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VOL. 119 | NO. 76 | Tuesday, May 3, 2005

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Downtown Condos Planned For Lawrence Building

Downtown Condos Planned for Lawrence Building

Property near

South Main Street

Cost: $5.8 million

Borrower: Downtown Developers LLC

Lender: InSouth Bank

Trustee: John Dollar

Property: The Lawrence Building near South Main Street. According to Bob Williams, partner in Downtown Developers LLC, the transaction marked a construction loan for a condominium development.

We anticipate starting construction in June, and the current design is for 39 units, Williams said. There will be some parking in the basement. They are high-end condos.

The building is a three-story brick commercial structure built in 1891, according to Chandler Reports, www.chandlerreports.com, which is owned by The Daily News Publishing Co. The property is part of the Historic Preservation District and is zoned in the Central Business District.

The condominiums, which have not yet been named, will be available for lease in about a year. They join Williams other Downtown project, a condo development 100 yards south of Union Avenue at 95 S. Main St.

Its an amazingly good-looking building, Williams said. Its just one of the nicest-looking old buildings on Main Street, and we fully intend to restore it to all of its grandeur.

 

Four properties

in Memphis

Cost: $23.1 million

Buyer: MM Industrial Memphis LLC

Seller: Champion One Industrial LP

Property: Properties at 4221 Pilot Drive, 3960 Crowfarn Drive, 2525 Horizon Lake Drive and 2565 Horizon Lake Drive.

 

1780 Nonconnah Blvd.

Memphis, TN 38132

Cost: $13.1 million

Borrower: Courtyard II Associates LP

Lender: Lehman Brothers Bank FSB

Trustee: Nicole Hughes

Property: Unit 1C4 of Memphis Airport property at 1780 Nonconnah Blvd.

 

6424 Raines Road

Memphis, TN 38115

Cost: $6.9 million

Borrower: Knowledge Learning Enterprises Inc.

Lender: BNP Paribas

Trustee: Mid-South Title Corp.

Property: Property at 6424 Raines Road in Ridgeway Estates Subdivision.

 

226 acres proposed

for Oaklawn Estates

Cost: $5 million

Borrower: David Miller LLC

Lender: Bank of Bartlett

Trustee: B.R. Hester

Property: 226 acres of vacant land near Mt. Airey Road proposed for Oaklawn Estates Planned Development.

 

6409 Holmes Road

Memphis, TN 38141

Cost: $4.8 million

Buyer: Smith & Nephew Inc.

Seller: Jason Crews Partnership

Property: Property at 6409 Holmes Road in Holmes/Crumpler Planned Development.

 

20.16 acres

near Pisgah Road

Cost: $2.5 million

Borrower: Hyneman Christian Development LLC

Lender: Bank of Bartlett

Trustee: B.R. Hester

Property: 20.16 acres of vacant land near Pisgah Road slated to become 101 lots in Carlyle Place II Planned Development.

 

20.16 acres

near Pisgah Road

Cost: $2.1 million

Buyer: Hyneman Christian Development LLC

Seller: Rusco Co.

Property: 20.16 acres of vacant land near Pisgah Road slated to become 101 lots in Carlyle Place II Planned Development.

 

Five lots in

Brunswick Farms

Cost: $1.2 million

Borrower: Terry & Terry Inc.

Lender: National Bank of Commerce

Trustee: Southland Associates Inc.

Property: Five lots in phase two of Brunswick Farms Subdivision.

 

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 79 396 11,921
MORTGAGES 90 443 13,870
FORECLOSURE NOTICES 10 70 1,928
BUILDING PERMITS 191 975 25,139
BANKRUPTCIES 56 289 7,762
BUSINESS LICENSES 23 184 4,083
UTILITY CONNECTIONS 22 166 4,847
MARRIAGE LICENSES 16 81 2,625

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