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VOL. 124 | NO. 42 | Tuesday, March 3, 2009

John Daly’s Home Foreclosed, Sold on Courthouse Steps

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9844 Legends Drive
Germantown, TN 38139
Sale Amount: $1.2 Million

Sale Date: Feb. 5, 2009
Buyer: Regions Bank
Seller: J. Phillip Jones, Substitute Trustee

Details: Golfer John Daly’s former home at 9844 Legends Drive in Germantown was foreclosed in January and sold Feb. 5 on the courthouse steps for $1.2 million to Regions Bank.

The home sold in a substitute trustee’s deed with J. Phillip Jones serving as substitute trustee.

Daly owned the home with his wife, Sherrie Daly. The couple defaulted on a $1.5 million loan through Regions Bank, doing business as Regions Mortgage, dated Sept. 28, 2007. The home was foreclosed in January, with notices first appearing in The Daily News.

John and Sherrie Daly bought the home in September 2007 for $1.6 million from George and Amy Corchis.

The two-story, 7,671-square-foot home has 11 rooms, including four bedrooms and five bathrooms, plus a garage. Built in 2005, the home sits on 2.11 acres on Legends Drive, just west of Houston Levee Road.

The home is on Lot 21 of the Legends subdivision, which straddles the Germantown-Collierville border. Its address is Germantown, while the home sits within the Collierville municipal jurisdiction. The Shelby County Assessor of Property’s 2008 appraisal was $1.4 million.

Two liens were filed against John and Sherrie Daly by the Legends Community Homeowners Association, both of which were for $500 in association dues plus interest, attorneys’ fees and expenses.

1244 Primacy Parkway
Memphis, TN 38119
Sale Amount: $2.4 Million

Sale Date: Feb. 18, 2009
Buyer: Primacy Partners LLC
Seller: State Farm Mutual Automobile Insurance Co.
Loan Amount: $2 million
Loan Date: Feb. 25, 2009
Maturity Date: March 5, 2016
Lender: SunTrust Bank

Details: Primacy Partners LLC has bought an office building at 1244 Primacy Parkway in East Memphis for $2.4 million in a special warranty deed. Primacy Partners financed the purchase with a $2 million loan through SunTrust Bank. The seller was State Farm Mutual Automobile Insurance Co. of Bloomington, Ill., which formerly occupied the building before announcing plans to move to the Goodlett Farms Business Campus. The one-story, 16,772-square-foot building, completed in 1991, sits on 2.51 acres on the east side of Primacy Parkway, which runs between Park Avenue and Ridgeway Road. The Shelby County Assessor of Property’s 2008 appraisal was $1.3 million. The property is Lot 1 of the Crow-Farnsworth-Andrews Primacy Parkway Subdivision, a re-subdivision of part of Lot 25 of Bennett’s Ridgeway Farms. Owen B. Tabor Jr. signed the trust deed as president of Primacy Partners LLC, and the transaction also included an assignment of rents and leases for the property.

7954 Patriot Cove
Cordova, TN 38018
Loan Amount: $1.8 Million

Loan Date: Feb. 10, 2009
Maturity Date: Feb. 9, 2012
Borrower: Extra Space Properties Twenty-Nine LLC
Lender: First Bank and Trust Co. of Illinois

Details: Extra Space Properties Twenty Nine LLC has filed $1.8 million loan on a 55,537-square-foot, one-story warehouse at 7954 Patriot Cove in Cordova. The property was quitclaimed, or transferred, to the LLC by a related company, Extra Space Properties Two LLC, in conjunction with the loan. Charles L. Allen signed the quitclaim deed as the manager of Extra Space Properties Two LLC. Extra Space Properties Two bought the property from Climasafe Memphis LLC in January 2007. The companies are related to Salt Lake City-based Extra Space Storage Inc., which operates approximately 17 storage facilities in the Memphis area, according to the company’s Web site. The warehouse was built in 1997 and sits on 4.16 acres at the west end of Patriot Cove in an industrial-zoned area. The Shelby County Assessor’s 2008 appraisal of the property and building was $1.6 million.

5150 Tulane Road
Memphis, TN 38109
Loan Amount: $787,000

Loan Date: Feb. 18, 2009
Maturity Date: N/A
Borrower: Fairway Apartments Utah LLC

Details: Fairway Apartments Utah LLC has filed a $787,000 loan for the Fairway Apartments, a 43-unit apartment complex at 5150 Tulane Road. The transaction included an assignment of rents and security agreements, including a fixture filing. PNC ARCS LLC was the lender for this Fannie Mae-backed loan. The multifamily property sits on a 5-acre lot on the northeast corner of Tulane and Holmes roads. Built in 1968, the complex contains 54,650 square feet. The Shelby County Assessor’s 2008 appraisal of the property was $1.3 million. The loan is “subordinate in all respects” to a multifamily note dated May 4, 2005, for more than $1 million, according to the trust deed recorded with the Shelby County Register of Deeds. Called the “senior note,” if the borrower defaults on either loan, the other current loans also will be considered in default.

PROPERTY SALES 34 34 3,905
MORTGAGES 47 47 4,437
BUILDING PERMITS 190 190 9,458
BANKRUPTCIES 60 60 2,945