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VOL. 118 | NO. 221 | Tuesday, December 7, 2004

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Construction Set to Begin on Kress Building

Construction Set to Begin on Kress Building

Three parcels

near Main Street

Cost: $4 million

Borrower: THG Main LLC

Lender: First Tennessee Bank NA

Trustee: Thomas F. Baker IV

Property: Three parcels near the Main Street mall.

The property is the former Kress building, which will become an annex of SpringHill Suites Memphis Downtown. According to Greg Averbuch, president of Summit Management Corp. and chief manager of THG Main LLC, the company recently completed an $8 million refinancing of the SpringHill Suites and a $4 million construction financing for the Kress annex.

We have been doing basically demolition work and preparing the (Kress) building for the new construction, Averbuch said. Were hoping before the end of the year the new construction will begin.

The annex, set to open around June 2005, will include 47 guest rooms, along with meeting rooms and catering space. A first-floor restaurant location is available for lease.

Whats so unique about the restaurant space besides it being where the dining counter was for the Kress building its also right at the gateway and looking at the newly renovated Court Square, Averbuch said.


21 N. Main Street

Memphis, TN 38103

Cost: $8 million

Borrower: THG Court LLC

Lender: Nationwide Life Insurance Co.

Trustee: Warren H. Wild Jr.

Property: The SpringHill Suites Memphis Downtown, located on 1.79 acres at 21 N. Main St.


Property in New

Byhalia Retail Center

Cost: $9.5 million

Borrower: SM Properties Collierville LLC

Lender: Northwestern Mutual Life Insurance Co.

Trustee: Robert J. Pinstein

Property: Land near Poplar Avenue and Byhalia Road.


2.95 acres near

Quail Hollow Road

Cost: $9.2 million

Borrower: Westco Development No. 28 LLC

Lender: First Tennessee Bank NA

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

Property: 2.95 acres and easement near Quail Hollow Road and Briarcrest Avenue.


810 Washington Ave.

Memphis, TN 38105

Cost: $7.6 million

Buyer: Blair MCAP LLC

Seller: TVO Blair Tower LLC

Property: Blair Tower Apartments at 810 Washington Ave.


1.96 acres near

Wolf Trail Cove

Cost: $3.6 million

Borrower: Wolf Trail Cove LLC

Lender: Trust One Bank

Trustee: George Klepper

Property: 1.96 acres near Germantown Parkway and Wolf Trail Cove.


125.57 acres near

Bethuel Road

Cost: $2.2 million

Buyer: Copper Hill Partners LLC

Seller: Kim Downing Muth and Carolyn Aycock Gusdon

Property: 125.57 acres on two tracts near Bethuel Road and Center College Road in Millington.


8076 Giacosa Place

Memphis, TN 38133

Cost: $2.2 million

Buyer: Story & Associates LP

Seller: Toys R Us Delaware Inc.

Property: 2.005 acres at 8076 Giacosa Place.


2670 Frayser Blvd.

Memphis, TN 38127

Cost: $2.1 million

Buyer: CP Rad Tonj LLC

Seller: K&B Tennessee Corp.

Property: Property at 2670 Frayser Blvd. near Range Line Road.


2670 Frayser Blvd.

Memphis, TN 38127

Cost: $1.5 million

Borrower: CP Rad Tonj LLC

Lender: Wells Fargo Bank NA

Trustee: T. Mark Lee

Property: Property at 2670 Frayser Blvd. near Range Line Road.


PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396