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VOL. 122 | NO. 181 | Tuesday, September 25, 2007

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40 lots in Shelby
And DeSoto counties
Loan Amount: $3.6 million

     Loan Date:     Sept. 13, 2007

     Maturity Date:     Sept. 20, 2012

     Borrower:     Dogwood Properties LLC

     Lender:     Memphis Area Teachers' Credit Union

     Details:     40 lots in Shelby and DeSoto counties. The mortgage is one of two being secured by the same properties, with the other loan filed in DeSoto County. The property includes 18 lots in Olive Branch, nine in Memphis, seven in Cordova, four in Millington and two in Bartlett. Representatives from Dogwood Properties did not return calls by press time.

Seven lots in
Forestbrook
Sale Amount: $1.7 million

     Sale Date:     Sept. 12, 2007

     Buyer:     Kateland Inc.

     Seller:     William A. Ruleman Jr., doing business as Ruleman Realty

     Loan Amount:     $2.1 million

     Loan Date:     Sept. 11, 2007

     Maturity Date:     Sept. 11, 2010

     Lender:     Magna Bank ($2.1 million)

     Details:     Purchase and financing of lots in Forestbrook Subdivision in Germantown. On the west side of Forest Hill-Irene Road south of Poplar Pike, Forestbrook was approved for 24 acre-plus lots on 29.84 acres, according to plans filed with the Shelby County Register of Deeds in December. In addition to the Magna financing, Kateland Inc. financed 10 lots through Ruleman for $135,000. Those same lots simultaneously were financed through Ruleman for $273,332. Kateland Inc. president Ben Clark, who also is a principal in Clark & Clark real estate development group, said the separate financings were different arrangements between the parties involved. He said the large-lot subdivision is a "rare find in Germantown."
"We just came in and bought some lots and think that the subdivision has good promise to it," Clark said. "We're not planning on building the lots, but we believe that we'll sell them to people that will. It's a fine subdivision and it's got several large houses already started in it."

3431 N. Trezevant St.
Memphis, TN 38127
Sale Amount: $1.5 million

     Sale Date:     Sept. 12, 2007

     Buyer:     BR Buena Vista LLC

     Seller:     Matthew Murphy and Laura Murphy

     Loan Amount:     $1.2 million

     Loan Date:     Sept. 12, 2007

     Maturity Date:     Oct. 1, 2037

     Lender:     LaSalle Bank NA

     Details:     Buena Vista Apartments, a 62-unit apartment complex on 4.12 acres at the northwest corner of Trezevant Street and Hargrove Avenue. Built in 1972, it has one-, two- and three-bedroom units in two-story buildings. Shelby County Assessor's 2007 appraisal was $1.1 million. The buyer is based in West Jordan, Utah. Some interior renovations are planned as apartments turn over, said Cheryl Steinmeyer, managing partner of IMG, Buena Vista's management company. Steinmeyer said IMG took over management of the complex about a year and a half ago and some renovations already have been made, including painting the buildings and replacing appliances in some units.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 157 157 10,093
MORTGAGES 161 161 11,107
FORECLOSURE NOTICES 0 0 1,301
BUILDING PERMITS 229 229 22,402
BANKRUPTCIES 54 54 6,365
BUSINESS LICENSES 18 18 4,099
UTILITY CONNECTIONS 29 29 3,048
MARRIAGE LICENSES 21 21 2,147