Senior living facilities top real estate sales

Nick McBrideOn the Grow

The week of June 13-17 ended with a total of 1,557 deeds recorded. Last week bankers prepared paperwork for 375 loans. The amount of all the trust deeds recorded was more than $144 million.

The highest value loan recorded was funded by ForBright Bank in the amount of $14.77 million. Other large loans included a $5 million loan funded by Brightbridge Inc., a $4.35 million loan from CBRE Capital Markets Inc. and a $4 million loan funded by Regions Bank. The other million dollar plus loans were:

Property transfers made up 278 of the total recordings with a value of more than $118 million. Ten private properties and five commercial properties sold for over $1 million. The buyers of the two highest priced properties are affiliated senior/assisted living residences. Landings Operator LLC purchased Rain Forest Landings at 555 Rain Forest Road from 555 Rain Forest Rd LLC for $5.18 million. Also sold was the Emory Ridge Senior Living community on Thunder Lane in Powell. Emory Operator LLC  purchased the property from 7545 Thunder Lane LLC for $4.79 million.

Nick McBride

The third most valuable property to change hands was at 6601 Wilbanks Road. Wilbanks LLC sold the property to Ironhorse Wilbanks LLC for $4.2 million.

Five relatively small apartment complexes were included in one purchase last week. 1501 Washington LLC et al. sold the properties to 79 Knoxville Holdings LLC for $2 million dollars. The properties included in the transfer are: The Flats at the Pike on Washington Pike, The Caprice Apartments on Valley View Drive, The Flats at Bridalwood on Bridalwood Drive and the two properties that make up Bridalwood Townhomes, also on Bridalwood Drive.

The final million-dollar commercial property to change hands is the car care business next to the fire station on Campbell Station Road. Restricted Low Beta Real Property LLC sold the property, located at 150 N. Campbell Station Road, to CFO Properties LLC for $1.2 million.

Our three-year comparison chart doesn’t seem to be negatively affected by the rising interest rates YET, but loan refinancing is slowing down. Our county is a desirable place to live and work, and we have a lot of newcomers to the area, so it’s likely that property sales will continue to be strong. Time will tell. We have had 500 less sales this year compared to last year but over 1200 more than in 2020:

Did you know that Knox County now has a property fraud alert system? We implemented this FREE program to give you peace of mind knowing that your deed is safe with us. After enrolling your name(s) in this free program, you will be alerted via email if any documents are recorded under your name. This tool empowers you to stay alert and act quickly if potential fraud is detected.

You can register by going here, then click on “Register Here.” Follow the prompts to set up your password then look for an email to be generated with a PIN number that you will then go back and enter on the website. If you get stuck or have questions, just give the office a call at 865-215-2330.

Have a great week!

Nick McBride is register of deeds for Knox County

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