Tuesday, May 4, 2004, Vol. 118, No. 77

10 S

Developer Refinances South Main Apartments

10 S. Main St.

Memphis, TN 38103

Cost: $7.9 million

Borrower: CTB LLC

Lender: Morgan Stanley Mortgage Capital Inc.

Trustee: Mid-South Title Corp.

Property: No. 10 Main Apartments on 0.26 acres at 10 S. Main St. near Madison Avenue.

Jay Hollingsworth, managing member of CTB, said the $7.9 million transaction is a refinance of the 112-unit, 16-story high rise.

Were just taking advantage of the low rates right now, Hollingsworth said.

He said the development was finished about three years ago, with construction costs totaling about $14 million.

Its the nicest thing in Memphis, rental-wise, he said, We only have one apartment available, which backs that up.

Hollingsworth has helped develop other Downtown properties, including the recently opened Ambassador Commons at 80 Vance Ave. Part of phase four of

Collierville Marketplace

Cost: $8 million

Buyer: Jason Crews Partnership

Seller: Hackmeyer-Loeb Joint Venture

Property: Part of Collierville Marketplace, phase four, near Market Boulevard and West Poplar Avenue. 10.57 acres near

Island Place East

Cost: $2.5 million

Borrower: Island Park LLC

Lender: First Tennessee Bank NA

Trustee: Thomas F. Baker IV

Property: 10.57 acres of vacant land near Island Place East, formerly known as Henning Street. 10.57 acres near

Island Place East

Cost: $1.3 million

Buyer: Island Park LLC

Seller: Wayne A. Christian

Property: 10.57 acres of vacant land near Island Place East, formerly known as Henning Street. 40 acres near Holmes

and Hacks Cross roads

Cost: $2.4 million

Borrower: Chapel Ridge Partners

Lender: Bank of Bartlett

Trustee: B.R. Hester

Property: 40 acres at Holmes Road near Hacks Cross Road, also known as Mid Summer Commons Planned Development South. 27.8 acres in


Cost: $2.1 million

Borrower: Rivercrest LLC

Lender: BancorpSouth Bank

Trustee: Larry A. Butler

Property: 27.8 acres in section E of the Rivercrest Subdivision Planned Development. 75.3 acres

near Ellis Road

Cost: $2 million

Borrower: David Miller LLC

Seller: Hanover & Ratner

Property: 75.3 acres of vacant land near Ellis Road and the Rolling Woods Subdivision.

  3667 Rhodes Ave. and 4183 Troost Road

Cost: $2 million

Borrower: Gateway Raleigh LLC

Lender: U.S. Bank NA

Trustee: Ann Peldo Cargile

Property: A tract of six lots, as well as 3667 Rhodes Ave. in the Rhodes Road Subdivision and the Raleigh Forest Apartments on 12.5 acres at 4183 Troost Road. 22.59 acres on

Houston Levee

Cost: $1.9 million

Borrower: Mark Matthews Development LLC

Lender: Trust One Bank

Trustee: George M. Klepper Jr.

Property: 22.59 acres on Houston Levee Road, to be developed into phase two of the Glen Lakes Planned Development. 1740 Cherokee Blvd.

Memphis, TN 38111

Cost: $1.5 million

Buyer: Cary Repka and Randy Repka

Seller: Moeby Realty Corp.

Property: Five lots and part of another lot at 1740 Cherokee Blvd. in section A of the Cherokee Commercial Center.