VOL. 122 | NO. 201 | Tuesday, October 23, 2007
Two lots in
Wolf River Office Park
Sale Amount: $3.9 million
Sale Date: Oct. 10, 2007
Buyer: Cypress Realty Holdings Co. II LLC
Seller: J. Kevin Hyneman and Jeffrey Bronze
Loan Amount: $10.1 million
Loan Date: Oct. 10, 2007
Maturity Date: Oct. 10, 2015
Lender: Regions Bank
Details: Two lots totaling 6.67 acres in Wolf River Office Park on the north side of Wolf River Boulevard west of South Germantown Road in Germantown. Mortgage is a construction loan. The park was approved for three office-zoned lots on 21.07 acres, according to the most recent site plan, filed with the Shelby County Register of Deeds in September. Price Ford of Cypress Realty Holdings declined comment at this time as to plans for the property.
Hyneman and Bronze sold the remaining lot in Wolf River Office Park to The Sutherland Cardiology Clinic Rental Co. LLC in April 2006 for $2.5 million. Sutherland filed an $11.8 million construction loan through SunTrust Bank at that time. The clinic opened at the site in May 2007, a Sutherland representative said.
5.45 acres on
Walnut Grove Road
Loan Amount: $1.4 million
Loan Date: Oct. 11, 2007
Maturity Date: Oct. 11, 2027
Borrower: Faith Anglican Church Inc.
Lender: First Alliance Bank
Details: Construction loan for Faith Anglican Church's planned 11,500-square-foot new worship center. The property is 5.45 acres on the south side of Walnut Grove Road west of Grey's Creek canal. Site work began last week, said Bill Douglas, chairman of Faith Anglican's building committee.
"It's a small job, just the main part of the church and one wing for classes. We're going to add another wing later," he said, adding construction is expected to wrap in 160 days. The architect on the project is Guy Payne & Associates Architects; the contractor is Rose Construction Inc., Douglas said. The church was founded in 2003 and is affiliated with the Anglican Mission in America, according to the church's Web site.
2.22 acres on
Loan Amount: $1.4 million
Loan Date: Sept. 19, 2007
Maturity Date: Sept. 19, 2008
Borrower: Progress Road Development Group Joint Venture
Lender: BancorpSouth Bank
Details: 2.22 acres near the southwest corner of Progress Road and Tenn. 385 in Collierville. Mortgage is a construction loan. Alans Carpet & Flooring transferred, or quitclaimed, the property to Progress Road Development Group in conjunction with the financing. The land is part of 4.19 acres Alans Carpet & Flooring bought in April for $419,250.
Representatives of Progress Road Development Joint Venture did not return calls by press time.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).