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VOL. 118 | NO. 115 | Tuesday, June 29, 2004

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6101 Hickory Ridge Trail

Virginia Company Finances Waterstone Landing

6101 Hickory Ridge Trail

Memphis, TN 38115

Cost: $12.2 million

Borrower: Hickory Gardens Associates LLC

Lender: Wachovia Bank NA

Trustee: Michael Champlin

Property: Waterstone Landing Apartments at 6101 Hickory Ridge Trail near Ridgeway and Winchester roads.

The transaction was a refinancing of permanent debt, according to Lane Shea, vice president of Norfolk, Va.-based Harbor Group International LLC.

Harbor Group, which refinanced under the name Hickory Gardens, purchased the property in 2001. The company rehabilitated and renovated the property, Shea said, changing its name from Hickory Ridge Apartments to Waterstone Landing.

The Virginia company also owns Lynnfield Apartments, and the company recently sold Chardonnay Apartments in Germantown.

We bought both Chardonnay and Lynnfield last November, and we continue to own Lynnfield and are doing a renovation out there, Shea said.

She added that Harbor Groups long-term strategy includes plans to hold on to both Lynnfield and Waterstone for some time. Renovation work at Lynnfield is under way.


1880 Kimbrough Road

Germantown, TN 38138

Cost: $8.3 million

Borrower: Chardonnay Partners LP

Lender: 1st Trust Bank for Savings

Trustee: Frank Stallworth

Property: 9.54 acres near Farmington Avenue and Kimbrough Road.


5.02 acres near Pier Street

and Channel Avenue

Cost: $3.8 million

Borrower: RACE Radiological Assistance, Consulting and Engineering LLC

Lender: CapitalSouth Partners Fund I LP and CapitalSouth Partners Fund II LP

Trustee: Brooks R. Smith

Property: 5.02 acres on three lots near Pier Street and Channel Avenue.


8.55 acres in the

Johnson Road Subdivision

Cost: $2.5 million

Borrower: Jon E. McCreery and Donna S. McCreery

Lender: BancorpSouth Bank

Trustee: Larry A. Butler

Property: 8.55 acres in the Johnson Road Subdivision near Dogwood Road in Germantown.


164 Union Ave.

Memphis, TN 38103

Cost: $2.4 million

Borrower: Metro Hotels Inc.

Lender: Mercury Capital Corp.

Trustee: Linda Whitlow Knight

Property: Property at 164 Union Ave. near South Third Street.


Three parcels near

Jackson Avenue

Cost: $2.3 million

Borrower: Neighborhood Christian Centers Inc.

Lender: First Tennessee Bank NA

Trustee: Robert C. Liddon and Thomas F. Baker IV

Property: Three parcels as follows: 1.99 acres near Leath Street and Jackson Avenue; 0.16 acres near Manassas Street and Jackson Avenue; and 0.22 acres near Leath Street and North Parkway.


10 lots in

Fleming Gardens

Cost: $2.3 million

Borrower: Vintage Homes LLC

Lender: National Bank of Commerce

Trustee: Southland Associates Inc.

Property: 10 lots in Fleming Gardens, section B, in phase four of the Collierville Farms Planned Development.


Six lots in

Almadale Farms

Cost: $1.9 million

Borrower: Mike Murphy Builders LLC

Lender: Financial Federal Savings Bank

Trustee: John W. Montesi Jr.

Property: Six lots in Almadale Farms, phase 12, also called The Village at Almadale Farms Subdivision.


PROPERTY SALES 56 94 12,852
MORTGAGES 23 50 8,053
BUILDING PERMITS 285 422 30,356
BANKRUPTCIES 23 67 6,131