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VOL. 125 | NO. 31 | Tuesday, February 16, 2010




Stratford Place Owner Files $1.4 Million Loan

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1806 and 2098 Poplar Ave.
Memphis, TN 38104
Loan Amount: $1.4 million

Loan Date: Jan. 26, 2010
Maturity Date: N/A
Borrower: Stratford Place LLC
Lender: Union Central Life Insurance Co.

Details: Stratford Place LLC, the owner of the Stratford Place apartments at 1806 Poplar Ave. and the Midtown Place apartments at 2095 Poplar Ave. in Midtown, has filed a $1.4 million deed of trust, security agreement, assignment and rents and fixture filing statement through Union Central Life Insurance Co. on the properties.

The loan was filed in late January, with Jerome Makowsky signing the trust deed as chief manager of Stratford Place LLC. Makowsky is a principal with the real estate firm of Makowsky Ringel Greenberg LLC, whose East Memphis address is the same as that of Stratford Place LLC.

Stratford Place, at 1806 Poplar Ave., includes a 36-unit, three-building garden-style apartment complex on 2.04 acres on the north side of Poplar, at the northwest corner of Poplar and McLean Boulevard. The Shelby County Assessor of Property’s 2009 appraisal of that parcel was $856,700.

Midtown Place, at 2095 Poplar Ave., includes a 52-unit, two-building apartment complex on 2.64 acres on the south side of Poplar, at the southwest corner of Poplar and Cooper Street. The assessor’s 2009 appraisal of that parcel was $1.6 million.

2116 W. Poplar Ave.
Collierville, TN 38017
Loan Amount: $ 1.5 million

Loan Date: Jan. 26, 2010
Maturity Date: N/A
Borrower: X-L Service Inc.
Lender: Independent Bank

Details: X-L Service Inc., a Collierville-based commercial development and management firm, has filed a $1.5 million deed of trust, security agreement and fixture filing through Independent Bank on a pair of its retail properties.

The company filed the loan on its 27,544-square-foot retail center called The Collection of Houston Levee at 2116 W. Poplar Ave. in Collierville, as well as on a separately deeded outparcel of that center.

The retail center, anchored by a Huey’s restaurant and Poplar Wine & Spirits liquor store, sits on 2.88 acres at the northwest corner of Poplar Avenue and South Houston Levee Road. Built in 1998, the Class A center has an appraised value of $4.1 million, according to the Shelby County Assessor of Property’s 2009 data.

The outparcel houses a branch of Independent Bank. Built in 2001, the 3,536-square-foot bank sits on 0.83 acres; its most recent appraised value was $1.4 million, according to the assessor. Formally, the outparcel’s address is 9880 U.S. 72.

X-L Service developed the shopping center. Samuel A. Gassaway Jr. signed the trust deed as president of the company, which was founded in 1957 as a gas station operator.

60 Madison Ave.
Memphis, TN 38103
Permit Cost: $500,000

Permit Date: Applied February 2010
Owner: Madison Garage Partners
Tenant: Madison Garage Partners
Contractor: Standard Builders Inc.

Details: Madison Garage Partners applied this month for a $500,000 permit for renovations to its parking facility at 60 Madison Avenue, across from The Metro 67 apartment building.

The permit is to “convert floors 7, 8, 9 and 10 to (a) parking garage,” according to public records. A call to a representative at Madison Garage Partners was not answered.

The contractor for the project is Standard Builders Inc., which has an office on Vanderhorn Drive in Memphis. A call to Standard Builders was not returned by press time.

The property is home to a 101,630-square-foot, six-story concrete building finished in 1970. The lot size is 20,506 square feet, according to real estate information company Chandler Reports.

The owner of record is the Memphis Center City Revenue Finance Corp.

The building’s description says it is a “modern office building with 121,956 square feet of parking garage.” The Shelby County Assessor of Property’s 2009 appraisal was $5.2 million.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 57 1,266
MORTGAGES 48 48 964
FORECLOSURE NOTICES 1 1 152
BUILDING PERMITS 85 85 2,836
BANKRUPTCIES 34 34 652
BUSINESS LICENSES 10 10 286
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0