Real estate activity is brisk around East Towne despite mall’s troubles

Nick McBrideInside 640, On the Grow

With the first week of the month in the books, June looks optimistic for real estate. To keep with the current trend, it is not surprising that mortgages are still outweighing transfers. Last week we recorded 595 deeds of trust valuing $142.7 million. Though this reflects 135 more recorded documents than the week prior, the total value of the collateralized properties was $16 million less.

Nick McBride

The largest trust deed of the week was for $7.25 million loaned from Capital One, National Association. Eastowne Partners II LTD, Limited Partnership borrowed against Eastowne Village Apartments, which are located at 5206 Village Crest Way and overlook the East Towne Mall property.

Next, Springdale Holdings LLC borrowed $2.763 million from Southeast Bank listing Lot 1 of the Springdale Development as collateral. The last notable mortgage of the week shows Rock-N-Rew LLC borrowing $1.66 million from Bank of Tennessee. Rock-N-Rew LLC listed three lots of the Clinch Apartments off Clinch Avenue as collateral.

Though there were no transfers greater than $1 million during the week, this is now the third consecutive week that warranty deed numbers have been on the rise. We recorded 336 warranty deeds with a total value of $82 million. In comparison to the last week of May, this is nearly 100 more instruments recorded and an increase greater than $2 million in value. As things continue to normalize and level out economically, we are hopeful this is an indicator of rising transfer activity in the market.

The Knox County register of deeds office congratulates all graduates across the county and wishes each of them the best in their next endeavors.

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Nick McBride is register of deeds for Knox County.

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