Two big sales in Fountain City

June has arrived! The last week of May was a four-day work week, but we stayed busy recording 1,309 documents. Included in the total were 281 Trust Deeds and 223 Warranty Deeds. The combined total value of the Trust Deeds (loans) was $99.59 million which included 8 loans with values of $1 million or more. The largest of those at $3.7 million was funded by Wells Fargo Bank. Home Federal funded two on the list, one for $1.76 million and another for $1.5 million. The rest of the high value Trust Deeds are as follows:

Last week’s 223 property sales included seven private and three commercial properties with sales prices over $1 million. White Properties III sold an undeveloped 2.6-acre property on Callahan Drive, close to the interstate. LKM Properties LP paid $2 million for the parcel.

A private trust group sold the building at 4834 N Broadway. This held the former Ruby Tuesday as well as a few other restaurants. RAM Venture Group purchased the property for $2.1 million.

Nick McBride

The highest-value sale of the week was an apartment complex on Cedar Lane. Woodgate Multifamily Partners, LLC sold the Kinley Loft apartment community for $22 million. The new owner of the complex is 701 Cedar Lane LLC.

Recapping the month of May 2024, a total of 6,490 documents crossed the counter for recording. Loans accounted for 1,504 of those with a cumulative value of $692.89 million. There were 10 loans with values over $10 million – with the highest coming in at $63.5 million. First National Bank of Omaha backed that loan. The second highest was for $57.6 million funded by Bank of America NA.

On the transfer side, 1,157 Warranty Deeds were recorded during May with a total value of $517.59 million. The most valuable of those was last week’s 22-million-dollar sale of the Kinley Loft Apartments from Woodgate Multifamily Partners to 701 Cedar Lane LLC. Coming in as the second highest transfer was the sale of the Holiday Inn at Cedar Bluff which went for $15 million.

The comparison chart has been updated through the end of May.

You’ve probably seen commercials about property fraud lately and may wonder if you can do anything to protect your investment. There is a FREE resource for Knox County homeowners, the Property Fraud Alert program. It is easy to sign up for and will inform you through email when documents are recorded in the names you’ve enrolled. To register your name(s), go to https://alertme.knoxrod.organd follow the prompts. If you have trouble, give the office a call for assistance.

Have a great weekend! – Nick

Nick McBride is register of deeds for Knox County