VOL. 125 | NO. 198 | Tuesday, October 12, 2010
Memphis Real Estate Recap
Real Estate Recap
Greenbrier Gets Loan for Downtown Project
By Kate Simone
436 S. Front St.
Memphis, TN 38103
Loan Amount: $2.1 million
Loan Date: Sept. 30, 2010
Maturity Date: n/a
Borrower: Greenbrier Partners LLC
Lender: Southern Bancorp Bank
Details: Greenbrier Partners LLC has filed a $2.1 million loan through Southern Bancorp Bank for construction at 436 S. Front St. Downtown. At the same time the loan was filed, Greenbrier signed a lease agreement with the Center City Revenue Finance Corp. that included a 10-year payment-in-lieu-of-taxes (PILOT) agreement.
The property is at the corner of Front and East Nettleton Avenue.
“We’re still in the contract document stage with it, coming up with the exact plan, but we do hope to get started and have something finalized in mid-January,” said Vince Smith, chief manager of Greenbrier Partners LLC, who added he’d like to break ground in January.
“We’re going to need the Center City Development (Corp.) to help work with us on a few other items in order to get it done, but I think we can get there,” Smith said.
The plan, as agreed upon in May, is to demolish a current structure and build a three-story, 29,000-square-foot building with 1,500 square feet of retail space, 25 apartment units and 25 underground parking spaces.
7109 Vineyard Way
Germantown, TN 38138
Loan Amount: $12 million
Loan Date: Sept. 22, 2010
Maturity Date: n/a
Borrower: Vineyard Apartments Inc.
Lender: PNC Multifamily Mortgage LLC
Details: Vineyard Apartments Inc. has financed the 200-unit Vineyard Apartments in Germantown through PNC Multifamily Mortgage LLC. The property sits on 27.2 acres at the southwest corner of Wolf River Boulevard and Riverdale Road.
The Vineyards Apartments LLC bought the property in February 1999 for $17.5 million, quitclaiming it to Vineyard Apartments Inc. in December of that year. The Shelby County Assessor of Property’s 2010 appraisal is $16 million.
Vineyard Apartments Inc. is affiliated with New York-based Sentinel Real Estate Corp., which has a Memphis-area office. A call to that office was not returned by press time.
3595 Millbranch Road
Memphis, TN 38116
Loan Amount: $1.5 million
Loan Date: Sept. 21, 2010
Maturity Date: n/a
Borrower: Winbranch Realty Partners LLC
Lender: Paradigm Credit Corp.
Details: Winbranch Realty Partners LLC has filed a loan for Winbranch Apartments at 3595 Millbranch Road. The company bought the apartment complex Sept. 7, filing a $975,000 loan through The Leshum Group LLC at the time of purchase.
The Winbranch apartment complex was built in 1968 and has 460 units. The units average 808 square feet with an average monthly rent of $432, according to a statement from CB Richard Ellis Inc.
The Shelby County Assessor’s 2010 appraisal is $4 million.
Winbranch Realty Partners is affiliated with New York-based Armstrong Capital Management LLC.
For details on the purchase of Winbranch Apartments, see The Daily News’ Sept. 21 Real Estate Recap at www.memphisdailynews.com.
6676 Stage Road
Bartlett, TN 38134
Sale Amount: $1 million
Sale Date: Sept. 24, 2010
Buyer: Gill Enterprises GP
Seller: Best Breakfast Inc.
Loan Amount: $750,000
Loan Date: Sept. 24, 2010
Maturity Date: Oct. 1, 2012
Lender: Financial Federal Savings Bank
Details: Gill Enterprises GP, a partnership affiliated with Gill Properties, has bought the former Blue Plate Café, a 5,448-square-foot, single-story restaurant property at the corner of Stage and Kirby-Whitten roads from Best Breakfast Inc. for $1 million. The restaurant was built in 1991 and sits on about 1 acre as an outparcel to the 140,000-square-foot Stage Centre shopping center.
Gill financed the purchase with a $750,000 loan through Financial Federal Savings Bank, maturing in October 2012.
The Shelby County Assessor’s 2010 appraisal is $813,600.
Ray Gill, president of Gill Properties, said he sold the outparcel about 20 years ago and is buying it back with plans to lease or sell it. He said he is in discussions with companies interested in both options.
Gill also said he is renovating a vacant 54,000-square-foot former grocery store anchoring the center, and plans to sell or lease that site, as well.
4017 S. Third St.
Memphis, TN 38109
Sale Amount: $500,000
Sale Date: Sept. 29, 2010
Buyer: True Authority Church International
Loan Amount: $422,223
Loan Date: Sept. 29, 2010
Maturity Date: Oct. 15, 2015
Lender: Regions Bank
Details: True Authority Church International has bought property at 4017 S. Third St. from BankTennessee for $500,000, financing the purchase with a $422,223 loan through Regions Bank. The loan matures in October 2015.
The property includes a 21,140-square-foot former day-care property built in 1996. It sits on 7.5 acres on the northwest side of South Third Street southwest of Horn Lake Road. The Shelby County Assessor of Property’s 2010 appraisal is $1.7 million.
The property is also known as 4017 Highway 61, according to sale documents.
BankTennessee bought the property back at a foreclosure sale in February 2005, according to a substitute trustee’s deed filed with the Shelby County Register of Deeds’ office. That deed states Harris Enterprises I LLC defaulted on a 1998 loan through BankTennessee for $1.1 million.