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VOL. 125 | NO. 242 | Tuesday, December 14, 2010

Magnolia Homes to Build New Style in Winstead Farms

By Kate Simone

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Winstead Farms

Four Lots In Winstead Farms
Loan Amount: $971,250

Loan Date: Dec. 7, 2010
Maturity Date: Dec. 10, 2011
Borrower: Magnolia Homes Inc.
Lender: Regions Bank NA

Details: Magnolia Homes Inc. has financed four lots in Winstead Farms planned mixed-use development in Lakeland through Regions Bank NA for $971,250.

Magnolia Homes Inc. bought one lot from Winstead Farms LLC on Dec. 6 for $76,500. Another lot was one of four Magnolia Homes bought from Concept Homes LLC on Aug. 10 for $297,000. The other two lots were among 10 Magnolia Homes bought from Winstead Farms LLC in July 2007 for $749,900.

Winstead Farms planned development has 115 residential lots and three commercial lots on 77.4 acres, according to a plat dated June 2007. The site runs from the south side of Old Brownsville Road to the north side of U.S. Highway 70 west of Evergreen Road in Lakeland.

All four lots are being built as speculative homes, according to Reggie Garner, partner in Magnolia Homes.

“We’re actually starting a new product. Our starting price, which most of them will be higher than this, is $250,000, and so it’s probably going to end up being $250,000 to $350,000.” The homes will average 3,000 square feet, Garner said – smaller and less expensive than the company’s current homes in Winstead Farms.

“We’ve really worked hard to have all the amenities that we’ve been having in the houses, and what we’ve done is just worked on our plans and made them more economical, as far as not as steep roofs and made every square foot usable, and there’s not any unusable space.”

Garner said the spec houses are being built to meet customer demand.

“Our traffic’s incredible but everybody’s wanting to be in the $280,000 to $300,000 price range. And we’ve listened to all those people, we’ve kept all their names, and we started working on new plans and pricing to see if we could offer that, and we did. So we felt like with the amount of interest that we had and people that said, ‘If you all do this, we definitely want to buy a home,’ we decided it was the right move to make.”

1000 Brookfield Road
Memphis, TN 38119
Sale Amount: $2.7 million

Sale Date: Dec. 1, 2010
Seller: High Point Developers

Details: Vicksburg, Miss.-based MPTN LLC has bought a 20,570-square-foot office building from High Point Developers for $2.7 million. The building sits on about 1 acre at the southwest corner of Brookfield Road and West Rex Road in Poplar Manor subdivision.

High Point Developers bought the property in February 1996 from Raymond B. Gill III for $1.8 million.

In conjunction with the purchase, MPTN took over an existing loan through Thrivent Financial for Lutherans. The loan, which was taken out in 2005 in the amount of $2.8 million, has a remaining outstanding principal balance of $2.4 million. The loan matures Oct. 1, 2015.

The Shelby County Assessor of Property’s 2010 appraisal is $1.3 million.

3108 New Allen Road
Memphis, TN 38128
Sale Amount: $2 million

Sale Date: Nov. 26, 2010
Buyer: WI Memphis LLC
Seller: Hunters Ridge Property Holder LLC
Loan Amount: $2.4 million
Loan Date: Nov. 26, 2010
Maturity Date: Nov. 26, 2014
Lender: USAM I Fund LLC

Details: WI Memphis LLC has bought the 141-unit Hunter’s Ridge apartment complex from Hunters Ridge Property Holder LLC for $2 million. The complex was built in 1972 and sits on 6.4 acres on the east side of New Allen Road in Raleigh, between Dillard Road to the north and Felton Road to the south.

The seller, Hunters Ridge Property Holder LLC, bought the property in October 2009 at a foreclosure sale for $1.2 million. The Shelby County Assessor of Property’s 2010 appraisal is $1.2 million.

The sale was financed with a $2.4 million loan through USAM I Fund LLC, with a maturity date of Nov. 26, 2014.

Steve Woodyard of Woodyard Realty Corp., the listing and selling agent, said the complex is the only one between the new Nike Distribution Center and the interstate.

42 S. Camilla St.
Memphis, TN 38104
Sale Amount: $1.4 million

Sale Date: Nov. 30, 2010
Buyer: Fort Myers Motel Group Inc.
Seller: Mary Aronov, substitute trustee
Orig. Borrower: Nick’s Hotels LLC
Orig. Lender: General Electric Capital Corp.
Orig. Loan Amount: $2.3 million
Orig. Loan Date: June 25, 2003
Orig. Maturity Date: Aug. 1, 2023
Loan Amount: $500,000
Loan Date: Dec. 1, 2010
Maturity Date: n/a
Lender: Brighton Bank

Details: Fort Myers Motel Group has bought a 26,740-square-foot, two-story motel at 42 S. Camilla St. at a foreclosure sale. The motel was built in 1979 on 3.1 acres on the east side of Camilla north of Union Avenue.

The property, currently called Camilla Inn, was previously branded as a La Quinta Inn and the Red Roof Memphis Downtown.

The previous owner, Nick’s Hotels LLC, bought the property for $2 million in 2003. General Electric Capital Corp. foreclosed on the property in November after Nick’s Hotels LLC defaulted on a $2.3 million loan taken out June 25, 2003. That loan had a maturity date of August 2023.

The Shelby County Assessor’s 2010 appraisal is $2.7 million.

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