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VOL. 124 | NO. 161 | Tuesday, August 18, 2009

Troubled Frayser Apartment Complexes Land New Owner

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3081 St. Charles Drive
and 931 Frayser Blvd.

Memphis, TN 38127

Sale Amount: $2.2 Million
Sale Date: July 22, 2009
Buyer: Group 40 LLC
Seller: Whitney Frayser Manor Memphis LLC
Loan Amount: $1.5 million
Loan Date: July 21, 2009
Maturity Date: July 1, 2012
Lender: Madison Realty Capital LP

Details: The bank that bought the Whitney Manor and Frayser Manor apartment complexes in Frayser out of foreclosure has sold the properties to a Connecticut-based entity called Group 40 LLC. The $2.2 million sale closed in late July.

Whitney Frayser Manor Memphis LLC, a local entity related to the original lender, Madison Realty Capital LP, acted as the seller in the transaction. It had bought the properties April 6 from successor trustee Charles S. Sanger on the Shelby County Courthouse steps.

Whitney Manor is a 96-unit apartment complex at 3081 St. Charles Drive. Built in 1968, the complex sits on 6.83 acres at the northeast corner of Steele Street and Whitney Avenue. The Shelby County Assessor of Property’s 2009 appraisal is $1.4 million.

Frayser Manor is a 106-unit apartment complex at 931 Frayser Blvd. Built in 1974, the complex sits on six acres near the intersection of Frayser Boulevard and Thomas Street. The assessor’s 2009 appraisal also is $1.4 million.

The previous owners of the apartment complexes are Whitney Manor Real Property Holdings LLC and Frayser Manor Real Property Holdings LLC, both of which list a Southington, Conn., address and are managed by Daniel Ross.

Ross defaulted on a $2.4 million loan issued by New York-based Madison Realty Capital dated March 14, 2007.

4670 S. Third St. (U.S. 61)
Memphis, TN 38109

Sale Amount: $1.1 Million
Sale Date: Aug. 3, 2009
Buyer: BLX Capital Real Estate LLC
Seller: Stephen C. Baker and Derek W. Edwards, trustees

Details: The Shell gas station and convenience store at 4670 U.S. 61 (S. Third St.) in Westwood sold Aug. 3 for $1.1 million to the lender, BLX Capital Real Estate LLC, in a trustees’ sale. BLX Capital, which lists a Charlotte, N.C., address, foreclosed on the previous owner. The sellers were Stephen C. Baker and Derek W. Edwards of the Nashville law firm Waller Lansden Dortch and Davis LLC acting as trustees. Prior to the trustees’ sale, Larnce M. Wright and Vera F. Wright defaulted on a $1.7 million loan through BLX Capital LLC dated June 9, 2006. That loan secured the retail store and three other parcels. The 7,517-square foot convenience store was built in 2000. It sits on 7.98 acres northwest of the intersection of South U.S. 61 and West Shelby Drive. The Shelby County Assessor of Property’s 2009 appraisal is $911,800. Larnce Wright paid $125,000 in 1995 for the vacant land to open a Texaco & Hot Stuff Pizza, according to permits filed on the property. The site now operates as a Shell service station with a barbecue, pizza and chicken restaurant inside.

6015 Macon Cove
Memphis, TN 38134

Sale Amount: $2 Million
Sale Date: Aug. 6, 2009
Buyer: UMA Manglam Hospitality LLC
Seller: Growth Investment LLC
Loan Amount: $1.6 million
Loan Date: July 31, 2009
Maturity Date: Aug. 5, 2034
Lender: Excel National Bank

Details: The Super 8 motel at 6015 Macon Cove near Bartlett sold Aug. 6 for slightly less than $2 million to a Texas-based entity called Uma Manglam Hospitality LLC. The seller was Growth Investment LLC, which bought the property for $2.1 million in 2004. The 24,048-square-foot, 67-room motel was built in 1990. It sits on 1.53 acres on the south side of Macon Cove, near the intersection of Macon and Sycamore View roads. The Shelby County Assessor of Property’s 2009 appraisal is $1.6 million. Uma Manglam Hospitality filed a $1.6 million loan through Excel National Bank in conjunction with the purchase. Rama Singh signed the trust deed as chief operating manager for the buyer. Singh was unavailable for comment Thursday. Pravinkumar Rama Parag signed the warranty deed as president and sole member of the seller, Growth Investment, which lists a Cordova address.

6068 Macon Cove
Memphis, TN 38134

Sale Amount: $1.4 Million
Sale Date: July 31, 2009
Buyer: A&P Hotel Funding LLC
Seller: Mary Aronov, substitute trustee
Loan Amount: $1.4 million
Loan Date: July 31, 2009
Maturity Date: Dec. 10, 2009
Lender: United Central Bank

Details: The Quality Inn motel at 6068 Macon Cove near Bartlett sold July 31 for $1.4 million in a substitute trustee’s sale. Multiple bidders attempted to buy the 129-room hotel, but A&P Hotel Funding LLC, a local entity related to a Dallas-based company, made the winning offer on the steps of the Shelby County Courthouse. Mary Aronov, a shareholder at Baker, Donelson, Bearman, Caldwell & Berkowitz PC, acted as substitute trustee. She was appointed to that position in February following a bank foreclosure of the property. The previous owner, Lalji Hotels LLC, defaulted on a $1.8 million loan through General Electric Capital Corp. dated Dec. 19, 2003. Built in 1986, the 56,115-square-foot hotel sits on 2.21 acres southwest of the junction of Interstate 40 and Sycamore View Road. The Shelby County Assessor of Property’s 2009 appraisal is $3.5 million. In conjunction with the sale, A&P Hotel Funding filed a $1.4 million loan through United Central Bank.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 143 381 16,005
MORTGAGES 148 432 18,480
FORECLOSURE NOTICES 0 34 2,439
BUILDING PERMITS 184 635 33,149
BANKRUPTCIES 59 237 10,250
BUSINESS LICENSES 37 110 5,288
UTILITY CONNECTIONS 16 108 6,256
MARRIAGE LICENSES 16 79 3,492