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VOL. 126 | NO. 156 | Thursday, August 11, 2011

Waterford Place Apartments Sells in Foreclosure for $18.2M

Daily News Staff

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Waterford Place Apartments at 8037 Waterford Circle in Southeast Shelby County’s 38125 ZIP code has sold for $18.2 million in a substitute trustee’s sale following a foreclosure. The complex sold May 11 but wasn’t recorded by the Shelby County Register of Deeds until this week.

GECMC 2006-C1 Waterford Circle LLC, listed as care of Miami Beach, Fla.-based LNR Partners LLC, bought the complex from Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC, acting as substitute trustee.

The Class A property, which the Shelby County Assessor of Property lists at 4280 Hacks Cross Road, is a 320-unit complex built in 2001 on 27.9 acres. The west side fronts Hacks Cross Road, and the northeast side of the complex fronts Tenn. 385. The assessor’s 2011 appraisal is $21.9 million.

The property was foreclosed after borrowers Empirian Waterford LLC, which held a 75 percent interest, and Flushing Waterford LLC, which held the remaining 25 percent, defaulted on a $54.6 million loan through Deutsche Banc Mortgage Capital LLC.

Empirian and Flushing bought the complex a year earlier for $27.5 million.

The loan was assigned five times, with the last assignment being in June 2010 to GECMC 2006-C1 Waterford Circle LLC, the entity that bought the property out of foreclosure.

This is not the first foreclosure sale of a property owned by Empirian, an affiliate of Montvale, N.J.-based Empirian Property Management Inc.

Empirian Cordova LLC defaulted on a $24.2 million loan taken out in 2006 through Deutsche Banc Mortgage Capital LLC for the 256-unit Villas at Cordova at 8546 Prestine Loop. GECMC 2006-C1 Prestine LLC, another LNR Partners affiliate, bought it for $14.2 million.

And Empirian Southwind LLC and Bush Realty Southwind LLC defaulted on an $18.9 million loan taken out in 2004 through KeyBank NA, later assigned to Wells Fargo Bank NA, for the 306-unit Preserve at Southwind at 7991 Capilano Drive. A Wells Fargo-related entity reclaimed the property for $19.9 million.

LNR Partners, through various entities, has bought other foreclosed Memphis properties, including 10 parcels comprising 15 addresses in Bartlett Logistics Center in May, the 460-unit Winbranch Apartments in June 2009, a Class A office building at 6555 Quince Road in July 2009 (which it later sold to In-Rel Management Inc.) and the 252-unit Overlook Apartments in Frayser in October 2009.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 37 37 2,656
MORTGAGES 21 21 1,804
FORECLOSURE NOTICES 3 3 278
BUILDING PERMITS 318 318 6,019
BANKRUPTCIES 61 61 1,054
BUSINESS LICENSES 34 68 559
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0