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VOL. 119 | NO. 56 | Tuesday, March 22, 2005

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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.

 

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 357 17,741
MORTGAGES 66 403 20,438
FORECLOSURE NOTICES 18 44 2,689
BUILDING PERMITS 208 696 36,641
BANKRUPTCIES 52 210 11,374
BUSINESS LICENSES 22 115 5,824
UTILITY CONNECTIONS 25 90 6,804
MARRIAGE LICENSES 21 107 4,023