VOL. 129 | NO. 131 | Tuesday, July 08, 2014
Memphis Real Estate Recap
Addison at Collierville Owner Files $17 Million Loan
By Eric Smith
400 Orchard Circle
Collierville, TN 38017
Loan Amount: $16.8 million
400 Orchard Cir. • Collierville, TN 38017
Loan Date: July 1, 2014
Maturity Date: July 1, 2021
Borrower: G&I VII Addison at Collierville LLC
Lender: CBRE Capital Markets Inc.
Details: The owner of the 226-unit Addison at Collierville apartments at 400 Orchard Circle W. has filed a $16.8 million loan on the property.
G&I VII Addison at Collierville LLC filed the multifamily deed of trust, absolute assignment of leases and rents and security agreement July 1 through CBRE Capital Markets Inc.
The owner, a joint venture between Memphis-based Fogelman Venture Partners and New York-based DRA Advisors LLC, bought the apartment complex formerly known as the Orchards of Collierville in 2011 for $15.7 million.
David P. Gray, managing director of DRA Advisors, signed the trust deed.
Built in 1991, the Class A complex contains multiple buildings on 20.6 acres along the east side of Poplar View Parkway north of West Poplar Avenue in Collierville.
The Shelby County Assessor of Property’s 2013 appraisal was $15.5 million.
2205 E. Holmes Road
Memphis, TN 38116
Sale Amount: $900,000
Sale Date: May 29, 2014
Buyer: Bloomingholmes LLC
Seller: NRS Group LLC
Loan Amount: $563,772
Loan Date: April 30, 2014
Maturity Date: N/A
Lender: B&M Properties LLC
Details: The Shell gas station and convenience store at 2205 E. Holmes Road in Whitehaven has sold for $900,000.
An entity called Bloomingholmes LLC bought the property in a May 29 warranty deed from NRS Group LLC. Though the sale closed in May, the Shelby County Register of Deeds didn’t process the deed until this week.
Built in 1995, the 2,496-square-foot gas station and convenience store sits on 1.3 acres at the southwest corner of East Holmes Road and Airways Boulevard. The Shelby County Assessor of Property’s 2013 appraisal was $545,900.
Bloomingholmes assumed $563,722 of the seller’s original loan on the property through B&M Properties LLC. Rahim Umlani and Salim Rajani signed the loan assumption as chief manager and secretary, respectively, of the borrower.
3 acres, Wolf River Boulevard
Germantown, TN 38138
Loan Amount: $7 million
Loan Date: June 27, 2014
Maturity Date: N/A
Borrower: Cypress Realty Holdings Co. II – 7600 WR LLC
Lender: Financial Federal Bank
Details: Cypress Realty Holdings Co. has filed a $7 million construction loan for a medical office building on Wolf River Boulevard in Germantown.
Operating as Cypress Realty Holdings Co. II – 7600 WR LLC, the company filed the loan June 27 through Financial Federal Bank. Price D. Ford Sr. signed the trust deed as president of the borrower.
Cypress Realty Holdings Co., whose principals Joe Jarratt and Ford also operate Ford Jarratt Realty & Development Co., bought the land – which included another parcel at the time that has already been developed – in 2007 for $3.9 million.
The Memphis-based real estate firm filed a $4 million building permit last year for a two-story, 36,000-square-foot medical office facility on the nearly 3-acre lot along the north side of Wolf River Boulevard.
The Shelby County Assessor of Property’s 2013 appraisal of the land, which backs up to the Wolf River, was $1.4 million.
2870 New Brunswick Road
Memphis, TN 38133
Sale Amount: $1.4 million
Sale Date: June 20, 2014
Buyer: Bridgestone Retail Operations LLC
Seller: SMBC Leasing and Finance Inc.
Details: The Firestone Complete Auto Care shop at 2870 New Brunswick Road in Northeast Memphis has sold for $1.4 million.
Bridgestone Retail Operations LLC – a subsidiary of Nashville-based Bridgestone Americas Inc. – bought the existing Firestone store in a June 20 special warranty deed from SMBC Leasing and Finance Inc.
Built in 1998, the 7,965-square-foot auto service garage sits on 1.1 acres along the east side of New Brunswick Road at its intersection with U.S. 64 at Interstate 40. The Shelby County Assessor of Property’s 2013 appraisal was $850,200.
No financing was associated with the transaction.