VOL. 128 | NO. 29 | Tuesday, February 12, 2013
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Memphis Marriott Sells for $12.4 Million in Foreclosure
By Kate Simone
2625 Thousand Oaks Blvd. Memphis, TN 38118
Sale Amount: $12.4 million
Sale Date: Jan. 24, 2013
Buyer: JPMCC 2007-CIBC19 Lodging 2625 LLC
Seller: Harris P. Quinn, substitute trustee
Details: Memphis Marriott at 2625 Thousand Oaks Blvd. has sold in foreclosure for $12.4 million after its previous owner, Kentucky-based CP Memphis Properties LLC, defaulted on a $38 million loan.
JPMCC 2007-CIBC19 Lodging 2625 LLC, an affiliate of Miami Beach, Fla.-based special servicer LNR Partners LLC, bought the property Jan. 24 from substitute trustee Harris Quinn acting on behalf of U.S. Bank N.A.
2625 Thousand Oaks Blvd. • Memphis, TN 38118
The 320-room Memphis Marriott was built in 1987 and is situated on about 10 acres on the west side of Thousand Oaks north of Showcase Boulevard. The Shelby County Assessor of Property appraised it $14.3 million in 2012.
The hotel sold for $15.3 million in 2004 to NSHE Paris LLC, an entity that merged with CP Memphis Properties the next year. CP took out the $38 million loan through CIBC Inc. in April 2007. The loan has been transferred to various lenders since then, most recently held by U.S. Bank.
877 Jefferson Ave.
Memphis, TN 38103
Permit Cost: $14 million
Permit Date: Applied February 2013
Owner/Tenant: The Regional Medical Center at Memphis
Contractor: Flintco Inc.
Details: Capital improvements to The Regional Medical Center at Memphis’ Turner Tower are moving forward, with a $14 million permit application recently filed for renovations to the building.
The application, filed with the city-county Office of Construction Code Enforcement, calls for 75,000 square feet of renovation work and interior demolition in the tower, which is on The MED’s campus at 877 Jefferson Ave.
The Turner Tower improvements, which are being completed in phases, include expanding and refurbishing the Firefighters Regional Burn Center and building out three vacant floors to relocate the inpatient Rehabilitation Hospital, a new Outpatient Ambulatory Surgery suite and new acute-care patient rooms.
Flintco Inc. is the contractor for the project, which includes more than 88,000 square feet and is expected to be finished in December.
The MED, one of the nation’s three busiest trauma centers, sees 16,000 inpatient visits, 50,000 emergency room visits and 130,000 outpatient visits each year at its Downtown campus.
Rick Wagers, The MED’s chief financial officer, recently told The Daily News that the hospital “would like to … replace the vast majority of our campus over a five- to 10-year period in order to make it more patient- and family-friendly.”
3094 Autumnwood Ave.
Memphis, TN 38115
Sale Amount: $13.5 million
Sale Date: Jan. 30, 2013
Buyer: Autumnwood Investments LLC
Seller: WE Autumnwood LLC
Loan Amount: $9.5 million
Loan Date: Jan. 30, 2013
Maturity Date: March 1, 2023
Lender: Prudential Mortgage Capital Co. LLC
Details: The 324-unit Autumnwood Apartments, situated at the southwest corner of Kirby Parkway and Mount Moriah Road Extended, has sold for $13.5 million to an entity named Autumnwood Investments LLC.
Seller WE Autumnwood LLC, an affiliate of New York-based White Eagle Properties, completed the transaction Jan. 30, the same day it financed the 208-unit Stonegate Apartments in Raleigh.
Autumnwood, a Class C complex built in 1985, uses the address 3094 Autumnwood Ave. The Shelby County Assessor, which appraised the 15-acre property at $8.1 million in 2012, uses an alternate address of 3119 Kirby Parkway.
Autumnwood Investments LLC, which lists its operating member as Hyde Multifamily Investments LLC, filed a $9.5 million loan through Prudential Mortgage Capital Co. at the time of purchase.
White Eagle Properties acquired Autumnwood and Stonegate in 2008 for a combined $16 million from The Health, Educational and Housing Facility Board of Shelby County. The county board had acquired both properties earlier in the year after their owner claimed bankruptcy.
White Eagle was one of 53 companies that bid for the complexes.
4500 Stone Gate Drive
Memphis, TN 38128
Loan Amount: $3.6 million
Loan Date: Jan. 30, 2013
Maturity Date: Jan. 30, 2018
Borrower: WE Stonegate LLC
Lender: American Equity Investment Life Insurance Co.
Details: The 208-unit Stonegate Apartments complex in Raleigh has been financed for $3.6 million by its ownership group, an affiliate of White Eagle Properties.
WE Stonegate LLC filed the five-year loan Jan. 30 for the Class C complex at 4500 Stone Gate Drive, situated on 12.3 acres at the northwest corner of Coleman and Raleigh-Lagrange roads.
The Shelby County Assessor of Property, which lists Stonegate’s address as 2791 Coleman, appraised it at $4.8 million in 2012.