VOL. 119 | NO. 127 | Tuesday, July 19, 2005
Memphis Real Estate Recap
Boyle Finances Village Shops of Forest Hill
The Village Shops
of Forest Hill
Cost: $17.8 million
Borrower: BIC-MTS Partners
Lender: New York Life Insurance Co.
Trustee: Ronald I. Feldman
Property: The Village Shops of Forest Hill, located on three lots in Germantown. The borrower, BIC-MTS Partners, is affiliated with Boyle Investment Co.
According to Cary Whitehead III, senior vice president of Boyle and executive manager of BIC-MTS, the transaction marked a refinancing of the 12-year-old Germantown property.
"It is a community shopping center anchored by Target, Schnucks, Marshalls, Malco and Old Navy, and the rest of them are general retail stores," Whitehead said. "(Boyle) built it. The Target store, the Schnucks and the Marshalls went through major renovations in 2004."
Whitehead said Boyle is working on another retail project, Gallina Centro, which is currently under development near Poplar Avenue and Houston Levee Road. Current tenants include Kroger, Kohl's, Stein Mart and Pier 1 Imports.
"(Gallina Centro) will be sort of the connection between Poplar and the new Carriage Crossing project, which is also on Houston Levee," Whitehead said.