VOL. 125 | NO. 237 | Tuesday, December 7, 2010
Memphis Real Estate Recap
Real Estate Recap
YMCA Buys Former Cordova Athletic Club
By Kate Simone
7950 Club Center Drive
Cordova, TN 38018
Sale Amount: $2 million
Sale Date: Dec. 1, 2010
Buyer: YMCA of Memphis & the Mid-South
Seller: Cordova AC LLC
Loan Amount: $4.7 million
Loan Date: Dec. 1, 2010
Maturity Date: n/a
Lender: Regions Bank and Regions Equipment Finance Corp. (together, the beneficiary)
Details: YMCA of Memphis & the Mid-South has bought the former Cordova Athletic Club at 7950 Club Center Drive. The property is a 29,418-square-foot, one-story exercise facility built in 1996.
The seller, Cordova AC LLC, bought the property in September 2006 for $5.9 million. The Shelby County Assessor’s 2010 appraisal is $3 million.
The deal closed Wednesday and the YMCA location – now called the Cordova Family YMCA – opened Thursday, said Keith Johnson, president and CEO of YMCA of Memphis and the Mid-South.
“We’ll be putting about a half-million dollars of improvement in it,” Johnson said. “Half of that will be new equipment and then the other half will be renovations and improvements and upgrades and so forth.”
Johnson said YMCA had two bond issuances, which they refinanced and moved to Regions Bank, where they were able to do an additional refinancing of their corporate office and the new Cordova location.
Johnson said the Y will run the facility until Dec. 20, then close for renovations until Jan. 2. Changes include turning the indoor pool into an aerobics center, installing new equipment and resurfacing the gym floor.
“We have been working probably for six or eight years to try to find the right location in Cordova – Cordova, Lakeland, Arlington, kind of the east/northeast quadrant of Shelby County,” Johnson said. He added the new location – along with seven others in the Memphis area and one in DeSoto County – now makes YMCAs convenient to most people in Shelby and DeSoto counties.
3169 Kirby Parkway
Memphis, TN 38115
Loan Amount: $3.7 million
Loan Date: Dec. 1, 2010
Maturity Date: Dec. 1, 2020
Borrower: Kirby Woods Associates LP
Lender: Financial Federal Savings Bank
Details: Kirby Woods Associates LP has financed The Ellington at Kirby apartment complex at 3169 Kirby Road through Financial Federal Savings Bank for $3.7 million.
The 164-unit complex was built in 1985 and sits on 9.6 acres on the west side of Kirby Parkway between Mount Moriah Road to the north and Knight Arnold Road to the south.
Kirby Woods Associates, a California limited partnership, transferred the property to Kirby Woods Associates LP, a Tennessee limited partnership, in January 2002 for $5 million.
The Shelby County Assessor of Property’s 2010 appraisal is $4.5 million.
4138 Kirby Parkway And
6705 E. Shelby Drive
Loan Amount: $1.4 million
Loan Date: Nov. 19, 2010
Maturity Date: n/a
Borrower: Roopani Properties LLC and A&S Fuels LLC
Lender: Brighton Bank
Details: Roopani Properties LLC and A&S Fuels LLC have financed two properties through Brighton Bank for a total $1.4 million.
The first, which loan documents list at 4238 Kirby Parkway and the Shelby County Assessor of Property lists at 4138 Kirby, is on about 1 acre at the northeast corner of Kirby Parkway and Raines Road in Kirby/Raines Commercial Centre. It contains a service station and a 2,350-square-foot convenience store built in 1988.
Roopani Properties bought the property in June from Mapco Express Inc. for $650,000. The Shelby County Assessor’s 2010 appraisal is $489,600.
The second property is at 6705 E. Shelby Drive, on the east side of Ross Road south of East Shelby Drive. It contains a service station and 2,368-square-foot convenience store built in 1988 on about 1 acre in the Village at Hedgerow Commercial Subdivision.Roopani Properties bought the property in August for $700,000. The Shelby County Assessor’s 2010 appraisal is $644,100.
For Three Lots
Loan Amount: $621,920
Loan Date: Nov. 29, 2010
Maturity Date: Dec. 10, 2011
Borrower: Regency Homebuilders LLC
Lender: Triumph Bank
Details: Regency Homebuilders LLC has filed a $621,920 construction mortgage for three lots, including one lot each in Laurel Tree II Planned Development, Gardens of Gray’s Creek Planned Development and Rolling Meadows Planned Development, phase 2.
The lender is Triumph Bank.
The lots in Laurel Tree II and Gardens of Gray’s Creek were bought from First Tennessee Bank NA as part of a $1.9 million transaction in July. That sale included lots in Laurel Tree II, Concord Estates Subdivision, Tulip Creek Subdivision, St. Andrews Place Planned Development, Stonebriar Planned Development, Afton Grove Planned Development, Diamond Estates Subdivision and Gardens of Gray’s Creek.
Regency bought the lot in Rolling Meadows Nov. 29 for $52,000.