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VOL. 129 | NO. 93 | Tuesday, May 13, 2014




Life Church Buys Victory Campus for $4.4 Million

By Eric Smith

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255 N. Highland St., Memphis, TN 38111

255 N. Highland St.
Memphis, TN 38111
Sale Amount: $4.4 million

Sale Date: May 2, 2014
Buyer: The Life Church of Memphis Inc.
Seller: SignificantPsychology LLC
Loan Amount: $3.8 million
Loan Date: May 2, 2014
Maturity Date: May 5, 2019
Lender: Triumph Bank
Details: The Life Church of Memphis has paid $4.4 million for the former Victory University campus at 255 N. Highland St.

The Life Church of Memphis Inc. bought the 6.7-acre college campus – which became available when Victory declared for bankruptcy in March – in a May 2 warranty deed from SignificantPsychology LLC, the California company that bought Crichton College in 2009 and rebranded it as Victory.

Victory University’s last day of the spring semester, May 2, also was the end of the 73-year-old institution that began as Mid-South Bible College and later became Crichton. University officials announced abruptly in March that the university would close because of financial problems.

The Life Church will open its fourth Memphis location at the facility this fall following “extensive renovations and upgrades,” according to a press release. The church will have a 1,000-seat auditorium and “spacious environments” for its Next Generation ministries.

Built in 1961, the 105,142-square-foot building sits on the west side of Highland Street just north of Waynoka Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $5.7 million.

In conjunction with the purchase and to facilitate the renovations, The Life Church of Memphis filed a $3.8 million construction loan through Triumph Bank. Reymundo Meneses signed the trust deed as executive pastor.

4361 Shelby Air Drive
Memphis, TN 38118

Sale Amount: $1.1 million

Sale Date: April 28, 2014
Buyer: Business Property Lending Inc.
Seller: David G. Thompson, substitute trustee
Details: An affiliate of EverBank Financial Corp. has paid $1.1 million for the Magic Apparel warehouse at 4361 Shelby Air Drive in Oakhaven following a foreclosure.

Business Property Lending Inc., a division of EverBank Financial, bought the 69,000-square-foot warehouse in an April 28 substitute trustee’s deed from David G. Thompson of the Nashville law firm Neal & Harwell PLC. Thompson was appointed substitute trustee in March prior to the lender filing a first-run foreclosure notice.

Business Property Lending was formerly a division GE Capital, which originally owned the debt on the property.

The previous owner, Joseph Whang of California, defaulted on a $1.1 million loan through General Electric Capital Corp. dated Sept. 6, 2007.

Built in 1989, the Class A industrial facility sits on 7.5 acres at Shelby Air Drive and Malone Road north of the latter’s intersection with East Shelby Drive. The Shelby County Assessor of Property’s 2013 appraisal was $1.5 million.

2990 Hickory Hill Road
Memphis, TN 38115

Sale Amount: $1 million

Sale Date: May 2, 2014
Buyer: Serenity Apartments at Hickory Hill LLC
Seller: NHP SH Tennessee LLC
Loan Amount: $2.5 million
Loan Date: May 2, 2014
Maturity Date: N/A
Lender: The Glenda G. Morgan Charitable Foundation Inc.
Details: An affiliate of Orlando, Fla.-based Elevation Financial Group has paid $1 million for the 161-unit Heritage Place retirement center at 2990 Hickory Hill Road in Hickory Hill.

Serenity Apartments at Hickory Hill LLC bought the Class C facility in a May 2 special warranty deed from NHP SH Tennessee LLC, which had acquired the property, along with two others, in 2007 for nearly $30 million.

Built in 1985, Heritage Place contains 161,900 square feet in multiple buildings on 13.1 acres along the east side of Hickory Hill Road south of its intersection with Mount Moriah Road Extended.

The Shelby County Assessor of Property’s 2013 appraisal was $2 million.

In conjunction with the purchase, Serenity Apartments at Hickory Hill LLC filed a $2.5 million loan through The Glenda G. Morgan Charitable Foundation Inc. T. Chris King signed the trust deed as manager of Elevation Financial Group.

Elevation Financial Group in 2010 bought the Highland Towers retirement community at 400 S. Highland St. for $1.8 million and renamed it Serenity Towers at Midtown Memphis.

3695 Riverdale Road
Memphis, TN 38115

Sale Amount: $1.1 million

Sale Date: March 24, 2014
Buyer: 3695-3723 Riverdale Road Holdings LLC
Seller: Joseph R. Prochaska, successor trustee
Details: The 14,400-square-foot Germantown Plaza strip retail center at 3695 Riverdale Road in Hickory Hill has sold for $1.1 million following a foreclosure.

The buyer was 3695-3723 Riverdale Road Holdings LLC, an affiliate of Bethesda, Md.-based special servicer CWCapital Asset Management LLC, which acquired the property in a March 24 deed from successor trustee Joseph R. Prochaska, shareholder with the Nashville law firm Prochaska Quinn & Ferraro PC.

Though the sale closed in March, the Shelby County Register of Deeds didn’t record the sale until last week.

The center’s Florida-based owner, Germantown Plaza LLC, entered into foreclosure after defaulting on $1.4 million loan through Column Financial Inc. dated June 13, 2003. The owner had assumed the loan from the property’s previous owner, Germantown Plaza GP, during a 2008 sale.

Built in 1984, the Class C retail center sits on 1.6 acres on the west side of Riverdale Road just south of its intersection with Winchester Road. The Shelby County Assessor of Property’s 2013 appraisal was $726,500.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 433 13,330
MORTGAGES 114 591 17,349
FORECLOSURE NOTICES 11 93 3,391
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 76 352 12,695
BUSINESS LICENSES 21 108 4,597
UTILITY CONNECTIONS 77 564 19,457
MARRIAGE LICENSES 29 151 4,060

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