VOL. 129 | NO. 122 | Tuesday, June 24, 2014
Memphis Real Estate Recap
Legacy Farm Owner Files $29.8 Million Loan
By Eric Smith
1120 Winchester Road, Collierville, TN 38017
1120 Winchester Road
Collierville, TN 38017
Loan Amount: $29.8 million
Loan Date: June 18, 2014
Maturity Date: July 1, 2021
Borrower: Legacy Farm LLC
Lender: CBRE Capital Markets Inc.
Details: The owner of the 368-unit Legacy Farm apartment complex at 1120 Winchester Road in Collierville has filed a $29.8 million loan on the property.
Legacy Farm LLC – an affiliate of Fogelman Realty Group LLC – filed the multifamily deed of trust, absolute assignment of leases and rents and security agreement June 18 through CBRE Capital Markets Inc. Richard L. Fogelman signed the trust deed as president of the borrower.
Built in 2000, the Class A multifamily property contains 422,963 square feet in multiple buildings across 24.7 acres.
The complex, which is managed by Fogelman Management Group, sits along the north side of Winchester Road between South Shea Road and Schilling Boulevard in Schilling Farms. The Shelby County Assessor of Property’s 2013 appraisal was $33.1 million.
Legacy Farm LLC paid $36.5 million for the property in 2007 from The Northwestern Mutual Life Insurance Co.
525 Shea Road
Collierville, TN 38017
Loan Amount: $22 million
Loan Date: June 11, 2014
Maturity Date: July 1, 2024
Borrower: Westbrook Crossing GP
Lender: Monumental Life Insurance Co.
Details: The owner of the Westbrook Crossing apartments at 525 Shea Road in Collierville has filed a $22 million loan on the property.
Westbrook Crossing GP filed the amended and restated deed of trust, security agreement and fixture filing June 11 through Monumental Life Insurance Co.
Rick Wood, executive vice president of Financial Federal Bank, arranged the permanent loan on behalf of Westbrook Crossing’s managing partner, Milton Grant.
Built in 2013, the Class A multifamily property sits on 25 acres along the north side of Shea Road east of its intersection with South Houston Levee Road. The Shelby County Assessor of Property’s 2013 appraisal was $17.3 million.
Westbrook Crossing, a partnership comprised of Milton and Ruth Grant, received the 25-acre parcel in July 2012 via quitclaim from Grant Properties LLC. Grant Properties bought the land in 2007 for $2 million, or $80,000 an acre. Milton Grant is part of the Grant family of homebuilders.
3025 Kate Bond Blvd.
Bartlett, TN 38133
Loan Amount: $2.2 million
Loan Date: May 29, 2014
Borrower: AZAL LLC
Lender: SunTrust Bank
Details: The owner of the 26,568-square-foot warehouse at 3025 Kate Bond Blvd. in Bartlett has filed a $2.2 million construction loan on the property.
AZAL LLC, which lists a Germantown address, filed the deed of trust, assignment of leases and rents, security agreement and fixture filing May 29 through SunTrust Bank.
Kashif Latif signed the deed as president of AZAL.
Built in 1990, the industrial facility sits on 2.2 acres on the west side of Kate Bond Boulevard (also called Kate Bond Road), north of its intersection with Stage Road. The Shelby County Assessor of Property’s 2013 appraisal was $1.3 million.
AZAL bought the Class A warehouse for $1.2 million last November deed from Senter C. Crook (a/k/a Senter Crook Taylor, Senter Cawthon Taylor and Senter Cawthon Crook), authorized trustee of The Crook Trusts. Russell E. Bloodworth Jr. also was listed by the assessor as an owner.
7940 A E Beaty Drive
Bartlett, TN 38133
Loan Amount: $4.3 million
Loan Date: April 30, 2014
Maturity Date: Nov. 1, 2021
Borrower: TBLN Investments LLC
Lender: Renasant Bank
Details: A company whose principal owns Brim’s Snack Foods has filed a $4.3 million construction loan on its 7940 A E Beaty Drive property in Bartlett.
TBLN Investments – whose principal, Terry Brimhall, is founder and president of Brim’s parent company Brimhall Foods Co. Inc. – filed the loan April 30 through Renasant Bank. Though the loan was filed in April, the Shelby County Register of Deeds didn’t record the loan until this week.
Built in 1987, the industrial facility sits on five acres along the north side of A E Beaty Drive at its intersection with Bartlett Corporate Drive. The Shelby County Assessor of Property’s 2013 appraisal was $2.8 million.
In May, Brim’s Snack Foods leased 24,000 square feet of warehouse space to help with the distribution of its products in the Memphis area.
Brim’s inked the lease at 2950 Brother Blvd. in the Northeast submarket and will use the space primarily for Brim’s route sales operations that service grocery and convenience stores in a 100-mile radius of Memphis.