27.3 million between Vintage Emory Road LLC and Walker & Dunlop LLC. The large residential complex known as Vintage at Emory Road, just west of I-75 on Emory Road, was listed as collateral.
Next in value, ADT LLC borrowed $12.4 million from Wells Fargo Bank on May 28 with the property at 10620 Kemp Fair Ln. as collateral. The next day Concord Knoxville LLC borrowed $7.35 million from Trustmark National Bank using Lot 7R1 of the Pellissippi Corporate Center for collateral.
In the last week of May, we recorded 239 warranty deeds totaling $79.7 million. Again, this number shows slightly fewer recordings than the prior week, yet an increase of $6 million in value. The largest of these transfers was valued at $10.25 million. This reflects Concord Knoxville LLC’s purchase of Lot 7R1 of the Pellissippi Corporate Center from Lexington Knoxville LLC, the same property listed above, which they borrowed $7.35 million on.
The final notable warranty deed of May shows Covenant Health bought $3.25 million worth of property from Parker Properties Inc. This property runs along the north side of Sherrill Boulevard across from Parkwest Medical Center.
The Knox County register of deeds office remains open and proactive in doing our part to protect the public as well as our employees. Well wishes to you and yours this June.
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Nick McBride is the Knox County register of deeds.