VOL. 126 | NO. 159 | Tuesday, August 16, 2011
Memphis Real Estate Recap
Airport Hotel, Conference Center Sells for $4.4M in Foreclosure
2240 Democrat Road
Memphis, TN 38132
Sale Amount: $4.4 million
2240 Democrat Road • Memphis, TN 38132
Sale Date: July 22, 2011
Buyer: Alpha Hospitality Ventures LLC
Seller: Lloyd C. Kirkland, as substitute trustee
Loan Amount: $4 million
Loan Date: Aug. 2, 2011
Maturity Date: n/a
Lender: Cecil Bank
Details: New Jersey-based Alpha Hospitality Ventures LLC has bought Memphis Airport Hotel & Conference Center property at 2240 Democrat Road for $4.4 million at a substitute trustee’s – or foreclosure – sale. The deal closed July 22. The seller was Lloyd C. Kirkland, appointed in June as substitute trustee.
Memphis Airport Hotel & Conference Center is about 270,000 square feet, according to the Shelby County Assessor of Property, whose 2011 appraisal is $8.1 million.
Built in 1974, it has 374 rooms plus 33,000 square feet of meeting space. It is on 7.6 acres in Nonconnah Corporate Center. The parcel is on the northeast corner of Nonconnah Boulevard and Democrat Road, with a small portion of the easternmost part of the property fronting Airways Boulevard.
The purchase was financed with an open-end mortgage of about $4 million through Cecil Bank.
The property went into foreclosure because Riya Parikh Memphis LLC, which bought the property for $8.3 million in May 2008, defaulted on a $12.8 million loan through PNC Bank NA.
8037 Waterford Circle
Memphis, TN 38125
Sale Amount: $18.2 million
Sale Date: May 11, 2011
Buyer: GECMC 2006-C1 Waterford Circle LLC
Seller: Harris P. Quinn, substitute trustee
Details: 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 the sale document wasn’t recorded by the Shelby County Register of Deeds until last week.
GECMC 2006-C1 Waterford Circle LLC, which is 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 multifamily 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 in Buckingham Farms Planned Development. The west side of the complex fronts the east side of 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 in the property, and Flushing Waterford LLC, which held the remaining 25 percent, defaulted on a $54.6 million loan through Deutsche Banc Mortgage Capital LLC dated Feb. 28, 2006. That loan was set to mature April 1. 2016.
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 same entity – care of LNR Partners – that bought the property out of foreclosure.
For more information, see the article on Waterford Place Apartments in the Aug. 11 edition of The Daily News at www.memphisdailynews.com.
7981 Dexter Road
Memphis, TN 38016
Sale Amount: $1.3 million
Sale Date: July 28, 2011
Buyer: Vieux Carre Investments LLC
Seller: Nancy S. Waddell
Details: Collierville-based Vieux Carre Investments LLC has bought Vieux Carre, a neighborhood shopping center at 7981 Dexter Road, from Nancy S. Waddell for $1.3 million. The deal closed July 28.
The 10,620-square-foot, Class A center is on 1.5 acres at the southwest corner of Dexter Road and Chickering Lane in The Commons at Dexter Lake Planned Development. It was built in 2009, at a cost of $2 million, by The Commons at Dexter Lake LLC, a family-owned real estate development group led by Crye-Leike Commercial broker John Waddell, his wife, Nancy, and son, Jeff.
In conjunction with the purchase, Vieux Carre Investments LLC assumed a $1.2 million loan from Nancy S. Waddell. The Commons at Dexter Lake LLC took out the loan through First Citizens National Bank in October 2008. The loan was later modified then transferred to Nancy S. Waddell when The Commons quitclaimed the property to her in December 2009.
The Shelby County Assessor of Property’s 2011 appraisal is $1.3 million.
Vieux Carre Investments in June filed articles of incorporation as a limited liability company with the Tennessee Secretary of State’s office.
9063 Macon Road
Cordova, TN 38016
Sale Amount: $1.1 million
Sale Date: Aug. 1, 2011
Buyer: Macon Road Partners LLC
Seller: Timothy D. Vargo
Loan Amounts: $1 million; $100,000
Loan Date: Aug. 1, 2011
Maturity Date: Aug. 1, 2018
Lender: First Tennessee Bank NA ($1 million); Timothy D. Vargo ($100,000)
Details: Macon Road Partners LLC has bought Cordova property at 9063 Macon Road – the site of Memphis Motor Werks, an auto and motorcycle machine and services shop – from Timothy D. Vargo for $1.1 million.
The purchase was financed with a $1 million loan through First Tennessee Bank NA and a $100,000 loan through Timothy Vargo. Both loans mature Aug. 1, 2018.
The property is a 27,284-square-foot auto garage built in 1995 on a 4.2-acre parcel on the east side of Macon Road south of its 90-degree turn to the east. The site is north of a planned section of the Shelby Farms Greenline.
Macon Road Partners lists its address as the property address – 9063 Macon.
Timothy D. Vargo bought the property in February 1995 for $272,925.
The Shelby County Assessor of Property’s 2011 appraisal is $1.1 million.