Last week was a big week in lending! It’s obvious that the lowering of interest rates sparked interest in the people of Knox County. We recorded 524 loans that totaled $117.5 million, which is huge!
Lending was up but property transfers were down slightly. There were 198 property transfers place last week equaling $94.1 million.
The highest value property transfer and the highest value loan of the week were both for the new owner of the luxury apartment complex, Tapestry at Turkey Creek on Outlet Drive. Passco Turkey Creek DST purchased the property from CIP14 API Turkey Creek LLC for $41.54 million and borrowed $26.28 million from Keybank National Association to fund the purchase.
The second-largest property transfer was the Kohl’s shopping center in Farragut. Crown Properties Holdings LLC purchased the property for $9 million from Salt Creek Partners LTD, which had owned it since 1998.
It isn’t just residents who are taking advantage of lower interest rates. Businesses are flocking to the mortgage companies and banks as well. For example, Island River Holdings LLC, which owns property in the Forks of the River Industrial Park, refinanced $8 million from SSHolder LLC. And KOC Building Partners II LLC refinanced $9.6 million with SunTrust Bank using property in Dowell Springs as collateral.
It’s definitely a good time to get a lower interest loan, so be sure to call your favorite banker or mortgage broker to find out what rates are available to you. Or call your favorite real estate agent while rates are low and make a move before the holiday season!
Nick McBride is register of deeds for Knox County.