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VOL. 129 | NO. 161 | Tuesday, August 19, 2014




Developer Files Permit for Graceland-Area Hotel

By Eric Smith

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3411 Elvis Presley Blvd.
Memphis, TN 38116
Permit Cost: $3.5 million

3411 Elvis Presley Blvd. • Memphis, TN 38116

Project Cost: N/A
Permit Date: Applied August 2014
Completion: TBA
Owner: SNP Investments
Tenant: Holiday Inn Express
Architect: N/A
Contractor: N/A
Details: SNP Investments has filed a $3.5 million building permit with the city-county Office of Construction Code Enforcement for a four-story, 85-room Holiday Inn Express at 3411 Elvis Presley Blvd. in Whitehaven.

The property is along the west side of Elvis Presley Boulevard between Hernando and Winchester roads, just a few blocks north of Graceland.

The Memphis Business Journal reported initial plans for the hotel date back to 2012.

For more on developments around Graceland, including plans for another hotel on Elvis Presley, see the story on Page 1 of today’s Daily News.

4198 Hacks Cross Road
Memphis, TN 38125

Permit Cost: $575,000

Project Cost: N/A
Permit Date: Applied August 2014
Completion: TBA
Owner: Chris Sneeden
Tenant: Krispy Kreme
Architect: N/A
Contractor: N/A
Details: Krispy Kreme has filed a $575,000 building permit for a new store at 4198 Hacks Cross in Southeast Memphis, its third location in the city.

The Winston-Salem, N.C.-based company filed the permit with the city-county Office of Construction Code Enforcement, listing Chris Sneeden, the director of U.S. real estate at Krispy Kreme, as the owner.

The permit shows no details, such as contractor or architect, other than it’s for the construction of a Krispy Kreme doughnut shop. The company operates its two other Memphis doughnut shops at 4244 Elvis Presley Blvd. and 6255 Winchester Road.

Krispy Kreme has 11 other stores in Tennessee and five in Mississippi.

2700 S. Perkins Road
Loan Amount: $3 million
Memphis, TN 38118 

Loan Date: June 27, 2014
Maturity Date: July 1, 2017
Borrower: HC Memphis
Lender: Access Point Financial Inc.
Details: The new owner of the Inn at Thousand Oaks hotel at 2700 S. Perkins Road in Parkway Village has filed a $3 million loan on the property.

HC Memphis LLC, an affiliate of Indianapolis-based Hotel Capital LLC, filed the deed of trust and security agreement through Access Point Financial Inc. The borrower had recently purchased the hotel following a first-run foreclosure notice filed earlier this year.

HC Memphis paid $2.2 million for the 130-room hotel at Perkins and Interstate 240 in a June successor trustee’s deed from attorney Douglas M. Alrutz of Wyatt, Tarrant & Combs LLP.

The property entered foreclosure when the previous owner, VMN Memphis LLC, defaulted on a $6 million loan dated August 2006 through Countrywide Commercial Real Estate Finance Inc. A first-run foreclosure notice appeared in The Daily News Feb. 4.

VMN Memphis LLC bought the hotel in 2006, when it was known as the Hampton Inn-Memphis, from Perkins Hotel Partners LP for $7 million, securing the property with the loan that later went into default.

Built in 1994, the 63,778-square-foot, five-story hotel sits on 2.2 acres along the east side of South Perkins Road between I-240 and American Way. The Shelby County Assessor of Property’s 2014 appraisal is $3.8 million.

Hotel Capital is a “private equity real estate investment firm that provides debt and equity capital to the hospitality industry,” according to the company’s website.

2030 S. Germantown Road
Germantown, TN 38138

Permit Cost: $1.6 million

Project Cost: TBA
Permit Date: Applied August 2014
Completion: TBA
Owner: Virginia A. Bugg and James R. Maddox Jr. Living Trust
Tenant: McDonald’s
Architect: N/A
Contractor: N/A
Details: McDonald’s has filed a $1.6 million permit with the city-county office of construction code enforcement to “rebuild a new restaurant” at 2030 S. Germantown Road.

The company for years has operated a restaurant at the location, which is on the east side of Germantown Road just north of its intersection with Poplar Avenue. Built in 1979, the existing restaurant is 6,443 square feet and sits on 1.3 acres.

The property is owned by the Virginia A. Bugg and James R. Maddox Jr. Living Trust, according to the Shelby County Assessor of Property. The 2014 appraisal is $1.2 million.

No contactor or architect is listed on the permit.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 312 15,378
MORTGAGES 125 389 20,168
FORECLOSURE NOTICES 23 109 3,995
BUILDING PERMITS 431 872 36,714
BANKRUPTCIES 54 232 14,575
BUSINESS LICENSES 9 64 5,193
UTILITY CONNECTIONS 71 312 22,129
MARRIAGE LICENSES 10 83 4,746

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