VOL. 127 | NO. 143 | Tuesday, July 24, 2012
Memphis Real Estate Recap
Nursing Home Owner Files $13 Million Loan
By Kate Simone
3549 Norriswood Ave.
Memphis, TN 38111
3549 Norriswood Ave. • Memphis, TN 38111
Loan Amount: $13 million
Loan Date: July 13, 2012
Maturity Date: N/A
Borrower: FC Highlands LLC
Lender: Midcap Funding VII LLC
Details: The owner of the Highlands of Memphis senior nursing facility at 3549 Norriswood Ave. near the University of Memphis has filed a $13 million loan on the property.
FC Highlands LLC, a single-purpose entity related to Alpharetta, Ga.-based Formation Capital, secured the loan July 13 through Midcap Funding VII LLC.
The company bought the 280-bed facility for $7.3 million in May 2009 from Wesley Highland Nursing Homes Inc.
Built in 1977, the 56,913-square-foot facility sits on 1.37 acres at the southeast corner of South Highland Street and Norriswood Avenue, just west of the University of Memphis campus. The Shelby County Assessor of Property’s 2012 appraisal is $3.6 million.
Christina K. Firth signed the trust deed as manager of FC Highlands.
Formation Capital executive Michael Jones told The Daily News at the time of the purchase in 2009 that the 30-year-old building, which underwent some renovations in 2005, was in good shape, although some improvements were planned.
“We’re excited to have closed on the property,” he said at the time. “We think it’s a wonderful building and it’s a nice addition to our portfolio.”
The transaction also included an assignment of leases and rents from FC Highlands to Midcap Funding.
8036 U.S. 70 Bartlett, TN 38133
and 4175 Winchester Road
Memphis, TN 38118
Sale Amounts: $3.2 million (U.S. 70); $1 million (Winchester)
Sale Dates: July 12, 2012
Buyer: Amsdell Storage Ventures VII LP
Sellers: Memphis Storage VI LP (U.S. 70) and Memphis Storage II (Winchester)
Loan Amount: $3.9 million
Loan Date: July 12, 2012
Maturity Date: N/A
Lender: Citigroup Global Markets Realty Corp.
Details: Cleveland-based Amsdell Cos. has bought a pair of storage facilities from Memphis Storage Group LLC for a combined $4.2 million.
The buyer, operating in the transaction as Amsdell Storage Ventures VII LLC, paid $3.2 million for storage facility at 8036 U.S. 70 in Bartlett and $1 million for the storage facility at 4175 Winchester Road in Oakhaven.
In conjunction with the purchase, Amsdell Storage Ventures filed a $3.9 million loan with Citigroup Global Markets Realty Corp. The sales and financing closed July 12.
Todd C. Amsdell signed the trust deed as manager for Amsdell Storage Ventures. The parent company, Amsdell Cos., owns and operates Compass Self Storage LLC, and the two properties that sold are listed on Compass’ website along with three others in North Mississippi.
The five storage facilities mark Compass Self Storage’s entrance to the Memphis area, according to a recent Amsdell press release.
Built in 1985, the 69,750-square-foot, Class C storage facility in Bartlett sits on 5.14 acres on the northwest corner of the intersection of U.S. 70 and North Germantown Road. The Shelby County Assessor of Property’s 2012 appraisal is slightly less than $2 million.
Built in 1984, the 38,680-square-foot, Class B storage facility in Oakhaven sits on 2.13 acres on the southeast corner of the intersection of Winchester and Lamar Avenue. The assessor’s 2012 appraisal is $934,300.
1655 Parktown Place
Memphis, TN 38104
Sale Amount: $633,320
Sale Date: July 12, 2012
Seller: J. Mark Griffee, Successor Trustee
Details: Ridgeland, Miss.-based BankPlus has bought back the Parktown Place Condominiums in Midtown following a foreclosure of the eight-unit multifamily complex and its owner, Dogwood Properties of Memphis.
BankPlus paid $633,320 in a substitute trustee’s deed for the eight-unit multifamily complex when Dogwood Properties – whose principal Jon McCreery is a partner at the longtime homebuilding company Chamberlain and McCreery Inc. – defaulted on a $1 million loan through BankPlus dated March 30, 2009.
Built in 2008, the complex contains eight parcels – 1655 Parktown Place, 1659 Parktown Place, 1663 Parktown Place, 1667 Parktown Place, 1671 Parktown Place, 1675 Parktown Place, 1679 Parktown Place and 1683 Parktown Place.
Each two-story unit contains 920 square feet and has an appraisal of $132,000, according to the Shelby County Assessor of Property’s 2012 values.
149 Monroe Ave.
Memphis, TN 38103
Loan Amount: $1.3 million
Loan Date: July 10, 2012
Maturity Date: July 10, 2020
Borrower: Cadre Realty
Lender: First Alliance Bank
Details: Cadre Realty LLC has filed a $1.3 million loan through First Alliance Bank on the Cadre Building at 149 Monroe Ave., on the southeast corner of Monroe and South Second Street.
The Shelby County Assessor of Property, whose 2012 appraisal of the property is $1.3 million, lists the address as 44. S. Second St.
Built in 1928, the 34,614-square-foot events center contains a ballroom, which is just more than 13,000 square feet, and has a 2,500-square-foot mezzanine.
The facility hosts proms, weddings, class reunions and other functions. The owner completed renovations of the property in 2007. S. Thomas Peters signed the trust deed as governing member of Cadre Realty, which bought the building in 1999.