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VOL. 121 | NO. 194 | Tuesday, October 3, 2006

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3815 Advantage Way
Memphis, TN 38128
Loan Amount: $15.7 million

     Sale Date:     Sept. 21, 2006

     Buyer:     Jamesbridge Group LLC

     Seller:     Jamesbridge Associates LP

     Loan Amount:     $13.5 million

     Loan Date:     Sept. 21, 2006

     Maturity Date:     n/a

     Lender:     Lehman Brothers Bank FSB

     Details:     Jamesbridge Apartments, a 432-unit apartment complex on 30.16 acres on the south side of Stage/James Road at the southeast corner of Epping Way. Built in 1986, complex has 24 three-story buildings, each with 18 one- and two-bedroom units. It also has a clubhouse/office building and swimming pool. Shelby County Assessor, which lists the property at 3689 James Road, appraised it in 2006 at $11.3 million.

2.06 acres near
Shelby Oaks Drive
Loan Amount: $4.2 million

     Loan Date:     Sept. 15, 2006

     Maturity Date:     n/a

     Borrower:     VP Partners 5 LLC

     Lender:     First National Bank of Fort Smith

     Details:     Construction loan for 2.06 acres of vacant land in I-40/Shelby Oaks Subdivision. The land is made up of three parcels and part of a fourth parcel, all south of Shelby Oaks Drive north of Interstate 40. VP Partners 5 bought the property Sept. 15 from William H. Thomas Jr. for $492,195.

30 units in
Porter Farms
Sale Amount: $2.3 million

     Sale Date:     Aug. 29, 2006

     Buyer:     Porter Homes-Shea Downs LLC

     Seller:     Shea Downs LLC

     Loan Amount:     $7.2 million

     Loan Date:     Aug. 29, 2006

     Maturity Date:     n/a

     Lender:     First Tennessee Bank NA

     Details:     Two units in building 1, four units in building 2, four units in building 7, four units in building 8, four units in building 9, four units in building 10, four units in building 17 and four units in building 18 of Porter Farms Planned Development, phase five, areas 5 and 6, also known as Shea Downs at Porter Farms. East of Shea Road north of Winchester Road, Shea Downs at Porter Farms was approved in August for 18 buildings totaling 64 condo units on 13.45 acres.

14 units in
Porter Farms
Sale Amount: $1.1 million

     Sale Date:     Aug. 30, 2006

     Buyer:     Porter Homes-Shea Downs LLC

     Seller:     Shea Downs LLC

     Loan Amount:     $3.2 million

     Loan Date:     Aug. 30, 2006

     Maturity Date:     Aug. 31, 2007

     Lender:     First Citizens National Bank

     Details:     Four units in building 3, three units in building 4, four units in building 5, one unit in building 6 and two units in building 15 of Porter Farms Planned Development, phase five, areas 5 and 6, also known as Shea Downs at Porter Farms.

Eight lots in
Evergreen Hills
Loan Amount: $1.9 million

     Loan Date:     Sept. 22, 2006

     Maturity Date:     Sept. 17, 2007

     Borrower:     Skip Hobbs Construction LLC

     Lender:     First Tennessee Bank NA

     Details:     Eight lots in Evergreen Hills Planned Development, phases two and three. The lots are among 45 Skip Hobbs Construction bought Sept. 8 from Evergreen Hills Inc. for $2.7 million. At that time, the lots were financed through Renasant Bank for $2.7 million. North of U.S. 70 east of Evergreen Road in Lakeland, Evergreen Hills phases two and three was approved in August for 81 lots on 22.36 acres.

8398 U.S. 64
Bartlett, TN 38133
Sale Amount: $1.8 million

     Sale Date:     Sept. 12, 2006

     Buyer:     Getwell Partners-Hwy 64 Realty Investment Co.

     Seller:     Trustmark National Bank

     Loan Amount:     $1.8 million

     Loan Date:     Sept. 13, 2006

     Maturity Date:     Sept. 13, 2007

     Lender:     BancorpSouth Bank

     Details:     A 4,732-square-foot Trustmark National Bank building built in 2000 on about one acre on the north side of U.S. 64 west of New Brunswick Road. A quitclaim deed, or conveyance of property, was also signed between Trustmark and Getwell Partners. The property is an outparcel to a Wal-Mart Supercenter built in 1997 at 8400 U.S. 64. Shelby County Assessor's 2006 appraisal of the bank property was $1.1 million.

PROPERTY SALES 81 277 20,909
MORTGAGES 85 329 24,074
BUILDING PERMITS 219 672 43,265
BANKRUPTCIES 64 238 13,418