VOL. 125 | NO. 31 | Tuesday, February 16, 2010
Downtown’s Exchange Building In Foreclosure
By Eric Smith
The Exchange Building, a century-old, 19-story apartment tower at 130 Madison Ave., is in foreclosure after its owner defaulted on a loan, according to a first-run notice that begins on Page 31 of today’s print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.
The Exchange Building Limited Partnership defaulted on a $2.9 million construction loan through First Tennessee Bank NA dated Jan. 31, 1995.
After a number of modifications and reassignments, the debt on the 202-unit, 217,244-square-foot apartment tower is now owned by Warren, Pa.-based Northwest Savings Bank, which filed the foreclosure notice this week.
The bank appointed Thomas R. Dyer and Douglas M. Alrutz of the Memphis law firm Wyatt, Tarrant & Combs LLP as successor trustees. They will hold a successor trustees’ sale March 10 at noon on the Shelby County Courthouse steps.
Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.
Built in 1910 and listed on the National Register of Historic Places since 1979, the apartment building underwent an extensive renovation in the mid-1990s. The owners secured payment-in-lieu-of-taxes (PILOT) funding through the Center City Revenue Finance Corp. for the project.
The building, which has an alternate address of 9 N. Second St., sits on 0.25 acres at the northwest corner of Madison Avenue and North Second Street, just south of Court Square. Its 2009 appraisal was $4.2 million, according to the Shelby County Assessor of Property.
The Exchange Building, also referred to as the Memphis Merchants Exchange by Memphis Heritage, sits across the street from another high-profile property that recently was foreclosed, the Goodwyn Condominiums at 127 Madison Ave.