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VOL. 123 | NO. 5 | Tuesday, January 8, 2008

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3595 Steele St.
Memphis, TN 38127
Sale Amount: $3 million

     Sale Date:     Dec. 28, 2007

     Buyer:     Corning Village Partners LP

     Seller:     Corning Village Apartments Ltd.

     Loan Amount:     $4.8 million

     Loan Date:     Dec. 28, 2007

     Maturity Date:     n/a

     Lender:     MMA Financial

     Details:     A 148-unit apartment complex built in 1972. It is a U.S. Housing and Urban Development Section 8 housing assistance payment contract, which provides rental subsidies for 100 percent of its units.

          Affordable Housing Solutions is a California-based nonprofit organization that specializes in affordable housing preservation, said vice president Courtney D. Allen.

          "AHS currently has a relatively small portfolio of affordable properties in a number of states including Arkansas, California, Maryland and now Tennessee," Allen said. "AHS' mission is to preserve affordable housing throughout the country, so when the opportunity came about to purchase and preserve Corning Village Apartments, we were very excited. We believe Memphis is an important city with a proud and distinguished history and an established need for affordable housing."

          AHS used a combination of tax-exempt bonds and low-income housing tax credits from Tennessee Housing Development Agency and a subsidized secondary debt from HUD to buy and renovate the property.

          The first loan, for $3.8 million, was a tax-exempt loan issued in bonds by the Memphis Health, Educational and Housing Facility Board. MMA Financial is the lender on the property, however, having purchased the tax-exempt bonds issued by the HEH Facility Board. The secondary loan amount was just more than $1 million, and the lender is HUD.

          The acquisition plan includes what Allen termed "an extensive rehabilitation program" to the tune of nearly $3.3 million. Various building systems will be repaired or replaced, the apartment interiors will be renovated and the common areas will be upgraded and brought up to Americans with Disabilities Act standards.

          The rehabilitation of the property should be completed within a year.

0.6 acres on
North Watkins Street
Memphis, TN
Sale Amount: $ 80,000

     Sale Date:     Dec. 7, 2007

     Buyer:     Kids First Enrichment Center LLC

     Seller:     Donis Business Inc.

     Loan Amount:     $1.2 million

     Loan Date:     Dec. 7, 2007

     Maturity Date:     Dec. 15, 2008

     Lender:     Bank of Bartlett

     Details:     Kids First Enrichment Center LLC has bought the vacant land for a new day care center.

          A construction loan for $1.2 million was taken out on behalf of Kids First from the Bank of Bartlett. The maturity date for the loan is Dec. 15.

          Harry L. Smith, who is the owner of Kids First, signed the mortgage deed. However, he said specific plans for the construction of the day care center are still not set in stone.

          "We're trying to get all the plans developed now," Smith said. "I'm trying to get it done as soon as possible."

          As far as the new day care's name goes, Smith said, "I haven't even come up with the name yet. I'm thinking of names as we speak."

          The 0.6-acre vacant lot on which the day care will be built was appraised by the Shelby County Assessor's office for $28,900 in 2007. The property is part of a parcel that the seller, Donis Business, bought in February 1995 for $58,000.

4836 Hickory Hill Road
Memphis, TN 38141
Sale Amount: $16.1 million

     Sale Date:     Dec. 21, 2007

     Buyer:     Crown Memphis Associates LLC

     Seller:     Meritex Hickory Hill LLC

     Loan Amount:     $13 million

     Loan Date:     Dec. 19, 2007

     Maturity Date:     n/a

     Lender:     Bank of America NA

     Details:     A sale-leaseback for a 640,640-square-foot warehouse built in 1984. The warehouse, which sits on 28.25 acres on the east side of Hickory Hill Road south of Shelby Drive, is a third-party logistics site, also known as a public warehouse. Shelby County Assessor's 2007 appraisal was $11.1 million.

          "We were the tenant before, we're the tenant now. We're just rather than being a tenant of our own parent company, we're a tenant of another party," said Meritex Logistics senior vice president Gregg Johnson.

          Crown Realty & Development representatives could not be reached by press time.

          The warehouse specializes in food and grocery logistics, he said, adding it has cool storage areas - for storing items such as candy, confections and raisins - but is not a cold-storage facility.

          Tenants range from Fortune 500 companies to smaller businesses.

          Meritex now is focusing its investments in the Atlanta, Houston, Indianapolis and Columbus, Ohio, markets, Johnson said.

Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).­

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