VOL. 119 | NO. 56 | Tuesday, March 22, 2005
Blair Tower Apartments
Blair Tower Property Slated for Renovations
810 Washington Ave.
Memphis, TN 38105
Cost: $5.4 million
Borrower: Blair MCAP LLC
Lender: Capri Capital Finance LLC
Trustee: Chicago Title Insurance Co.
Property: Blair Tower Apartments on 1.35 acres at 810
Washington Ave.
The property was purchased in November by Zephyr Management
LP, manager of the Municipal Capital Appreciation Partners I, II and III funds.
According to Charles Frischer,
MCAP principal, the funds invest in distressed or defaulted apartment
complexes.
We try to buy real estate only apartments where we
think that we can, in many cases, make some better places to live for the
residents and make some money in the process, Frischer
said.
Built in 1964, Blair Tower contains 208 units. Frischer said a number of capital improvements are planned
for the high-rise, including painting the facade, repairing the elevators, performing
hallway upgrades and improving unit interiors.
We think that the improvements are going to make it a
better place for everybody, he said. We like the occupancy we have now, but
we think as any business is theres always room for improvements, and we
think itd just be a nicer residence.
Appling Lakes
Apartments
Cost: $26.9 million
Buyer: 22 co-opted entities
Seller: Metropolitan Life
Insurance Co.
Property: Appling Lakes Apartments near Cordova Road.
Appling Lakes
Apartments
Cost: $22.1 million
Borrower: 22 co-opted entities (as buyers) and
Sagebrush Appling Lakes Management LLC (as master lessee)
Lender: Wachovia Bank NA
Trustee: Mark Lee
Property: Appling Lakes Apartments near Cordova Road.
1720-1730 Cherokee Blvd.
Memphis, TN 38111
Cost: $6.8 million
Buyer: Memphis Sharpe Investors LLC
Seller: Cherokee Partners,
composed of Glynn M. Alexander and Daniel J. Riley
Property: Two parcels at 1720-1730 Cherokee Blvd. in
Cherokee Commercial Center.
1720-1730 Cherokee Blvd.
Memphis, TN 38111
Cost: $5.2 million
Borrower: Memphis Sharpe Investors LLC (grantor) and the
Industrial Development Board of the City of Memphis and County of Shelby,
Tennessee (authority)
Lender: PNC Bank
Trustee: Robert R. Campbell
Jr.
Property: Two parcels at 1720-1730 Cherokee Blvd. in
Cherokee Commercial Center.
5400 Poplar Ave.
Memphis, TN 38119
Cost: $4.5 million
Buyer: I.S. Fountain Place LLC
Seller: Triad Properties Holdings-Poplar LLC
Property: 2.13 acres at 5400 Poplar Ave. near Valleybrook Drive.
5400 Poplar Ave.
Memphis, TN 38119
Cost: $3 million
Borrower: I.S. Fountain Place LLC
Lender: Comerica Bank
Trustee: Mark E. Morrison
Property: 2.13 acres at 5400 Poplar Ave. near Valleybrook Drive.
34.27 acres in
Wilderwood Estates
Cost: $3.1 million
Borrower: Latting Road
Partners LLC
Lender: Renasant Bank
Trustee:
Michael J. McCarver
Property: 34.27 acres in Wilderwood
Estates Subdivision.
34.27 acres in
Wilderwood Estates
Cost: $1.1 million
Buyer: Latting Road
Partners LLC
Seller: David Miller LLC
Property: 34.27 acres in Wilderwood
Estates Subdivision.