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VOL. 124 | NO. 121 | Tuesday, June 23, 2009

Winbranch Apartments Sold Following Foreclosure

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3595 Millbranch Road
Memphis, TN 38116
Sale Amount: $4 Million

Sale Date: June 4, 2009
Buyer: LBUNS 2004-C4 Millbranch Road LLC
Seller: Ronald G. Steen Jr., successor trustee

Details: The 460-unit Winbranch Apartments at 3595 Millbranch Road in Whitehaven sold June 4 for $4 million in a successor trustee’s sale following a foreclosure. The sprawling multifamily complex sold on the Shelby County Courthouse steps to an entity called LBUNS 2004-C4 Millbranch Road LLC, which is a local affiliate of Miami-based LNR Partners Inc.

LBUNS 2004-C4 Millbranch Road LLC held the deed of trust after foreclosing on the property. The previous owner was Winbranch II LLC, a limited liability company related to Miami-based Alterra Capital Group. Alterra in the past couple of years bought and renovated a handful of Memphis multifamily properties.

But Winbranch II LLC defaulted on a $6.8 million loan dated April 30, 2004, through SunTrust Bank. After a series of refinances, the deed wound up with LBUNS 2004-C4 Millbranch Road.

Built in 1973, the 381,738-square-foot Winbranch Apartments sit on 25.55 acres near the intersection of Millbranch and Winchester roads. An alternate address for the property, based on Shelby County Register of Deeds records, is 3551 Dalebranch Road.

Ronald G. Steen Jr. of the Nashville office of Stites & Harbison PLLC acted as successor trustee, or the seller, in the transaction. He was appointed to that position in April.

Representatives from LNR Partners declined comment on the acquisition.

139 Barksdale St.
Memphis, TN 38104
Permit Amount: $3.3 Million

Project Cost: TBA
Permit Date: Applied June 2009
Completion: TBA
Owner: Memphis College of Art
Tenant: Memphis College of Art
Contractor: Montgomery Martin Contractors LLC

Details: The Memphis College of Art last week filed a $3.3 million permit with the city-county Office of Construction Code Enforcement to build a four-story student residence hall at 139 N. Barksdale St. south of the college’s Overton Park campus in Midtown. The building, still in the planning stages, will be built on 0.67 acres southwest of the intersection of North Barksdale Street and Poplar Avenue. It will be next door to and south of the college’s Metz Hall at 149 N. Barksdale St. Montgomery Martin Contractors LLC is the general contractor of record for the project. MCA public relations director Michelle Byrd said it was too early to give details on the construction of the dorm, including timeline or project cost. The college is a “professional center of art and design education, dedicated to preparing individuals for lives of creating, problem solving and critical thinking,” according to its Web site. MCA over the past year has bought a handful of Midtown homes and renovated them in response to increased enrollment and higher demand for student housing. It completed Metz Hall in 2004.

3031 Forest Hill-Irene Road
Germantown, TN 38138
Permit Amount: $2 Million

Project Cost: $2 million
Permit Date: Applied June 2009
Completion: TBA
Owner: City of Germantown
Tenant: City of Germantown
Contractor: TBA

Details: The city of Germantown has filed a $2 million building permit with the city-county Office of Construction Code Enforcement to demolish its fire station at 3031 Forest Hill-Irene Road. The 4-acre property where the old station sits will house the new facility. Until the new building is finished, fire department officials will store their equipment in a temporary shelter. The city earlier this year approved $39,000 to buy a pre-fabricated metal building from Simpson Construction LLC. Germantown operates three fire stations in addition to the one on Forest Hill-Irene Road: 2700 Cross Country, 8925 Dogwood Road and 7766 Farmington Road. A call to Germantown fire chief Dennis Wolf for more details about the project, such as total cost and timeline, was not immediately returned.

9055 Forest Center Drive
Germantown, TN 38138
Permit Amount: $495,000

Project Cost: $495,000
Permit Date: Applied June 2009
Completion: TBA
Owner: Reed White Holdings LLC
Tenant: TBA
Architect: McGehee Nicholson Burke Architects
Contractor: Reed White Holdings LLC

Details: Reed White Holdings LLC has filed a $495,000 permit with the city-county Office of Construction Code Enforcement for new construction at 9055 Forest Centre Drive. The permit was applied for this month. It follows a $737,000 construction loan the company made in October for a new single-story, 3,800-square-foot office building in the Forest Hill-Irene Subdivision, on the west side of Forest Hill-Irene Road between Poplar Avenue and Poplar Pike. The lender was the Bank of Fayette County. Reed White Holdings LLC is a partnership between Bob Reed and Brian White. The duo has built a series of office buildings on various lots in the Forest Hill-Irene Commercial Subdivision, including one at 9045 Forest Centre Drive.

PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115