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VOL. 118 | NO. 95 | Tuesday, June 1, 2004

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7 acres located on

Land Bank Acquires Two Tax Credit Properties

 

3361 Old Horn Lake

Memphis, TN 38109

Cost: $3.7 million

Borrower: Pecan Grove Senior Apartments LP

Lender: First Tennessee Housing Corp.

Trustee: Thomas F. Baker IV

Property: Seven acres at 3361 Old Horn Lake Road. The property is Richmond Place, a tax credit multi-family housing complex purchased by the Memphis Land Bank, said Marty Boscaccy, deputy executive director of the Memphis Housing Authority and vice president of the land bank.

(The Memphis Land Bank) is a newly formed entity, and its sole purpose is to acquire property and primarily look at doing tax credit deals, Boscaccy said.

The group, which also acquired Parkway Commons near South Parkway, will operate the tax credit units to fund development activities.

A number of other housing authorities have developed properties that generate cash flow, Boscaccy said. They can use that cash to build mixed-finance or mixed-income developments, and then also be able to use funds to repair existing units.

 

8293 George Brett Drive

Cordova, TN 38108

Cost: $12.4 million

Buyer: Brookside LLC

Seller: Country Squire Ltd.

Property: 25.26 acres at 8293 George Brett Drive.

 

8293 George Brett Drive

Cordova, TN 38108

Cost: $9.8 million

Borrower: Brookside LLC

Lender: Federal Home Loan Mortgage Corp. and L.J. Melody & Co.

Trustee: Robert J. Pinstein

Property: 25.26 acres at 8293 George Brett Drive.

 

1500 Parkway View Circle

Memphis, TN 38106

Cost: $3.5 million

Borrower: Parkway Crossing LLC

Lender: First Tennessee Housing Corp.

Trustee: Thomas F. Baker IV

Property: Property at 1500 Parkway View Circle near South Willett Street and South Parkway East.

 

3361 Old Horn Lake

Memphis, TN 38109

Cost: $2.8 million

Borrower: Pecan Grove Senior Apartments LP

Lender: Memphis Land Bank Inc.

Trustee: Roland McElrath

Property: Seven acres at 3361 Old Horn Lake Road.

 

1500 Parkway View Circle

Memphis, TN 38106

Cost: $2.2 million

Borrower: Parkway Crossing LLC

Lender: Memphis Land Bank Inc.

Trustee: Roland McElrath

Property: Property at 1500 Parkway View Circle near South Willett Street and South Parkway East.

 

Gerland Creek

Phases 4 and 5

Cost: $2 million

Buyer: Whisper Ridge GP

Seller: Gerland Partners Ltd.

Property: 90.99 acres to become Gerland Creek Planned Development, phases 4 and 5, at the northwest corner of Shelby Drive and Hacks Cross Road.

 

3 lots in

McVay Park

Cost: $1.9 million

Borrower: Arc Con Construction Inc.

Lender: Trust One Bank

Trustee: George M. Klepper III

Property: Three lots in McVay Park Subdivision in Germantown.

 

Five lots in

The Laurels

Cost: $1.7 million

Borrower: John Duke Co. LLC

Lender: Financial Federal Savings Bank

Trustee: John W. Montesi Jr.

Property: Five lots in The Laurels Planned Development, phase four.

 

Nine lots in

Sutton Place

Cost: $1.2 million

Borrower: Summit Homes LLC

Lender: First Tennessee Bank NA

Trustee: Thomas F. Baker IV

Property: Nine lots in Sutton Place Planned Development, phase one.

 

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
FORECLOSURE NOTICES 8 56 2,461
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314
BUSINESS LICENSES 15 125 5,303
UTILITY CONNECTIONS 17 125 6,273
MARRIAGE LICENSES 19 98 3,511