VOL. 124 | NO. 166 | Tuesday, August 25, 2009
Real Estate Recap
Enclave Partnership Files Loan For 19 Lots of Enclave at Sparkle Creek
Enclave at Sparkle Creek Planned Development
Unincorporated Shelby County
Loan Amount: $1.5 Million
Loan Date: Aug. 13, 2009
Maturity Date: Aug. 15, 2011
Borrower: The Enclave Partnership
Lender: Merchants & Planters Bank
Details: The Enclave Partnership has filed a $1.5 million loan through Merchants & Planters Bank on its remaining 19 lots in The Enclave at Sparkle Creek Planned Development, a 33-lot, 106-acre development on Pisgah Road in unincorporated Shelby County near Cordova.
Fourteen lots have been sold in the development; of those, five homes are completed and five homes are under construction, two having just been completed and three more slated for completion in the next 90 days.
Keith Novick and his wife, Louise, are the partners in The Enclave Partnership. Novick, who developed the Estates at Sparkle Creek across the street in the mid-1990s, said his focus is on selling what remains in the Enclave at Sparkle Creek.
“I’m real pleased in this economy with the way the things have been coming along,” he said. “We’re just navigating the current economy, and we’re pleased with the sales activity that we’ve had.”
The 14 remaining lots range in size from 2.2 acres to 4.3 acres and in price from $265,000 to $325,000. Novick said the Enclave at Spark Creek has stringent architectural restrictions.
“We’re more concerned about the quality of the exterior appearance of the community and the homes than the square footage,” Novick said. “The overall appearance of the homes is more important than the size.”
3774 and 3788 Summer Ave.
Memphis, TN 38122
Sale Amount: $3.4 Million
Sale Date: Aug. 10, 2009
Buyer: HPC Services Inc.
Seller: G. David Keller
Loan Amounts: $1.6 million, $662,500 and $600,000; $397,500, $650,000 and $265,000
Loan Dates: Aug. 10, 2009
Maturity Date: Various
Lender: Trustmark National Bank and G. David Keller
Details: A Berclair commercial portfolio anchored by the High Point Funeral Chapel sold Aug. 10 for $3.4 million in an internal transaction. The seller, G. David Keller, is listed as president and owner of the funeral home at 3788 Summer Ave. The buyer, HPC Services Inc., lists another person, Charlotte McElveen, who is related to the chapel. Also included in the sale was an office building at 3744 Summer Ave., two doors west of the funeral home. Prior to the sale of that office property to HPC Services, G. David Keller bought the 1,620-square-foot building for $200,000 from John and Kaye Brasfield. HPC Services filed six loans in conjunction with the portfolio acquisition, four of which were through Trustmark National Bank and two of which were through the seller, G. David Keller. The company took out loans of $1.6 million, $662,500, $600,000 and $397,500 through Trustmark. And it took out loans of $650,000 and $265,000 through Keller. Built in 1969, the 8,700-square-foot funeral home sits on 1.43 acres on the north side of Summer Avenue at the intersection of Isabelle Street. The Shelby County Assessor of Property’s 2009 appraisal is $502,300. The office building sits on 0.24 acres, also on the north side of Summer Avenue. Built in 1945, its most recent appraisal was $98,300.
1540 Appling Care Lane
Unincorporated Shelby County
Sale Amount: $500,000
Sale Date: July 14, 2009
Buyer: DCR Mortgage IV Sub I LLC
Seller: R. Spencer Clift III, substitute trustee
Loan Amount: $800,000
Loan Date: July 31, 2009
Maturity Date: N/A
Lender: Wells Fargo Foothill LLC
Details: The new owner of the Applingwood Professional Office Building at 1540 Appling Care Lane in unincorporated Shelby County has filed an $800,000 loan on the property. DCR Mortgage IV Sub I LLC, which lists a Florida address, bought the 10,744-square-foot medical office building for $500,000 last month in a substitute trustee’s sale. The loan was through Wells Fargo Foothill LLC. The building’s previous owner, Applingwood Professional Office Building LLC, defaulted on a $1.3 million construction loan through Union Planters Bank (now Regions Bank) dated May 23, 1997. Ultimately, the debt was secured by DCR Mortgage, which foreclosed on the owner in May and then reclaimed the property in the substitute trustee’s sale. R. Spencer Clift III of the law firm Baker, Donelson, Bearman, Caldwell & Berkowitz PC was appointed substitute trustee and served as seller of the property. Completed in 1997, the Class B medical office building sits on about 1 acre on the west side of Appling Care Lane near Cordova. The Shelby County Assessor of Property’s 2009 appraisal is $1.2 million. The building has office space from 487 square feet to 5,916 square feet, according to a Web site run by its Crye-Leike Property Management Inc. leasing team of Michael Hall and Michele Harris.
62 Lots in Rivercrest Subdivision Planned Development
Bartlett, TN 38135
Sale Amount: $1.1 Million
Sale Date: Aug. 6, 2009
Buyer: BancorpSouth Bank
Seller: Jerry P. Spore, trustee
Details: Sixty-two lots in the Rivercrest Subdivision Planned Development in Bartlett have been sold for $1.1 million to the lender, BancorpSouth Bank, following a foreclosure on the property’s developer. The sale was held Aug. 6 on the steps of the southwest corner of the Shelby County Courthouse, and the seller was Jerry P. Spore, acting as trustee of the Jackson, Tenn., law firm Spragins, Barnett & Cobb. The previous owner of the lots and developer of the subdivision, Rivercrest LLC, defaulted on a $1.9 million construction loan through BancorpSouth Bank dated Jan. 24, 2006. W. Terry Edwards and Christopher R. Folk signed the trust deed as president and chief manager, respectively, of Rivercrest LLC. That entity acquired the land for $2.1 million in May 1996. Rivercrest is a 235-acre, 470-lot, multiphase development near Old Brownsville Road and Austin Peay Highway in Bartlett.