VOL. 113 | NO. 89 | Tuesday, May 4, 1999
Real Review 04-04-99
The Memphis Center City Revenue Finance Corp. financed $9.6 million through First Tennessee Bank NA, securing the loan with one-half acre at Third Street and Peabody Place, according to a trust deed filed April 27 in the Shelby County Registers Office.
The property, owned by Belz Enterprises, is receiving a tax freeze through the Center City Development Corp. for construction of Peabody Places "Element E," a retail complex that also will include a Malco theatre, said a Center City Commission spokesperson.
As part of the tax freeze, the CCDC holds title to the property.
The project, which is now under construction, is expected to be completed within 18 months.
WRH Enterprises financed $3.9 million through Cordova Ridge LLC, a Tennessee limited liability company, securing the loan with a 183-acre tract at Macon Road and Hall Road, according to a trust deed filed April 26.
WRH partner Rusty Hyneman said loan funds would be used for land development of the Cordova Ridge Planned Unit Development, which eventually will include 69 acres of commercial and office property and 119 acres of residential development.
Southwind Multifamily L.P., a Delaware limited partnership, financed $13.5 million through Bank One Texas, securing the loan with 19 acres at Hacks Cross Road and Misty Meadows, according to a trust deed filed April 22.
Lakecrest II Memphis LLC, a Delaware corporation, purchased property at Ridgeway Road and Primacy Parkway from Cornerstone Suburban Office L.P., a Delaware limited partnership, for $11 million, according to a special warranty deed filed Wednesday.
Motel 6 Operating L.P., a Texas limited partnership, purchased property at 4300 American Way from California Federal Bank for $2.7 million, according to a special warranty deed filed April 23.