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VOL. 121 | NO. 163 | Tuesday, August 22, 2006

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5760 Silver Creek Drive
Memphis, TN 38134
Sale Amount: $6.2 million

     Sale Date:     July 26, 2006

     Buyer:     PCCP JSP Silver Creek Apartments LLC

     Seller:     IS Silver Creek LLC

     Loan Amount:     $6.1 million

     Loan Date:     July 31, 2006

     Maturity Date:     n/a

     Lender:     Deutsche Bank Berkshire Mortgage Inc.

     Details:     Silver Creek Apartments on 9.43 acres on the west side of Sycamore View Road north of Tangle Oaks Drive. Built in 1989, complex includes 152 one- and two-bedroom units, plus an office, clubhouse, tennis courts and swimming pool. IS Silver Creek bought the property in January 2004 for $5.1 million. Shelby County Assessor, which lists the address as 2245 Sycamore View Road, appraised the property in 2006 at $4.6 million.
A rehabilitation note filed with the mortgage states $1.1 million in rehabilitation work is scheduled before Aug. 1, 2007. Renovations for which more than $100,000 has been budgeted include roofing, siding, the clubhouse and landscaping.

Lots in
Dawson Landing
Loan Amount: $4 million

     Loan Date:     Aug. 7, 2006

     Maturity Date:     Aug. 7, 2007

     Borrower:     Southern Serenity Homes LLC

     Lender:     AmSouth Bank

     Details:     Construction mortgage for 30 lots in Dawson Landing Planned Development west of New Airline Road and north of Donnelson Road in Arlington. Summit Homes LLC conveyed interest in, or quitclaimed, 30 lots to Southern Serenity Aug. 7. In addition, Southern Serenity bought one lot Aug. 4 from Summit for $63,000, financing it through First Tennessee Bank NA for $307,040. Southern Serenity also bought one lot Aug. 7 from Dawson Landing Partners for $58,000. Dawson Landing Planned Development was approved in April for 65 lots and four common open spaces on 31.88 acres.

31 lots in
Dawson Landing
Loan Amount: $4 million

     Loan Date:     Aug. 10, 2006

     Maturity Date:     Aug. 10, 2007

     Borrower:     Affinity Homes LLC

     Lender:     AmSouth Bank

     Details:     Construction mortgage for 31 lots in Dawson Landing Planned Development west of New Airline Road and north of Donnelson Road in Arlington. Summit Homes LLC conveyed interest in, or quitclaimed, 30 of the lots to Affinity Aug. 7. Affinity bought the other lot from Dawson Landing Partners Aug. 7 for $58,000. Dawson Landing Planned Development was approved in April for 65 lots and four common open spaces on 31.88 acres. The Tennessee Secretary of State approved in June the formation of Affinity Homes as a limited liability company.

15 lots in
Whisper Ridge
Loan Amounts: $2.5 million; $2 million

     Loan Date:     Aug. 9, 2006 (for both)

     Maturity Date:     Feb. 10, 2008 (for both)

     Borrower:     Signature Building Group GP

     Lender:     First Tennessee Bank NA

     Details:     Two construction mortgages for lots in Gerland Creek Planned Development phase six, also known as Whisper Ridge. The $2.5 million mortgage covers 15 lots Signature bought Aug. 9 from Whisper Ridge GP for $606,000. The $2 million mortgage covers 16 lots Signature bought Aug. 7 from Whisper Ridge GP for $520,000. North of Shelby Drive west of Hacks Cross Road, Whisper Ridge was approved in July for 74 lots on 21.11 acres.

14 lots in
Mount Pisgah
Loan Amount: $2.2 million

     Loan Date:     Aug. 8, 2006

     Maturity Date:     n/a

     Borrower:     Perennial Building Group LLC

     Lender:     Renasant Bank

     Details:     14 lots in Mount Pisgah Planned Development north of Macon Road between Houston Levee and Pisgah roads. David Miller LLC conveyed interest in, or quitclaimed, the lots to Perennial Aug. 8. Mount Pisgah was approved in December for 51 lots on 16.79 acres.

5119 American Way
Memphis, TN 38115
Sale Amount: $1.2 million

     Sale Date:     Aug. 14, 2006

     Buyer:     Feenas of Memphis Inc.

     Seller:     Shree Shiv Shankar Enterprises LLC

     Loan Amount:     $1 million

     Loan Date:     Aug. 7, 2006

     Maturity Date:     n/a

     Lender:     First Capital Bank

     Details:     A two-story, 50-unit Sleep Inn on 1.63 acres on the south side of American Way east of Clearbrook Street. Built in 1998, hotel is 20,034 square feet and has an outdoor swimming pool. Shree Shiv Shankar bought the then-vacant acreage in 1997 from Trezevant Properties for $391,578. Shelby County Assessor's 2006 appraisal was $1.4 million.


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

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 46 229 20,995
MORTGAGES 74 248 24,609
FORECLOSURE NOTICES 0 27 8,637
BUILDING PERMITS 478 837 43,174
BANKRUPTCIES 61 177 14,079
BUSINESS LICENSES 12 58 6,459
UTILITY CONNECTIONS 29 114 13,625
MARRIAGE LICENSES 20 67 5,136

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