Title companies: April lending and sales will be busy

Nick McBrideOur Town Leaders

April has started off with great weather, hasn’t it? I know we are all thankful for the sunshine and flowers that bring peace to our hearts and minds, especially during the uncertainty of the pandemic.

Nick McBride

The month of March 2020 was full of activity in both property sales and lending. As for property sales, we recorded a total of 1,156 transactions that came to a total of $324.8 million. The largest sale of the month was between DFG-Knoxville LLC and Northwest Crossing LLC. Northwest Crossing LLC purchased the shopping center next to Walmart on Clinton Highway for $12.25 million.  Property transfers in March exceeded those of February 2020 by $67.4 million.

Lending was strong in March as well. Up from February’s totals by $51.7 million, a total of $503 million dollars made up the 1,971 loans that were recorded. The largest loan of the month was a $31.4 million leasehold construction loan from Truist Bank to ECG Moss Grove LP for the development of property on Moss Grove Road in West Knoxville.

The title companies I have been talking to forecast that April is going to be a busy month for both lending and property sales. In fact, the first week of April saw 582 loans and 306 property sales compared to the previous week’s 433 loans and 234 property sales.

The 306 property transfers came to a total of $85.76 million with the largest being the sale of the Lyon’s Crossing Professional Building for $1.08 million. The property formerly owned by Wood Heat Products Inc was sold to FAI Partners.

The week’s lending was topped off by a $14 million dollar loan from Truist Bank to DRT Properties with the property located at 620 S. Gay Street as collateral. This property is also known as the Tombras Building.

The Tombras Building

Like you, and as recommended, we are taking precautions to protect ourselves while doing our part to protect the economy. Currently, we have employees working from home, and those that remain in the office environment are adhering to the social distancing guidelines. We are OPEN for business; however, we ask that you mail documents instead of bringing them to the courthouse. Mail them to Knox County Register of Deeds, 400 Main Ave, Ste 225, Knoxville TN 37902. All originals are returned to you. We will be happy to provide recording costs if you’ll call 865-215-2330.

Nick McBride is the register of deeds for Knox County.

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