VOL. 125 | NO. 188 | Tuesday, September 28, 2010
Memphis Real Estate Recap
Real Estate Recap
$5.3M Permit Application Filed for Soulsville Charter School
By Kate Simone
Soulsville Charter School
1115 College St.
Memphis, TN 38106
Permit Amount: $5.3 million
Project Cost: $5.3 million for phase one
Permit Date: Applied September 2010
Completion: July 2011
Owner: Soulsville Foundation
Tenant: Soulsville Charter School
Contractor: Looney Ricks Kiss
Architect: Flintco Inc.
Details: A $5.3 million permit application has been filed for Soulsville Charter School, slated to be built at 1115 College Street. The permit calls for construction of a two-story school building. It will replace 13 portable classrooms currently on site, according to Soulsville communications director Tim Sampson. The school held a groundbreaking earlier this month, and construction is set to be finished in July 2011.
The new building, phase one of construction, will include classrooms, a library, science and media labs and administrative offices. Phase two will be a multipurpose gym and cafeteria. Total cost of the project is around $7.5 million, Sampson said.
The contractor is Flintco Inc. A call to Flintco was not returned by press time.
The Soulsville Charter School opened in 2005 with 60 sixth graders and has expanded to 370 students, Sampson said. The final class – 12th grade – will be added next year, coinciding with completion of the new building.
Based in Oklahoma, Flintco’s Memphis office has handled local projects including FedExForum, Methodist Le Bonheur Hospital-Germantown, University of Memphis FedEx Institute of Technology and the Westin Beale Street Memphis hotel, according to Flintco’s website.
The company also is general contractor for the consolidated parking garage and rental car facility being built at Memphis International Airport.
4995 Citation Drive
Memphis, TN 38118
Loan Amount: $14.2 million
Loan Date: Sept. 15, 2010
Maturity Date: n/a
Borrower: Exeter 4995 Citation LLC
Lender: Bank of America NA
Details: Exeter 4995 Citation LLC has financed property at 4995 Citation Drive through Bank of America NA for $14.2 million. The property includes a 366,800-square-foot warehouse/storage facility built in 1998 in Airport Industrial Park South. It sits on a 33.4-acre parcel on the east side of Malone Road north of East Holmes Road.
Exeter 4995 Citation bought the property in July from Principal Life Insurance Co. for $9.1 million. No mortgage documents were filed at the time of sale. The Shelby County Assessor’s 2010 appraisal is $11.1 million.
Legends Park West
Loan Amount: $6.3 million; $1.4 million
Loan Date: Sept. 9, 2010
Maturity Date: n/a; Sept. 9, 2012
Borrower: Legends Park West LP
Lender: U.S. Bank NA ($6.3 million); Enterprise Mortgage Investments Inc. ($1.4 million)
Details: Legends Park West LP, an entity affiliated with Legends Park West developer McCormack Baron Salazar, has filed two loans related to the property’s development on the former Dixie Homes housing project site. A $6.3 million construction loan was filed through U.S. Bank NA, while a $1.4 million delivery recourse loan was filed through Enterprise Mortgage Investments Inc.
The loans cover the three lots in phase four of Legends Park West, bounded by Delmar Avenue to the north, Ayers Street to the west, Poplar Avenue to the south, and North Pauline Street/Red Sox Lane to the east.
A call to McCormick Baron Salazar was not returned by press time.
The St. Louis-based company also developed Legends Park East, as well as University Place on the site on the former Lamar Terrace public housing project at Lamar Avenue and I-240.
McCormack Baron Salazar filed a $12.5 million master permit with the city-county Office of Construction Code Enforcement in June. For details, see the June 28 issue of The Daily News or visit memphisdailynews.com.
400 S. Highland St.
Memphis, TN 38111
Sale Amount: $1.8 million
Sale Date: Aug. 31, 2010
Buyer: Serenity Towers at Midtown Memphis LLC
Seller: New Wesley Highland Towers Associates
Loan Amount: $3.2 million
Loan Date: Sept. 17, 2010
Maturity Date: n/a
Lender: The Glenda G. Morgan Charitable Foundation Inc.
Details: Orlando, Fla.-based Serenity Towers at Midtown Memphis LLC has bought Highland Towers, a retirement center on 2.8 acres on the east side of Highland Street between Norriswood and Watauga avenues from Seattle-based New Wesley Highland Tower Associates.
The 324,000-square-foot center was built in 1964. The Shelby County’s 2010 appraisal is $2.6 million.
2490 Mount Moriah Road
Memphis, TN 38115
Sale Amount: $1.4 million
Sale Date: July 31, 2010
Buyer: S.A. Challenger Inc.
Seller: Jerry P. Spore, substitute trustee
Original Borrower: Veer Enterprises LLC
Original Lender: San Diego National Bank
Original Loan: $3.6 million
Details: S.A. Challenger Inc. has bought back the Mount Moriah Plaza hotel at 2490 Mount Moriah Road through a foreclosure sale in which S.A. Challenger was already the holder of the mortgage note.
The property is a 107,600-square-foot, 195-unit, four-story hotel built in 1974. It sits on 7.9 acres on the northeast side of Mount Moriah west of American Way.
The original lender was San Diego National Bank, which provided a $3.6 million loan in late 2003. Earlier this year, the Federal Deposit Insurance Corp. assigned San Diego National Bank’s loan to U.S. Bank NA, which, in turn, assigned it to S.A. Challenger.
The sale was allowed to move forward because of a February order in the bankruptcy case of Veer Enterprises LLC.
According to the trust deed, tax bills are to go to S.A. Challenger, care of U.S. Bank NA.