It’s the last week of October 2020. We’re getting closer and closer to the end of this crazy year, and the real estate market is still going strong!
Overall, 326 property transfers were recorded with a grand total of $133.97 million last week. This is a 65% increase over the previous week’s total value! A large part of this is attributed to the sale of The Village at Westland Cove Apartment Complex in West Knoxville. SRC Westland Cove LLC sold the 28.19-acre property to HC Westland Cove LLC for $47 million.
Only one other commercial property over the $1 million dollar mark was transferred last week. That was the sale of the building occupied by Key Safety Restraint Systems (currently doing business as Joyson) on Midpark Drive just off Middlebrook Pike. Key Safety Restraint Systems LLC sold the building to Connell Properties for $4.1 million.
Lending also saw an increase over the previous week in both quantity and value. A 27 % increase in the number of loans and 45.77% increase in funds! We recorded 603 loans with an aggregate total of $203 million. We give you the information for the banks who back loans over $1 million, but if you are interested in the complete list of banks and their total lending, just visit our website here.
The banks who funded the largest loans of the week are:
- ORNL Federal Credit Union – $1.09 million
- Wilson Bank and Trust – $1.1 million
- Smartbank – $1.66 million
- Pinnacle Bank – $2.51 million
- Mountain Commerce Bank – $5.1 million
- Walker & Dunlop LLC – $30.55 million
- ORIX Real Estate Capital LLC – $34.32 million
There is going to be a lot going on this Halloween weekend, so don’t forget to set your clocks back one hour on Saturday night. Stay safe!
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Nick McBride is register of deeds for Knox County.