New MATCU Branches on
Union Avenue and White Station Road
Project Cost: Not released

     Permit Date:     Dec. 4, 2006

     Completion Date:     Projected for second and third quarters 2007

     Owner:     Memphis Area Teachers' Credit Union

     Architect:     Looney Ricks Kiss

     Contractor:     Grinder, Taber, Grinder Inc.

     Details:     Memphis Area Teachers' Credit Union (MATCU) is building two new branches with drive-through services on Union Avenue and White Station Road. The new branches will replace two locations with walk in-only service.
A demolition permit was issued Dec. 4 to tear down the former Chinatown Imports at 1971 Union. Two buildings have been demolished on the site, which is just east of the Memphis Police Department's West Precinct, and the lot is being prepared for a 2,600-square-foot branch, said Dwight Burgess, MATCU vice president.
The Union Avenue branch, which Burgess said will have a "sleek, retro design and landscape," will offer services via a walk-in office, two drive-through teller lanes and a drive-through automatic teller machine (ATM). It will replace the current branch at 1030 Madison Ave. at the corner of South Camille Street in the Medical Center area.
The Union branch is expected to be completed in second quarter 2007.
The second location will be on White Station Road between Poplar and Sanderlin avenues near The Racquet Club. Three residential properties on the site are slated for demolition in early 2007.
"This branch will feature a striking French County design and landscape, a 3,200-square-foot office building with three drive-throughs and a drive-through ATM," Burgess said.
The White Station branch, which could be completed in third quarter 2007, will replace a current branch at 559 Erin Drive, near Mendenhall Road and Poplar Avenue in the Erin Way Shopping Center. MATCU has operated that branch since 2001.
"(The Madison Avenue and Erin Drive locations) are in key retail areas, but we have been actively pursuing better access for several years and waiting for the right locations to become available," Burgess said, adding MATCU wanted to give members a choice of walking in or completing transactions from their cars.
MATCU, which operates 15 branches and currently employs 200 people, will need more employees for the new, larger branches, though the exact number of new hires has not been determined, Burgess said.
The credit union was established in 1957 and currently has nearly 54,000 members. The company is headquartered at 7845 U.S. 64 at the corner of Kate Bond Road.
Carlos Webb, president and CEO of MATCU, said the Union Avenue and East Memphis corridors provide consumers with a number of retail banking choices, and the credit union's new branches will allow it to remain competitive.
"MATCU is the second largest, locally based financial institution in the Memphis area, and we will celebrate 50 years of service in 2007," Webb said. "Our local member ownership, longevity, not-for-profit credit union status and these new convenient branch offices will highlight our edge over big banks in town, especially after (other banks') recent mergers."

3578 Millbranch Road and
1767 Winchester Road
Loan Amount: $30.5 million

     Loan Date:     Nov. 30, 2006

     Maturity Date:     Dec. 1, 2016

     Borrower:     New Horizon Memphis One LLC

     Lender:     First Financial Commercial LLC

     Details:     New Horizon, a 933-unit apartment community on three parcels on the south side of Winchester east of Millbranch Road. The properties underwent a major rehabilitation program under the previous owners, said John Baker, executive director of The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee (HEHFB).
The properties were under a 10-year payment-in-lieu-of-taxes (PILOT) agreement through HEHFB that began in December 2004. Under a PILOT, the property is conveyed, or quitclaimed, to the board and leased back to the company receiving the PILOT. On Nov. 30, Capital TCP transferred that lease to New Horizon Memphis One LLC. Before the property was transferred to the new owners, they had to reapply for the PILOT through HEHFB to ensure they met HEHFB's standards, Baker said.
The mortgage is being cross-collateralized with a $5.6 million loan for the property at 2856 Kimball Ave., which means the collateral for this loan also is being used as collateral for the other loan.

2856 Kimball Ave.
Memphis, TN 38114
Loan Amount: $5.7 million

     Loan Date:     Nov. 30, 2006

     Maturity Date:     Dec. 1, 2016

     Borrower:     Kimball Cabana Memphis LLC

     Lender:     First Financial Equities Commercial LLC

     Details:     Kimball Cabana Apartments, a 252-unit complex on 9.3 acres at the northwest corner of Kimball Avenue and Haynes Street. The complex was built in 1964 and includes one- and two-bedroom units in two-story buildings. The Shelby County Assessor's 2006 appraisal was $2.3 million.
The property was under a 10-year payment-in-lieu-of-taxes (PILOT) agreement through HEHFB that began in April 2005. Under a PILOT, the property is conveyed, or quitclaimed, to the board and leased back to the company receiving the PILOT. On Nov. 30, Tennessee Investment Group Realty LLC transferred that lease to Kimball Cabana Memphis LLC. Before the property was transferred to the new owners, they had to reapply for the PILOT through HEHFB to ensure they met HEHFB's standards, said John Baker, HEHFB executive director.
The mortgage includes a list of repairs that must be completed within 90 days, including repairs to sidewalks and balconies and replacement of insulation in cellars, among other things. The mortgage is being cross-collateralized with a $30.5 million loan for the property at 3578 Millbranch Road and 1767 Winchester Road, which means the collateral for this loan also is being used as collateral for the other loan.

6405 Gillespie Road
Memphis, TN 38134
Loan Amount: $2.7 million

     Loan Date:     Nov. 10, 2006

     Maturity Date:     Dec. 11, 2016

     Borrower:     Gramercy Ventures LLC

     Lender:     Column Financial Inc.

     Details:     The 78-unit Gramercy Park Townhomes on 6.64 acres on the south side of Gillespie Road north of Trafalgar Road west of Goldbrier Lane. The complex has one- and two-bedroom units built in 1995. Glenn Ferguson signed as managing member of Gramercy Ventures LLC. Beverly Millette, property manager for the townhomes, said Ferguson bought the property in February and began renovations right away. The renovations, which include internal and external work on the units, is continuing. Ferguson was out of town and unavailable for comment.

Three Memphis
Circle K Locations
Sale Amount: $869,426 (for 1351 Madison Ave.), $950,244 (for 3015 Lamar Ave.) and $788,083 (for 585 S. Highland St.)

     Sale Date:     Nov. 22, 2006

     Buyer:     Circle K Stores Inc.

     Seller:     Second Convenience Store Properties Corp.

     Details:     Three Memphis Circle K locations. 1351 Madison has a 3,000-square-foot convenience store built in 1989 at the southeast corner of Madison Avenue and South Cleveland Street. Shelby County Assessor's 2006 appraisal was $371,100. 3015 Lamar has a 2,600-square-foot store built in 1987 at the southern corner of Semmes Street and Lamar Avenue. Assessor's 2006 appraisal was $319,300. 585 S. Highland has a 3,000-square-foot store built in 1987 at the northwest corner of Southern Avenue and South Highland Street. Assessor's appraisal was $360,700. In addition to the sales, agreements were signed terminating Second Convenience Store Properties' lease of each store to Circle K Stores Inc., which began in April 1988.

4104 Yale Road
Memphis, TN 38128
Sale Amount: $954,592

     Sale Date:     Nov. 22, 2006

     Buyer:     Circle K Stores Inc.

     Seller:     Convenience Store Properties Corp.

     Details:     A 3000-square-foot Circle K built in 1987 on .86 acres at the southeast corner of Yale and Ramill roads. Shelby County Assessor's 2006 appraisal was $376,900. In addition to the sale, an agreement was signed terminating Convenience Store Properties' lease of the property to Circle K Stores Inc., which began in January 1988.

Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).­