VOL. 121 | NO. 170 | Tuesday, August 29, 2006
3.13 acres on
Wolf River Boulevard
Loan Amount: $7.6 million
Loan Date: Aug. 17, 2006
Maturity Date: July 1, 2007
Borrower: LMP Wolf River III LLC
Lender: AmSouth Bank
Details: Construction leasehold mortgage for a 3.13-acre lot in the Wolf River Medical Office Complex, on the north side of Wolf River Boulevard at its intersection with Kimbrough Road. LMP leased the lot from Landstone Greenbriar Partners LLC July 31. A leasehold mortgage is one in which a borrower uses its lease of a property as collateral, and a construction mortgage finances construction on or renovations to a property. A site plan filed in April shows plans for a two-story office building with a maximum 41,449 square feet. Wolf River Medical Office Complex was approved in May for three lots on 12.27 acres.
9.1 acres on
Sale Amount: $3.1 million
Sale Date: Aug. 8, 2006
Buyer: Corner Shops LLC
Seller: Clinton Rosamond Connell and Ruth Roberta Medlin Connell
Loan Amount: $3.5 million
Loan Date: Aug. 9, 2006
Maturity Date: Aug. 1, 2007
Lender: 1st Trust Bank for Savings
Details: 9.1 acres of land on the northwest corner of U.S. 64 and Canada Road in an area zoned for agricultural use. Property contains a 1,400-square-foot, three-bedroom house built in 1921, according to the Shelby County Assessor's office. Assessor also lists property as having a 1,050-square-foot tenant house, 900-square-foot barn and 432-square-foot shed, all built in 1920. J. Kevin Hyneman is listed as chief manager of Corner Shops LLC. Assessor's 2006 appraisal was $202,800.
7660 State Line Road
Memphis, TN 38125
Sale Amount: $2.3 million
Sale Date: Aug. 16, 2006
Buyer: Pedcor Investments-2006-LXXXV LP
Seller: Land Solutions LLC
Details: 35.35 acres on the north side of State Line Road west of Hacks Cross Road on the Tennessee-Mississippi state line. The land includes a 1,599-square-foot, one-story house built in 1962, according to the Shelby County Assessor's office. Assessor's 2006 appraisal was $675,200. The seller, Land Solutions LLC, bought the property Aug. 16 from Charles K. Sharpe and Dorothy Sharpe Carey for $737,856.
1251 S. Willett St.
Memphis, TN 38106
Loan Amount: $1.8 million
Loan Date: Aug. 10, 2006
Maturity Date: n/a
Borrower: Oak Park Real Estate Equities LLC
Lender: Lighthouse Capital Funding Inc.
Details: A 224-unit apartment complex built in 1961 on 11.86 acres on the west side of South Willett Street south of Netherwood Avenue. Complex includes one-, two- and three-bedroom units in two-story buildings. Oak Park bought the property Oct. 21 from IB Property Holdings LLC for $1 million. Shelby County Assessor's 2006 appraisal was $1 million.
3620 Regal Blvd.
Memphis, TN 38118
Sale Amount: $1.3 million
Sale Date: Aug. 15, 2006
Buyer: Inter-Fab Real Estate Corp.
Seller: Central Woodwork Inc.
Details: A 91,529-square-foot, one-story warehouse built in 1964 on Regal Boulevard south of Winchester Road and east of Air Park Street in Airport Industrial Park Subdivision. Building includes 6,802 square feet of warehouse office space. Shelby County Assessor's 2006 appraisal was $1.3 million.
Three parcels on
Loan Amount: $1 million
Loan Date: Aug. 17, 2006
Maturity Date: Aug. 17, 2011
Borrower: The Brinkmeyer Co. LLC
Lender: Regions Bank
Details: Three parcels on Rogers Avenue west of Rayner Street. The first contains a warehouse on .82 acres at 1470 Rogers Ave., along with .18 acres of vacant land. The second parcel is .01 acres of adjacent vacant land. The warehouse is 7,850 square feet and was built in 1966, according to the Shelby County Assessor's office. The Brinkmeyer Co. bought the property Aug. 17 from Wallace E. Blocker and Deborah R. Blocker for $475,000.
The loan is split into a $500,000 term loan, which is paid down much like a mortgage, and a $500,000 revolving line of credit, which means the borrower can borrow in varying amounts up to a maximum $500,000.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).