VOL. 126 | NO. 247 | Tuesday, December 20, 2011
Memphis Real Estate Recap
Stonebridge Apartments Sells for $22 Million
9135 U.S. 64 and 9225 U.S. 64
Memphis, TN 38016
9135 U.S. 64 and 9225 U.S. 64 • Memphis, TN 38016
Sale Amount: $21.9 million
Sale Date: Dec. 6, 2011
Buyer: AB Merion Stonebridge LLC
Seller: CMS Stonebridge LLC
Details: A joint venture between Merion Realty Partners and an affiliate of AllianceBernstein U.S. Real Estate Partners LP has bought Stonebridge Apartments from CMS Stonebridge LLC for $21.9 million as part of a 20-property multifamily portfolio purchase the companies announced in October.
The entity, called AB Merion Stonebridge LLC, closed on the deal Dec. 6.
The Stonebridge purchase includes 500 Class B apartments on three parcels totaling 32.3 acres, with a 2011 appraisal from the Shelby County Assessor of Property totaling $18.7 million.
Stonebridge Apartments, bounded by U.S. 64 to the north, Berryhill Road to the east and Fletcher Trace Parkway to the south, uses the address 9135 Morning Ridge Road.
The first parcel, which the assessor lists at 9135 U.S. 64, includes 200 units built in 1994 on 14.1 acres with a 2011 appraisal of $7.5 million. The second, listed at 9225 U.S. 64, includes 230 units built in 1995 on 12.5 acres and appraised at $8.6 million. And the third, listed at 0 Fletcher Trace Parkway, includes 70 units built in 1994 on 5.7 acres and appraised at $2.6 million.
In conjunction with the purchase, AB Merion Stonebridge LLC assumed CMS Stonebridge’s $18.5 million loan through Fannie Mae dated Nov. 1, 2010.
The joint venture between Wynnewood, Pa.-based Merion Realty Partners and New York-based AllianceBernstein was set to close on a portfolio that included 4,900 units in 20 properties across several Southeastern states, according to an October announcement on Merion’s website. The portfolio included Class B, garden-style apartments requiring about $14 million in capital improvements and value-add upgrades, according to the site.
4480 Swinnea Road
Memphis, TN 38118
Sale Amount: $10.2 million
Sale Date: Dec. 7, 2011
Buyer: Exeter 4480 Swinnea LLC
Seller: TCAM Core Property Fund Operating LP
Details: Plymouth Meeting, Penn.-based Exeter 4480 Swinnea LLC has bought a warehouse at 4480 Swinnea Road from TCAM Core Property Fund Operating LP for $10.2 million.
The 336,000-square-foot warehouse was built in 1996 and is on 15.7 acres on the east side of Swinnea Road north of Shelby Drive.
TCAM Core bought the property in 2005 for $13.4 million.
The Shelby County Assessor of Property’s 2011 appraisal is $9.7 million.
3615 Lamar Ave.
Memphis, TN 38118
Sale Amount: $1.6 million
Sale Date: Nov. 18, 2011
Buyer: FUCMS 2001-C2 Lamar Industrial LLC
Seller: Harris P. Quinn, substitute trustee, on behalf of
Details: FUCMS 2001-C2 Lamar Industrial LLC, an entity affiliated with Miami-based loan servicer LNR Partners LLC, has bought a warehouse at 3615 Lamar Ave. at a foreclosure auction for $1.6 million after borrower 3615 Lamar Partners LLC defaulted on a $3.7 million loan backed by the property. The limited liability company took out that loan through First Union National Bank in February 2001.
Substitute trustee Harris P. Quinn sold the property on behalf of FUCMS, which was assigned the loan in July.
The 13.4-acre parcel includes a Class B warehouse built in 1971. It is divided into 89,900- and 66,600-square-feet warehouse sections and 3,440- and 5,190-square-feet office sections. The parcel is on the west side of Lamar Avenue north of Knight Arnold Road, and the Shelby County Assessor of Property’s 2011 appraisal is $2.7 million.
Most recent owner 3615 Lamar Partners LLC bought the property in December 1999 for $2.3 million. The next year, Grace Construction Co. Inc. completed a remodel that turned the warehouses into sales facilities for building materials.
The $3.7 million loan that went into default was taken out in February 2001. It was assigned to other banks twice before its assignment to FUCMS in July.
99 N. Main St.
Memphis, TN 38103
Loan Amount: $6.7 million
Loan Date: Dec. 8, 2011
Maturity Date: Jan. 1, 2022
Borrower: Memphis 99 Tower LP
Lender: Oak Grove Commercial Mortgage LLC
Details: Memphis 99 Tower LP, an entity affiliated with New York-based Whitney Capital Co. LLC, has filed a $6.7 million trust deed through Oak Grove Commercial Mortgage LLC for The Renaissance Apartments at 99 N. Main St.
The 209,824-square-foot, Class B apartment building, formerly known as 99 Tower Place Apartments, includes 243 studio, one- and two-bedroom units on 25 floors. Built in 1968, it sits on 0.2 acres at the northwest corner of North Main Street and Jefferson Avenue. Amenities include a laundry facility, rooftop pool and fitness center.
Memphis 99 Tower LP bought the property in 1993 for $4.1 million; the Shelby County Assessor of Property’s 2011 appraisal is $4.4 million.
Whitney Capital owns the adjacent five-story parking garage, which is attached to Morgan Keegan Tower via a walkway over Jefferson.
The New York company has holdings in seven states: Arizona, Colorado, New York, Missouri, Tennessee, Texas and Washington. Its other Tennessee property is Countryside North apartments, north of Reese Road in Bartlett. Both properties are managed by Whitney Management Corp.