VOL. 122 | NO. 1 | Tuesday, January 2, 2007
Six lots in
Loan Amount: $3.9 million
Loan Date: Dec. 14, 2006
Maturity Date: Dec. 10, 2007
Borrower: John Worley Jr. Builder Inc.
Lender: Cadence Bank
Details: Construction loan for six lots in Braystone Park Subdivision, phase five, east of Bray Station Road south of Shelton Road in Collierville. John Worley Jr. Builder Inc. bought the lots Dec. 14 from Bray Station LLC for $811,250. Braystone Park phase five was approved in November for 29 lots on 35.3 acres. Part of that acreage includes an 18.37-acre common open space natural area with two lakes.
10 lots in
Loan Amount: $3.2 million
Loan Date: Dec. 15, 2006
Maturity Date: n/a
Borrower: Robert J. Denley Co. Inc.
Lender: First Tennessee Bank NA
Details: 10 lots in phase one of Rolling Meadows Planned Development in Collierville. Robert J. Denley Co. bought the lots Dec. 15 from Meadow Estates LLC for $850,000. On the east side of Sycamore Road between Shelby Drive to the north and Holmes Road to the south, Rolling Meadows phase one was approved Dec. 7 for 58 lots on 29.86 acres.
2400 Poplar Ave.
Memphis, TN 38104
Loan Amount: $1.4 million
Loan Date: Dec. 18, 2006
Maturity Date: n/a
Borrower: 2400 Poplar Building Owner LLC
Lender: First Fidelity Bank NA
Details: A five-story, 66,000-square-foot office building with basement. Built in 1963, the building sits on .85 acres at the northwest corner of Poplar Avenue and Williford Street. Poplar Associates Ltd. on Dec. 18 conveyed interest in, or quitclaimed, the property to 2400 Poplar Building Owner LLC. Shelby County Assessor's 2006 appraisal was $1.2 million.
The buyer, In-Rel Management Inc., is planning a number of upgrades to the building, said Ron Riley, In-Rel's asset manager for Memphis, Nashville and Clarksville, Tenn., and Birmingham, Ala.
"Our intent is to come in and redo the lobbies, redo the common area, add some additional lighting ... and card access to the building, and then focus on the leasing," Riley said, adding the building is 84 percent occupied.
Based in Lake Worth, Fla., In-Rel owns a 3.5 million-square-foot portfolio across Florida, Alabama and Tennessee, including 1.3 million square feet in Memphis. The company established offices here in 2003 when it purchased Clark Tower, 5100 Poplar Ave. It also owns Poplar Towers at 6263 Poplar Ave., Lynnfield Office Park at 1255 and 1355 Lynnfield Road and the Lipscomb & Pitts Building at 2670 Union Ave. Extended.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).