Student housing sells for $93.78 million

Nick McBrideOn the Grow

I hope you had a happy and safe Independence Day!

Nick McBride

Last week we recorded 1,538 documents, not bad for the last week of the month. 376 were Trust Deeds (loans) with a total value of $283.50 million. 13 of those were loans over $1 million and seven were over $10 million!

Sumitomo Mitsui Banking Corp. funded the largest amount of the week, $67.8 million. Pinnacle Bank handled a $53.5 million note, while Central Bank and Trust Co loaned $33.58 million. The Bank of Montreal provided a loan of $27.6 million, KeyBank National Association loaned $19 million, CBRE Multifamily Capital Inc. made a $13.63 million loan, and the Live Oak Banking Company funded one for $12.8 million. The others:

266 Warranty Deeds were recorded in the last week of June. The total value of all sales was $192.2 million. 10 were property transfers over $1 million which included five commercial properties.

The purchase of 10 student-residence properties by WSCR Commons Owner IX LP was the largest property transfer of the week. Commons Bridge Knoxville LLC sold the properties which are scattered throughout the Ft Sanders area, including the Commons on Bridge apartments, for $93.78 million!

In the second highest sale, USCC Services LLC sold the 31-acre property occupied by the US Cellular Business Office at 800 Cornerstone Dr. in West Knox County to The Chelsea Cornerstone LLC for $4.39 million.

In a Special Warranty deed (this type of deed is mainly used for commercial property), Pinnacle Bank sold the bank property at 241 Brooklawn Ave to PNB TN Portfolio Owner LLC for $1.49 million.

In North Knoxville, just off Whittle Springs Road, 8-1 Company sold the building currently occupied by Fresenius Kidney Care North at 4440 Walker Blvd. to Eastpack Properties LLC for $1.26 million.

The final commercial property to change hands was in the Forks of the River Industrial Park in East Knoxville. CS Foundation Inc. sold the property at 2701 Independence Lane to Cambro Partners for $1.21 million.

6,026 documents were recorded in June including 1,140 loans with a total of $883.4 million, as well as 1,097 property transfers that came to a total of $564.43 million. These figures are reflected in the three-year comparison chart below.

It’s time to sign up for our free Property Fraud Alert Program: the process is easy. Just follow this link by clicking on it and follow the prompts. You will then be notified via email when a document is recorded with your name. If it is an unexpected recording, this will give you an opportunity to act quickly.

Have a great weekend! – Nick

Nick McBride is register of deeds for Knox County.


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