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VOL. 121 | NO. 175 | Tuesday, September 5, 2006

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Ashland Lakes
Phase One
Loan Amount: $12.1 million

     Loan Date:     Aug. 1, 2006

     Maturity Date:     Oct. 1, 2024

     Borrower:     Pedcor Investments-2006-LXXXV LP

     Lender:     US Bank NA

     Details:     Construction mortgage for phase one of Ashland Lakes Apartments on 17 acres on the north side of Stateline Road west of Hacks Cross Road near the Tennessee-Mississippi state line. The property is part of 35.4 acres Pedcor bought Aug. 16 from Land Solutions LLC for $2.3 million. A site plan for phase one approved Aug. 21 shows 200 units in 13 buildings, a pool and clubhouse, three ponds and a playground. A future phase two could add 212 units on 17.9 acres adjacent to phase one.

Ashland Lakes
Phase Two
Loan Amount: $1.1 million

     Loan Date:     Aug. 15, 2006

     Maturity Date:     Aug. 15, 2008

     Borrower:     Pedcor Investments

     Lender:     Union Federal Bank of Indianapolis

     Details:     Phase two of Ashland Lakes Apartments on 17.6 acres on the north side of Stateline Road west of Hacks Cross Road near the Tennessee-Mississippi state line. The property is part of 35.4 acres Pedcor bought Aug. 16 from Land Solutions LLC for $2.3 million. A site plan for Ashland Lakes phase one stated a future phase two could add 212 units on 17.9 acres adjacent to phase one.



1535 Appling Care Lane
Cordova, TN 38016
Loan Amount: $5.2 million

     Loan Date:     July 7, 2006

     Maturity Date:     n/a

     Borrower:     Cordova Senior Living LLC

     Lender:     Column Financial Inc.

     Details:     Cordova Estates assisted living facility on the south side of Appling Care Lane southwest of Appling Road. The 44,339-square-foot, single-story facility was built in 1997 and has 75 units. Cordova Senior Living bought the property in April 2005 from Atria Cordova LP for $4.5 million. The Shelby County Assessor's 2006 appraisal was $3.2 million. The property is among those being used to secure a $128.3 million loan by Cordova Senior Living and its affiliates, or co-borrowers, and lender Column Financial. Primacy Estates assisted living facility was financed the same day by Memphis Senior Living LLC for $2.3 million as part of the $128.3 million loan.

4.65 acres on
Wolf Lake Drive
Loan Amount: $4.1 million

     Loan Date:     Aug. 23, 2006

     Maturity Date:     Aug. 23, 2011

     Borrower:     64 Investments Partnership

     Lender:     1st Trust Bank for Savings

     Details:     Construction mortgage for a 4.65-acre parcel on the north side of Wolf Lake Drive west of New Brunswick Road in Bartlett Logistics Center phase two. The property contains a 30,175-square-foot flex-use warehouse built in 2005, according to the Shelby County Assessor. Assessor's 2006 appraisal was $1.4 million. Bartlett Logistics Center phase two was approved in June 2001 for three lots on 15.43 acres.

7546 U.S. 70 and
4970 Raleigh LaGrange Road
Loan Amount: $2.8 million

     Loan Date:     July 21, 2006

     Maturity Date:     n/a

     Borrower:     AM Tenn Properties LLC

     Lender:     Eurohypo AG, New York Branch

     Details:     Spa Plaza shopping center at 4970 Raleigh LaGrange Road and Appling Ridge center at 7546 U.S. 70. AM Tenn bought Spa Plaza July 20 from Loeb Realty LP for $1.6 million. It is a 31,372-square-foot, single-story strip shopping center built in 1988 on 3.53 acres on the north side of Raleigh LaGrange west of Covington Pike. Shelby County Assessor's 2006 appraisal was $1.1 million. AM Tenn bought Appling Ridge July 20 from Best Group LLC for $1.8 million. It is a 15,600-square-foot center built in 1999 on 2.2 acres on the northwest side of U.S. 70 west of Appling Road. Assessor's 2006 appraisal was $1.4 million.

6100 Macon Road
Memphis, TN 38134
Loan Amount: $1.9 million

     Loan Date:     Aug. 15, 2006

     Maturity Date:     n/a

     Borrower:     G Three Partners

     Lender:     The Ohio National Life Insurance Co.

     Details:     The 28,922-square-foot Shelby Crossing Shopping Center built in 1988 on 3.24 acres near the southwest corner of Interstate 40 and Sycamore View Road. The joint venture Shelby Crossing Shopping Center conveyed interest in, or quitclaimed, the property to G Three Partners in June 1996. The Shelby County Assessor's 2006 appraisal was $2.1 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 82 82 19,655
MORTGAGES 75 75 22,989
FORECLOSURE NOTICES 7 7 8,311
BUILDING PERMITS 138 138 40,167
BANKRUPTCIES 72 72 13,176
BUSINESS LICENSES 9 9 6,146
UTILITY CONNECTIONS 52 52 13,048
MARRIAGE LICENSES 30 30 4,872

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