VOL. 124 | NO. 151 | Tuesday, August 4, 2009
Real Estate Recap
Gardens of Germantown Secures Funding to Build Alzheimer’s Facility
3179 Professional Plaza
Germantown, TN 38138
Loan Amount: $8 Million
Loan Date: July 16, 2009
Maturity Date: Aug. 1, 2050
Borrower: Gardens of Germantown LLC
Lender: Deutsche Bank Berkshire Mortgage Inc.
Details: The developer of an Alzheimer’s facility called the Gardens of Germantown has filed an $8 million construction loan through Deutsche Bank Berkshire Mortgage Inc.
Alexander Enterprises, operating in the transaction as Gardens of Germantown LLC, filed the loan July 16. The company will bring a 48-unit, 62-bed facility to 3179 Professional Plaza, which runs between Poplar Avenue and Poplar Pike near the Germantown/Collierville border.
The 30,500-square-foot, single-story facility will sit on roughly half of a 4.36 acre-parcel backing up to the Village Shops of Forest Hill retail center. The property has been subdivided into two lots, with the Gardens of Germantown slated for the northwest corner of the property.
O.T. Marshall Architects is the architect and Patton and Taylor Enterprises is the contractor, according to the building permit filed with the city-county Office of Construction Code Enforcement last fall. The start of construction was delayed because of a fiber-optic cable that had to be moved.
The facility will be managed by Beacon Communities Inc. of Cumming, Ga.
Alexander Enterprises principal Michael Alexander was unavailable for comment by press time, but last fall he told The Daily News this location was perfect because of its proximity to two eastern Shelby County hospitals.
5389 Poplar Ave.
Memphis, TN 38119
Permit Amount: $1.3 Million
Project Cost: $1.3 million
Permit Date: Applied July 2009
Completion: Summer 2010
Owner: Mercedes Benz of Memphis
Tenant: Mercedes Benz of Memphis
Contractor: Montgomery Martin Contractors LLC
Details: Work will begin soon on the second phase of Mercedes Benz of Memphis’ renovation project now that the company has filed a $1.3 million permit application with the city-county Office of Construction Code Enforcement for alterations to its dealership at 5389 Poplar Ave., just east of Estate Drive. Montgomery Martin Contractors LLC is the general contractor for this phase – as it was for the first – and Archimania is the architect of record. Project manager Luke Newell of Montgomery Martin said the company is wrapping up design documents for the new phase and expects to start demolition of existing structures in mid- to late August. Construction would begin after that and should take 10 months, Newell said. “We are renovating the current service drive and expanding it slightly,” he said. “We are renovating the drive-in area as well as the receiving-service offices and boutique area.” This latest project follows the addition of a new showroom and a new car wash for Memphis’ lone Mercedes Benz dealership. A total of about 13,000 square feet was added to the existing location, and most of that expansion was for the new showroom. Work also included general site improvements, such as additions to the parking lot.
6027 Walnut Grove Road
Memphis, TN 38120
Permit Amount: $4.4 Million
Project Cost: $6.9 million
Permit Date: Applied July 2009
Owner: Baptist Memorial Hospital
Tenant: Baptist Memorial Hospital
Contractor: Flintco Inc.
Details: Baptist Memorial Hospital-Memphis has filed a $4.4 million permit with the city-county Office of Construction Code Enforcement to build an auditorium on its Walnut Grove campus. The hospital in June broke ground on the 282-seat auditorium, to be named in honor of the late Dr. H. Edward Garrett Sr., a surgeon who performed the world’s first successful heart bypass surgery in 1964, three years before he joined the staff of the Memphis hospital. The auditorium is part of a conference center that will transform the hospital’s appearance from the street. “I think the façade is going to be a beautiful new signature for the entrance to the Baptist Memphis campus,” Scott Fountain, the hospital’s senior vice president and chief development officer, told The Daily News last month. Construction is slated to last 10 to 18 months, said Nick Lewis, the hospital’s assistant director of facility services. The center will have state-of-the-art audiovisual equipment and five classrooms, hospital officials said, along with a reception area and small kitchen. The facility will be available for community events and will provide a central location for training throughout the Baptist Memorial Health Care system. For more about this project, see the June 16 issue of The Daily News.
9525 Macon Road
Cordova, TN 38016
Sale Amount: $1.9 Million
Sale Date: July 16, 2009
Buyer: M&F Business Credit Inc.
Seller: William P. Moss III, substitute trustee
Details: The 111,280-square-foot warehouse at 9525 Macon Road in Cordova was sold back to the lender, M&F Business Credit Inc., for $1.9 million following a foreclosure of the property. It sold on the steps of the Shelby County Courthouse July 20 with William P. Moss III acting as substitute trustee. The previous owner was Big Orange Development Partners, Dudley P. Schaefer Sr. and Joan W. Schaefer. Big Orange Development – whose partners on the original loan were Dudley P. Schaefer Sr., Scott W. Schaefer, David B. Schaefer and Paul O. Schaefer – and the other owners defaulted on a $7.6 million loan through M&F Business Credit dated Oct. 31, 2007. Home to Schaefer Sash and Door Co., the Class C warehouse was built in 1985 and sits on 5.14 acres on the south side of Macon Road near the intersection with Big Orange Road. The Shelby County Assessor of Property’s 2009 appraisal is $2.8 million.