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VOL. 126 | NO. 31 | Tuesday, February 15, 2011




Foreign Investors Buy Treasure Park Apartments

By Kate Simone

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2601 N. Watkins St.
Memphis, TN 38127
First Sale: $1.1 million

Treasure Park Apartments

Sale Date: Jan. 31, 2011
Buyer: City National Bank
Seller: Federal Deposit Insurance Corp. as receiver for Imperial Capital Bank of La Jolla, Calif.
Second Sale: $450,000
Sale Date: Jan. 28, 2011
Buyer: Square Mile Investments LLC
Seller: City National Bank
Details: A foreign investment group named Square Mile Investments LLC has bought Treasure Park Apartments at 2601 N. Watkins St. in Frayser from City National Bank for $450,000.
Details: A foreign investment group named Square Mile Investments LLC has bought Treasure Park Apartments at 2601 N. Watkins St. in Frayser from City National Bank for $450,000.

The apartments were built in 1965 and sit on about 10 acres on the west side of North Watkins Street south of Ontario Avenue. The 214-unit complex, which has one-, two- and three-bedroom units, is completely vacant and in need of rehabilitation, according to Curtis Braden, senior associate, multifamily division of Marcus & Millichap. Braden served as broker on both sides of the transaction.

City National bought it for $1.1 million from the Federal Deposit Insurance Corp. as receiver for Imperial Capital Bank of La Jolla, Calif., prior to its sale to Square Mile Investments.

Braden said Square Mile Investments has other properties in the U.S., but this is the LLC’s first Memphis property.

4187 Rainbranch Drive
Memphis, TN 38116
Loan Amount: $3.2 million

Loan Date: Jan. 26, 2011
Maturity Date: Feb. 1, 2046
Borrower: Apollon Holdings LLC
Lender: Berkadia Commercial Mortgage LLC
Details: Roslyn Heights, N.Y.-based Apollon Holdings LLC has financed Sterling Townhomes in Whitehaven through Berkadia Commercial Mortgage LLC for $3.2 million.

Apollon bought the property – formerly Loft Apartments – in 2007 and began a renovation into condominiums. It was part of Apollon’s $43 million investment in Memphis between 2005 and 2007.

Apollon was founded by George Fakiris in 1971 and has properties across the U.S. and overseas.

990 N. Germantown Parkway
Memphis, TN 38016
Sale Amount: $800,000

Sale Date: Feb. 4, 2011
Buyer: Monopoly Properties LLC
Seller: U.S. Bank NA, as trustee for Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2005-HQ7
Loan Amount: $825,490
Loan Date: Feb. 4, 2011
Maturity Date: Feb. 4, 2017
Lender: Trustmark National Bank
Details: Cordova-based Monopoly Properties LLC has bought a strip shopping center at 990 N. Germantown Parkway from U.S. Bank NA, as trustee for Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2005-HQ7 for $800,000.

The purchase was financed with a $825,490 loan through Trustmark National Bank with a maturity date of February 2017.

The 10,246-square-foot, one-story center was built in 2003 on the east side of North Germantown Parkway between Macon Road to the north and Cordova Station Avenue to the south.

The property formerly was owned by Kapree Germantown LLC, and was foreclosed upon in October 2009. At that time, U.S. Bank NA, acting as trustee, bought the property at a foreclosure sale for $1.13 million.

The Shelby County Register of Deeds’ 2010 appraisal was $1.15 million.

381 E. Poplar Ave.
Collierville, TN 38017
Sale Amount: $482,500

Sale Date: Jan. 28, 2011
Buyer: Christian Brothers Collierville LP
Seller: Town Square Partners
Loan Amount: $1.6 million
Loan Date: Jan. 27, 2011
Maturity Date: Jan. 27, 2014
Lender:Amegy Bank NA
Details:Houston, Texas-based Christian Brothers Collierville LP has bought 1.05 acres of vacant land on the southwest corner of East Poplar Avenue and Eastley Street in Collierville. The purchase was financed with a $1.6 million loan through Amegy Bank NA that matures in January 2014.

The site is part of property Town Square Partners bought in 2006 for $1.9 million. Its anticipated land use is as a school, according to Chandler Reports.

The Shelby County Assessor of Property’s 2010 appraisal is $264,100.

One lot in
Harrells Ridge

Loan Amount: $556,037
Loan Date: Feb. 10, 2011
Maturity Date: Feb. 10, 2012
Borrower: Regency Homebuilders LLC
Lender: Triumph Bank
Details: Regency Homebuilders LLC has filed a construction loan through Triumph Bank for one lot in Harrells Ridge Subdivision, with a maturity date of Feb. 10, 2012.

The lot is one of four Regency Homebuilders bought in March 2010 from David Miller LLC for $140,000.

Harrells Ridge Subdivision is in Arlington, west of the Shelby County-Fayette County line, roughly bordered by Chester Street to the west, Harrell Road to the north and Interstate 40 to the south. The subdivision was originally recorded with the Shelby County Register of deeds in May 2007 and re-recorded in November 2008. The subdivision was approved for 122 lots on 66.1 acres.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 137 4,903
MORTGAGES 88 226 6,452
FORECLOSURE NOTICES 6 25 1,504
BUILDING PERMITS 170 318 11,577
BANKRUPTCIES 65 119 5,078
BUSINESS LICENSES 27 46 1,982
UTILITY CONNECTIONS 84 227 6,693
MARRIAGE LICENSES 15 44 1,385

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