Construction Set to Begin on Kress Building
Construction Set to Begin on Kress Building
Three parcels
near Main Street
Cost: $4 million
Borrower: THG Main LLC
Lender: First Tennessee Bank NA
Trustee: Thomas F. Baker IV
Property: Three parcels near the Main Street mall.
The property is the former Kress building, which will become an annex of SpringHill Suites Memphis Downtown. According to Greg Averbuch, president of Summit Management Corp. and chief manager of THG Main LLC, the company recently completed an $8 million refinancing of the SpringHill Suites and a $4 million construction financing for the Kress annex.
We have been doing basically demolition work and preparing the (Kress) building for the new construction, Averbuch said. Were hoping before the end of the year the new construction will begin.
The annex, set to open around June 2005, will include 47 guest rooms, along with meeting rooms and catering space. A first-floor restaurant location is available for lease.
Whats so unique about the restaurant space besides it being where the dining counter was for the Kress building its also right at the gateway and looking at the newly renovated Court Square, Averbuch said. 21 N. Main Street
Memphis, TN 38103
Cost: $8 million
Borrower: THG Court LLC
Lender: Nationwide Life Insurance Co.
Trustee: Warren H. Wild Jr.
Property: The SpringHill Suites Memphis Downtown, located on 1.79 acres at 21 N. Main St. Property in New
Byhalia Retail Center
Cost: $9.5 million
Borrower: SM Properties Collierville LLC
Lender: Northwestern Mutual Life Insurance Co.
Trustee: Robert J. Pinstein
Property: Land near Poplar Avenue and Byhalia Road. 2.95 acres near
Quail Hollow Road
Cost: $9.2 million
Borrower: Westco Development No. 28 LLC
Lender: First Tennessee Bank NA
Trustee: Robert C. Liddon and Thomas F. Baker IV
Property: 2.95 acres and easement near Quail Hollow Road and Briarcrest Avenue. 810 Washington Ave.
Memphis, TN 38105
Cost: $7.6 million
Buyer: Blair MCAP LLC
Seller: TVO Blair Tower LLC
Property: Blair Tower Apartments at 810 Washington Ave. 1.96 acres near
Wolf Trail Cove
Cost: $3.6 million
Borrower: Wolf Trail Cove LLC
Lender: Trust One Bank
Trustee: George Klepper
Property: 1.96 acres near Germantown Parkway and Wolf Trail Cove. 125.57 acres near
Bethuel Road
Cost: $2.2 million
Buyer: Copper Hill Partners LLC
Seller: Kim Downing Muth and Carolyn Aycock Gusdon
Property: 125.57 acres on two tracts near Bethuel Road and Center College Road in Millington. 8076 Giacosa Place
Memphis, TN 38133
Cost: $2.2 million
Buyer: Story & Associates LP
Seller: Toys R Us Delaware Inc.
Property: 2.005 acres at 8076 Giacosa Place. 2670 Frayser Blvd.
Memphis, TN 38127
Cost: $2.1 million
Buyer: CP Rad Tonj LLC
Seller: K&B Tennessee Corp.
Property: Property at 2670 Frayser Blvd. near Range Line Road. 2670 Frayser Blvd.
Memphis, TN 38127
Cost: $1.5 million
Borrower: CP Rad Tonj LLC
Lender: Wells Fargo Bank NA
Trustee: T. Mark Lee
Property: Property at 2670 Frayser Blvd. near Range Line Road.