205 Pasadena Place
Memphis, TN 38104
Loan Amount: $14.2 million
Loan Date: April 18, 2006
Maturity Date: April 30, 2008, with option for extension to April 30, 2009
Borrower: Bristol Apartments GP
Lender: Bank of America NA
Details: A 3.06-acre parcel bounded by Waldran Boulevard to the west, Union Avenue to the north, Pasadena Street to the east and Eastmoreland Avenue to the south. Property contains the four-story, 279,029-square-foot Bristol Park at Midtown apartments, a 220-unit building constructed in 2004. Parcel also houses a five-story parking garage with 352 spaces. Shelby County Assessor lists address at 1177 Union Ave. and appraised the property for 2006 at $18.6 million. The project was granted a 20-year payment-in-lieu-of-taxes (PILOT) in 2002.
16 lots in
Whisper Ridge
Loan Amount: $2.5 million
Loan Date: April 25, 2006
Maturity Date: Oct. 1, 2007
Borrower: Signature Building Group GP
Lender: First Tennessee Bank NA
Details: 16 lots in parcels 3 and 5 of Gerland Greek Planned Development phase 8, also known as Whisper Ridge. The subdivision is north of Shelby Drive west of Hacks Cross Road. Signature bought the lots April 19 from Whisper Ridge LP for $520,000. Whisper Ridge was approved in April for 81 lots on 21.83 acres.
8500 U.S. 64
Bartlett, TN 38133
Loan Amount: $2.2 million
Loan Date: May 1, 2006
Maturity Date: n/a
Borrower: Sunrise Pontiac-GMC at Wolfchase LLC
Lender: GMAC Bank
Details: 10 acres on the northwest corner of U.S. 64 and New Brunswick Road. Contains a 37,760-square-foot, two-story auto dealership built in 2000 that includes a showroom, service center and storage area. Shelby County Assessor's 2006 appraisal was $5.6 million.
Seven lots in
South End East
Loan Amount: $2 million
Loan Date: April 16, 2006
Maturity Date: May 10, 2007
Borrower: Chamberlain, McCreery & Rice LLC
Lender: Cadence Bank
Details: Seven lots in South End East Subdivision on the northeast corner of Georgia Avenue and Tennessee Street. The property is slated to become the 5,796-square-foot three-story building G of South End Condominiums. South End East was approved in April for one building on .17 acres.
147 Jefferson Ave.
Memphis, TN 38103
Loan Amount: $1.5 million
Loan Date: April 7, 2006
Maturity Date: May 2046
Borrower: Common Green LLC
Lender: Telesis CDE One LLC
Details: The 105,564-square-foot 12-story Edway Building on Jefferson Avenue east of North Second Street. The office building was constructed in 1954 and sits on .25 acres. Common Green bought the property March 31 from 147 Jefferson LLC for $225,000. Shelby County Assessor's 2006 appraisal was $795,600.
4591-4611 Fleming Road
Collierville, TN 38017
Loan Amount: $1.5 million
Loan Date: April 28, 2006
Maturity Date: n/a
Borrower: Harvest Oaks Inc.
Lender: First Capital Bank
Details: Two parcels totaling 10 acres on the west side of Fleming Road. The Shelby County Assessor lists the first five-acre parcel at 4591 Fleming as containing a 1,121-square-foot one-story home built in 1971. The assessor appraised the property in 2006 at $237,300. A second five-acre parcel at 4611 Fleming is listed as containing a 1,650-square-foot one-story home built in 1968. The assessor appraised the property in 2006 at $228,600.