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VOL. 126 | NO. 125 | Tuesday, June 28, 2011

$3 Million in Permits Filed For Hacks Cross Buildings

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3152 Hacks Cross Road and
3168 Hacks Cross Road

Permit Amounts: $1.4 million (3152 Hacks
Cross); $1.6 million (3168 Hacks Cross)

3152/3168 Hacks Cross Rd

Permit Date: Applied June 2011

Owner: Southwind I LLC (3152 Hacks Cross); Southwind LLC (3168 Hacks Cross)

Details: Two limited liability companies, Southwind I LLC and Southwind LLC, have filed building permit applications with the city-county Office of Construction Code Enforcement for construction on Hacks Cross Road.

Southwind I LLC filed a $1.4 million application for a building at 3152 Hacks Cross Road, with the description being “new construction.” Southwind LLC filed a $1.6 million application for 3168 Hacks Cross Road, described as “new construction of senior living facility.”

Neither address is listed yet by the Shelby County Assessor of Property or Shelby County Register of Deeds.

Both permits list the properties as “institutional” buildings. Neither lists a tenant, architect or contractor.

The phone number listed for Southwind I LLC is that of Americare Systems Inc. in Sikeston, Mo. Americare offers independent living, assisted living, Alzheimer’s care and skilled nursing in Kansas, Missouri, Tennessee and Mississippi, according to the company’s website.

A call to Americare was not returned by press time.

1340 Clementine Road and
4717-4787 Tulane Road
Sale Amounts: $5.3 million (1340
Clementine Road
), $2.1 million (4717
Tulane Road
), $2.1 million (4787
Tulane Road

Sale Date: June 15, 2011

Buyer: GMF-Warren/Tulane LLC

Seller: Warren Apartments LLC (1344 Clementine Road), Tulane Apartments I LLC (4717-4787 Tulane Road)

Details: Cordova-based GMF-Warren/Tulane LLC has bought the Warren and Tulane apartment complexes for a combined $9.5 million from a trio of Rapid City, S.D.-based entities.

The buying entity, which is affiliated with Global Ministries Foundation, bought the Warren Apartments from Warren Apartments LLC for $5.3 million.

The Tulane Apartments sold in two transactions: $2.1 million each from Tulane Apartments I LLC and Tulane Apartments II LLC.

The selling entities paid a total of $4.4 million for the properties back in April 2010.

The 248-unit Warren Apartments, 1340 Clementine Road, is a Class D complex built in 1970.

It sits on 14.08 acres on the north side of Clementine Road east of Elvis Presley Boulevard. The Shelby County Assessor of Property’s 2011 appraisal is $1.6 million.

The 200-unit Tulane Apartments, 4717 and 4787 Tulane Road, is a Class D complex that includes two parcels.

The first was built in 1968; it sits on the west side of Tulane. Its 2011 appraised value is $845,300. The second parcel was built in 1969 adjacent to the other Tulane property. Its 2011 appraised value is $845,400.

The buying entities are affiliated with Cordova-based Global Ministries Fellowship, which was formed in 2003 and supports ministry programs that build churches, educate children, combat hunger and perform other humanitarian deeds on five continents.

GMF also owns affordable multifamily housing developments in the U.S. It made its first Memphis acquisition in December 2009, when it bought the River Trace Apartment Homes, a 440-unit apartment complex at 2165 E. River Trace Drive near Bartlett, for $17.8 million.

A week before buying the Warren and Tulane apartment properties, a GMF affiliate under a different name bought Wesley Madison Towers at 381-383 Madison Avenue

See details of that transaction below.

381-383 Madison Ave.
Memphis, TN 38103
Sale Amount: $2.7 million

Sale Date: June 9, 2011

Buyer: GMF-Madison Tower LLC

Seller: Wesley Madison Towers Limited

Details: GMF-Madison Tower LLC has bought Wesley Madison Towers at 381-383 Madison Ave. from Wesley Madison Towers Limited for $2.7 million.

It is a 10-story, 147-unit Class D commercial retirement center built in 1956 on 0.42 acres on the southeast corner of Madison Avenue and U.S. 51.

In conjunction with the purchase, The Health, Educational and Housing Facility Board of the City of Memphis, Tenn., issued $4.1 million in multifamily housing revenue bonds to be used for renovation of the facility.

Wesley Madison Towers Limited bought the property in August 1982 from Wesley Madison Towers Inc. for $1.6 million.

The 2011 appraised value of the property is $1 million.

The buyer, GMF-Madison Tower LLC is affiliated with Cordova-based Global Ministries Fellowship. See above for details on a GMF transaction that closed a week later.

Parcels near
Getwell Road, Interstate 240
Loan Amount: $4.3 million

Loan Date: May 31, 2011

Maturity Date: n/a

Borrower: Lakeshore Ventures LLC

Lender: PNC Bank NA

Details: Warren, Mich.-based Lakeshore Ventures LLC has financed multiple tracts totaling 34.1 acres near Getwell Road and Interstate 240 through PNC Bank NA for $4.3 million.

The property was bought in four transactions: Lakeshore Ventures bought property at 1980 Getwell Road from Patricia V. Tanner for $180,000 on Nov. 3; received property at 1980 Getwell via quitclaim from The Crown Enterprises Inc. on Feb. 4; bought a vacant parcel from Clear Channel Outdoor Inc. March 16 for $25,000; and received a parcel called the “Watson Street closure” via quitclaim from the city of Memphis March 11.

Overall, the land is south of Interstate 240 and north of American Way, east of Getwell Road.

PROPERTY SALES 50 389 12,758
MORTGAGES 21 248 8,003
BUILDING PERMITS 295 813 29,934
BANKRUPTCIES 35 164 6,064