Despite the current shutdowns in our area, the real estate and financing businesses are still going strong. With current interest rates around 3.5 % for a 30-year mortgage, people are continuing to refinance their current loans. In fact, we recorded 497 loans last week to the tune of $128.28 million. Of course, this number also reflects new loans for many of the $57.5 million in properties transferred last week.
Nick McBride
Of the 208 property transfers, the largest of the week was the sale of the Visionworks/Aspen Dental building at 2960 Miller Place Way, next to Sam’s on Millertown Pike in East Knoxville. This sale between 776 Jeffco Corp and 2960 Knoxville TN LLC was $4.32 million.
Another high-value property that was sold was the Smile Doctors building located at 120 Mabry Hood Rd. Genissen Inc purchased the property from Hazelwood Property LLC for $2.56 million.
The largest loan recorded last week was a commercial construction loan in the amount of $11 million. Caliber Capital Knox obtained the loan from First Citizens National Bank. The property used as collateral is behind Red Lobster on Merchants Road with a specific address of 5620 Merchants Center Blvd.
Smile Doctors on Mabry Hood Road
Two other commercial loans were in the top 3: MPV Knoxville LLC borrowed $3.6 million from Pinnacle Bank using the property located on Springfield Road (just off 1-40 and Rutledge Pike) as collateral.
And the third-largest loan of the week was $2.04 million between Patricia Nash Designs and First Century bank. The Patricia Nash Designs headquarters is located at 1132 N 6th Avenue.
We are all looking forward to the re-opening of businesses in our area. Our office will continue to maintain the guidelines suggested by Mayor Jacobs including social distancing and limiting foot traffic to a minimum. Please support your local small businesses in whatever ways you can in the upcoming weeks and months.
Don’t forget, we’re on Facebook! Just search Facebook for @KnoxRegister to find us, and while there, please give us a ‘like’ and share the page. Have a great week!
If you’re interested in recording statistics, you can visit us on the web:
To view up-to-date Top Lenders data go to https://knoxcounty.org/apps/top_lender/
To view historical recording data, go to https://knoxcounty.org/register/statistics.php
Nick McBride is the register of deeds for Knox County.