Multi Head universal Turing machine
If we have a fixed number of tapes then yes we can simulate them without the logarithmic overhead. E.g simulation of two-tape (and in general $k$-tape) TMs on a two-tape machine can be done without the logarithmic factor increase.

If we want to simulate an arbitrary constant number of tapes then AFAIK we don't know any such simulation. 

See these questions and the references there:

Justification of log f in DTIME hierarchy theorem

Universal simulation of Turing machines