Time seems to be passing quickly — here we are already in the last week of April 2022!
Last week our office recorded at total of 2,137 documents which included 558 new loans and 348 property transfers. The loans carried a total value of $195,871,930. Would you believe that 21 of these loans were for amounts over $1 million? That’s the most we’ve had in a while. The loan with the greatest value was funded by JPMorgan Chase Bank in the amount of $23.87 million. All the others were under $10 million with Eastman Credit Union providing funding for a $6.8 million dollar loan, First Horizon Bank approving a loan for $6 million and Y-12 Federal Credit Union lending $4.5 million. The others were:
Property transfers accounted for 348 of the total number of documents recorded, and they brought in a grand total of $157,548,443. Of these, 11 documents were recorded in amounts over $1 million, including the highest value sale of the week which was between FPA 6 Morgan Hill LLC and 2521 Kingston Pike LLC in the amount of $35.20 million. The property transferred is “The Social,” the tall student housing apartment building located next to Alcoa Highway. In other commercial transactions, the second most valuable property transfer was between Wayland-Goodman Properties LP and GP Corner LLC. This $2.4 million dollar sale was for the parking lot on the corner of Central Ave and Summit Hill Drive.
Nick McBride
Shree Ganesh Hospitality LLC owned the Rodeway Inn at 5460 Central Avenue Pike for 7 years before selling it last week to Girirajdharan Inc. for $2.2 million. In the northeast part of town, 2335 Texas Avenue, a logistics center/hub, was sold by Phalanx Real Estate LLC to Foothills Brokerage Inc. for $1.7 million. And the final property transfer over $1 million was between O&M Holdings LLC and Rand Off Broadway LLC who purchased three apartment buildings on Dutch Valley Drive. The three buildings, 1415, 1423 and 1431 Dutch Valley Drive, were sold for $1.65 million.
The three-year comparison that I’ve been keeping up with still shows great growth in the county. New neighborhoods are being planned, built and sold very quickly. It’s great to have so many people moving into our county, we welcome all!
Should you need someone to speak at an upcoming homeowner’s meeting, professional association meetings or civic group meetings, I have slots available in May. Just give me a call at the office, 865-215-2330 and we’ll get it booked.
Have a great weekend!
Nick McBride is register of deeds for Knox County.