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VOL. 121 | NO. 147 | Tuesday, July 25, 2006

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67 Madison Ave.
Memphis, TN 38103
Loan Amount: $24.5 million

     Loan Date:     July 10, 2006

     Maturity Date:     n/a

     Borrower:     67 Madison Partners LP

     Lender:     KeyBank NA

     Details:     A 12-story, 257,746-square-foot vacant office building built in 1923 on .51 acres at the corner of Madison Avenue and Front Street. 67 Madison Partners bought the former Union Planters headquarters in May from Calvin Howell for $4.5 million. Buyer is affiliated with Dallas-based private investment firm EFO Holdings LP. Plans are also under way to renovate a connected parking garage.
Several related deeds were filed at the same time as the mortgage. 67 Madison Partners conveyed interest in, or quitclaimed, the property to the Memphis Center City Revenue Finance Corp., which is leasing it back to the company for 15 years as part of a payment-in-lieu-of-taxes (PILOT) agreement. Also, 67 Madison Partners signed an agreement leasing the property to Madison UP Investors LP through Dec. 31, 2041.
For the full story on plans for the property, see the June 20 edition of The Daily News.

2600-2650 Thousand Oaks Blvd.
Memphis, TN 38118
Loan Amount: $22 million

     Loan Date:     July 12, 2006

     Maturity Date:     Aug. 1, 2011

     Borrower:     Talcott III Thousand Oaks LP

     Lender:     Life Investors Insurance Co. of America

     Details:     Thousand Oaks Business Center, also known as phases 1, 2, 3 and 4 in area A of Thousand Oaks Planned Development. 2650 Thousand Oaks Blvd. is a 184,000-square-foot, four-story office building built in 1985 on 9.74 acres; Shelby County Assessor's 2006 appraisal was $8.7 million. 2600 Thousand Oaks is a 120,000-square-foot, four-story office building built in 1988 on 5.5 acres and appraised at $4 million. 2620 Thousand Oaks is a 120,000-square-foot, four-story office building built in 1989 on 5.9 acres and appraised at $5.6 million. An additional 10 acres of vacant land on American Way is included.
Talcott III bought the property Jan. 5 from Glenborough Properties LP for $28.6 million. In a loan application signed April 20, AEGON USA Realty Advisors Inc., as agent for Life Investors Insurance, agreed to fund a $20 million loan with an allowance that the principal amount of the loan could be increased to $22 million.

8963 E. Shelby Drive
Memphis, TN 38125
Loan Amount: $1.4 million

     Loan Date:     July 13, 2006

     Maturity Date:     July 13, 2016

     Borrower:     Memphis Pentecostal Assembly

     Lender:     First Alliance Bank

     Details:     Construction mortgage for 4.84 acres on the south side of Shelby Drive west of Forest Hill-Irene Road. The land contains a 2,823-square-foot, one-story home built in 1998, according to the Shelby County Assessor. Memphis Pentecostal bought the property in July 2004 from Dorothy W. Higginbotham for $365,000 and filed a $365,000 mortgage at that time through First Alliance Bank. Assessor's 2006 appraisal was $313,900.

4.45 acres on
Raleigh-LaGrange Road
Loan Amount: $1.4 million

     Loan Date:     July 12, 2006

     Maturity Date:     Jan. 12, 2008

     Borrower:     Chateaux Du Monde Homes LLC

     Lender:     Brighton Bank

     Details:     Construction mortgage for 4.45 acres at Raleigh-LaGrange and Pisgah roads in Eads. Chateaux bought the property July 12 from Wallace-Gurner Renovations LLC for $250,000. That sales deed lists the property as unimproved, or vacant, land at 10628 Raleigh-LaGrange Road.

2736 Warford St.
Memphis, TN 38128
Loan Amount: $1.4 million

     Loan Date:     July 10, 2006

     Maturity Date:     June 10, 2009

     Borrower:     Shopping Centers of Tennessee

     Lender:     American Southern Bank

     Details:     A 9,180-square-foot, one-story shopping center built in 2003 on .93 acres at the northeast corner of Warford Street and James Road. Shelby County Assessor also lists a 3,800-square-foot canopy service station with an underground tank on the parcel. Shopping Centers of Tennessee is a general partnership comprised of GA. C-Store Inc. and Ajani LLC. Those two parties received the then-vacant property in April 2003 when it was conveyed to them, or quitclaimed, by Ramzan A. Karimi. Assessor's 2006 appraisal was $1 million.

1034 Audubon Drive
Memphis, TN 38117
Sale Amount: $1 million

     Sale Date:     July 17, 2006

     Buyer:     Curb Memphis Nonprofit LLC

     Seller:     Mike Curb Family Foundation

     Details:     Elvis' former ranch-style house at 1034 Audubon Drive. The 2,916-square-foot, one-story home was built in 1955, has four bedrooms and sits on .55 acres. Property also contains a 1,250-square-foot swimming pool and 525-square-foot cabana.
The house was sold on eBay in May to celebrity psychic Uri Geller and two partners. However, the home's owners, Cindy Hazen and Mike Freeman, were unable to ink a contract with Gellar and ended up selling the home to Nashville record producer Mike Curb for $1 million, according to a June 13 Associated Press report.
The company was not prepared to release a statement to the press regarding plans for the property, according to Becky Judd, Mike Curb's assistant. She said they hoped to have something to announce very soon.

Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).­

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916