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VOL. 126 | NO. 144 | Tuesday, July 26, 2011




Villas at Cordova Complex Sells for $14.2M in Foreclosure

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8546 Prestine Loop
Cordova, TN 38018
Sale Amount: $14.2 million

8341 Macon Road • Cordova, TN 38018

Sale Date: May 11, 2011

Buyer: GECMC 2006-C1 Prestine Loop LLC (an affiliate of LNR Partners LLC)

Seller: Harris P. Quinn, substitute trustee

Original Borrower: Empirian Cordova LLC

Original Lender: Deutsche Banc Mortgage Capital LLC

Orig. Loan Amt.: $24.2 million

Orig. Loan Date: Feb. 28, 2006

Details: The Villas at Cordova apartment complex at 8546 Prestine Loop in Cordova has sold in a substitute trustee’s deed following a foreclosure for $14.2 million

The complex sold May 11 but wasn’t recorded by the Shelby County Register of Deeds until last week.

GECMC 2006-C1 Prestine LLC, an affiliate 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 property – whose address is listed by the Shelby County Assessor of Property as 8341 Macon Road – was foreclosed earlier this year when the previous owner, Empirian Cordova LLC, defaulted on a $24.2 million loan through Deutsche Banc Mortgage Capital LLC.

Empirian, an affiliate of Montvale, N.J.-based Empirian Property Management Inc., filed its loan Feb. 28, 2006, after buying the property a year earlier for $22.8 million.

Built in 2003, the Villas at Cordova contains 256 units and 345,883 square feet, and sits on 17.29 acres at the intersection of Macon and Cully roads.

The Class A multifamily property has an appraised value of $18.1 million, according to the latest assessor’s data.

Also in May, LNR Partners bought 10 parcels comprising 15 addresses in Bartlett Logistics Center at a foreclosure sale for $15 million.

LNR Partners, through various entities, has previously bought foreclosed Memphis properties, including 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.

3500 Park Ave., 3516 Park Ave.,
840 S. Highland St., 850 S. Highland St.
Memphis, TN 38111
Sale Amount: $1.1 million (3500 Park Ave.,
3516 Park Ave., 850 S. Highland St.);
$635,000 (840 S. Highland St.)

Sale Date: July 15, 2011

Buyer: CVS 4990 TN LLC

Seller: Terrie Lynn Johnson Bonds and Larry Gene Johnson, heirs at law of Lou Alice Brattan Johnson, deceased (3500 Park Ave., 3516 Park Ave., 850 S. Highland St.); Marilyn L. Benfield (840 S. Highland St.)

Details: CVS 4990 TN LLC has bought four parcels in the Park Avenue and South Highland Street area in two transactions totaling $1.7 million. In the first transaction, Terrie Lynn Johnson Bonds and Larry Gene Johnson, heirs at law of Lou Alice Brattan Johnson, deceased, sold 3500 Park Ave., 3516 Park Ave. and 850 S. Highland St. for $1.1 million. In the second transaction, Marilyn L. Benfield sold 840 S. Highland St. for $635,000.

The 3500 Park Ave. parcel is at the northeast corner of Park Avenue and South Highland Street. It is 0.2 acres and houses a 2,845-square-foot franchise food restaurant built in 1946, according to the Shelby County Assessor of Property.

The 3516 Park Ave. parcel is adjacent to the right of 3500 Park. It is 0.5 acres and contains an 11,600-square-foot single-occupancy retail building built in 1946, according to the assessor.

The 850 S. Highland St. parcel is adjacent to the north of 3500 Park. It is 0.1 acres and contains a 1,716-square-foot single-occupancy retail building built in 1954, according to the assessor.

The 840 S. Highland St. parcel is adjacent to the north of 850 S. Highland. It is 1.1 acres and contains a 3,919-square-foot low-rise office building built in 1967, according to the assessor, whose 2011 appraisal is $138,000.

3251 Southern Ave., 3341 Southern Ave.
And 3427 Southern Ave.
Memphis, TN 38111
Sale Amount: $1.6 million

Sale Date: June 30, 2011

Buyer: Sycamore Bank

Seller: Eric L. Sappenfield PLLC, substitute trustee

Original Borrower: Polk Rental Properties of Memphis LLC

Original Lender: Sycamore Bank

Orig. Loan Amt.: $2.4 million

Orig. Loan Date: September 2009

Details: Sycamore Bank has bought three apartment complexes near the University of Memphis at a substitute trustee’s sale, or foreclosure sale, for $1.6 million. The complexes were foreclosed after the borrower, Little Rock-based Polk Rental Properties of Memphis LLC, defaulted on loans taken out through Sycamore Bank.

The original loan for $2.4 million was taken out in September 2009. Three loan modifications were filed in 2010, according to the substitute trustee’s deed. The sale was presided over by Eric L. Sappenfield as substitute trustee.

The loan was secured by three properties: 3251 Southern Ave. (built in 1964), 3341 Southern Ave. (built in 1968) and 3427 Southern Ave. (built in 1964). Together, the properties have 113 units totaling 127,253 square feet.

5106 Tradeport Ave.
Memphis, TN 38141
Permit Amount: $1.4 million

Permit Date: Applied July 2011

Owner: American Snuff LLC

Tenant: American Snuff LLC

Details: Memphis-based American Snuff LLC, owned by Reynolds American, has filed a second permit in two weeks for its facility at 5106 Tradeport Ave. in Hickory Hill. The latest permit application filed with the city-county Office of Construction Code Enforcement is $1.4 million and covers tank pumps and pipeline control systems, among other things.

The previous permit, filed earlier this month, was for $2 million and is listed as “installation of new equipment.”

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
FORECLOSURE NOTICES 29 82 1,716
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700
BUSINESS LICENSES 28 151 3,584
UTILITY CONNECTIONS 33 172 4,155
MARRIAGE LICENSES 20 111 2,290

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