624-Unit Highland Meadows Sells for $5.5 Million
A New York company has paid $5.5 million for the 624-unit Highland Meadows Apartments on Airways Boulevard. Highland Meadows Partners LLC closed on its purchase from Eagle SPE Multi I Inc. on Wednesday, April 25.
Built in 1975, Highland Meadows is a two-story, Class C complex encompassing nearly 476,000 square feet.
It is situated on 37 acres at 5045 Airways Blvd., at that street’s intersection with Wilson Road and north of East Holmes Road. The Shelby County Assessor of Property’s 2011 appraisal was $7.2 million.
Highland Meadows Partners financed the purchase with a $5.5 million loan through Paradigm Credit Corp.
The complex is one of two Eagle bought at a June 2010 foreclosure sale for a combined $12.7 million. Eagle sold the other complex, the 251-unit Highland Pines Apartments on Winchester Road, to a Brooklyn-based company that October for $4.6 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Financial Federal Secures Three CRE Mortgages
Memphis-based Financial Federal recently brokered three significant mortgage negotiations, including $9.5 million in first-mortgage refinancing and $6 million in first-mortgage proceeds in Memphis and Jackson, Miss.
Rick Wood and Jon Van Hoozer of Financial Federal’s Memphis office arranged all three loans.
Wood and Van Hoozer arranged the first – a $6.5 million first-mortgage refinancing for the 110,500-square-foot Electric Building in Downtown Jackson – as a 10-year loan with a 24-year amortization schedule.
The Electric Building is a mixed-use structure with first-floor retail use, six floors of office space and multifamily space on the top two floors. Wood and Van Hoozer arranged the loan through one of their life insurance company relationships.
For the second transaction – the acquisition of a 750-space parking garage in Downtown Memphis – Financial Federal secured $6 million in first-mortgage proceeds. The eight-story parking garage was built in 2000.
Wood and Van Hoozer arranged the acquisition, a 10-year loan with a 25-year amortization schedule, through one of Financial Federal’s insurance company relationships.
The third loan, also a first-mortgage refinancing, was secured through Financial Federal’s Wood and Van Hoozer for $3 million.
The property, 128-unit Park Tower Apartments in Memphis, is a mid-rise apartment complex built in 1957, and is 93 percent occupied. Wood and Van Hoozer arranged the refinancing with a 10-year loan and a 25-year amortization schedule, also through one of Financial Federal’s insurance company relationships.
– Sarah Baker
Hoop City Memphis to Sell Playoff Design T-Shirt
A new T-shirt company called Hoop City Memphis has been started by Ian Lemmonds and Leslie Skelton, promoting one of the city’s most cherished brands – the Memphis Grizzlies.
Hoop City will debut its newest design in support of its pro basketball program at South of Beale, 361 S. Main St., during the South Main Art Trolley Tour Friday, April 27, from 6:30 p.m. until 8:30 p.m. The T-shirt is $25 and reads, “This Is Memphis. We Grind Here.” Player head cut outs will be available for sale as well.
The Grizzlies clinched their second straight playoff appearance with a 103-91 win over the New Orleans Hornets on April 18 at FedExForum. They will open against the Los Angeles Clippers on Sunday, April 29.
Hoop City Memphis also offers non-sports related merchandise – such as the Downtown Memphis “38103” or the “Memphis Threat” design – through its website at HoopCityMemphis.com. To keep up with events and promotions, follow Hoop City on Twitter @hoopcitymemphis and like them on Facebook atfacebook.com/HoopCityMemphis.
– Sarah Baker
Kustoff Elected to BankTennessee Board
David Kustoff, the former U.S. attorney for the Western District of Tennessee, has been elected to the BankTennessee board of directors.
After a few years as West Tennessee’s top federal prosecutor, Kustoff returned to private practice at Kustoff & Strickland PLLC, the law practice he founded in 1998 with current Memphis City Councilman Jim Strickland. Their law practice, which also includes Kustoff’s wife, Roberta Nevil Kustoff, handles estate planning and probate matters, collections, family law, personal injury and litigation.
The Kustoffs are the parents of two children, Maggie and Jake.
– Andy Meek
Baptist $50K Donation Helps Growing Agape Program
Baptist Memorial Health Care Corp. has donated $25,000 to Agape Child & Family Services’ Families in Transition (FIT) Program – the second installment of a $50,000 total donation to the growing program.
Agape Child & Family Services, a Christian-based nonprofit organization, provides children and families in the region with healthy homes through community restoration, homeless services, mentoring, adoption, foster care, maternity services and counseling. Agape will serve more than 10,000 children, adults and families this year.
The organization’s FIT Program serves homeless, parenting and pregnant women and their children by providing housing and job skills training, while reconnecting them with their families. During their time at the FIT campus, residents are required to save 30 percent of their income to move toward financial independence.
For the last three years, the success rate for women leaving the program and entering into their own permanent home has been 90 percent. Agape is the only agency in Memphis exclusively serving the long-term needs of homeless mothers and mothers-to-be. Because of the need in the community, Agape in recent years has more than tripled the serving capacity of the FIT program.
– Aisling Maki
Brother International Earns Energy Star Rating
The Brother International plant got a star Thursday, April 26.
The Bartlett facility, which is the U.S. headquarters for the company, earned an Energy Star from federal officials for the energy efficiency of the 1.6 million-square-foot facility.
The designation is for meeting the highest energy efficiency standards set by federal regulators.
The Bartlett plant accounts for 50 percent of the state’s square footage with the Energy Star designation.
– Bill Dries
30-Year Mortgage Dips to 3.88 Percent
The average rate on the 30-year fixed mortgage has dipped to near its record low, keeping home-buying and refinancing affordable.
Mortgage buyer Freddie Mac said Thursday, April 26, the rate on the 30-year loan dropped to 3.88 percent this week, down from 3.9 percent. In February, the rate hit 3.87 percent, the lowest since long-term mortgages began in the 1950s. The 30-year loan is the most common financing option for home buyers.
The average on the 15-year fixed-rate mortgage, popular with homeowners who are refinancing, dipped to 3.12 percent, down from 3.13 percent last week. The national average hit an all-time low of 3.11 percent two weeks ago.
Cheaper mortgages have so far done little to boost home sales. Sales of both previously occupied homes and new homes fell in March. Analysts suspect some of that weakness reflected a warm winter, which pulled sales that would normally occur during the spring buying season into January or February.
In addition, some potential buyers are skeptical about purchasing a home with prices still falling. And many Americans are still struggling with damaged credit.
To calculate the average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average rate does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
For the five-year adjustable loan, the average rate rose to 2.85 percent, up from 2.78 percent. The average on one-year adjustable loans dropped to 2.74 percent, down from 2.81 percent.
– The Associated Press