1500 E. Shelby Drive
Memphis, TN 38116
Sale Amount: $1.4 million

1500 E. Shelby Drive

Sale Date: Feb. 25, 2011
Buyer: Saddle Vineyards LP
Seller: Everbank
Loan Amount: $2.5 million
Loan Date: Feb. 28, 2011
Maturity Date: March 10, 2016
Lender: Triumph Bank

Details: Memphis-based Saddle Vineyards LP has bought a 124-unit apartment complex at 1500 E. Shelby Drive from Everbank for $1.4 million. The 117,456-square-foot, two-story complex has 124 units and was built in 1973. It sits on 5.8 acres on the north side of East Shelby Drive west of Mickey Drive in Southmall Manor Subdivision.

The purchase was financed with a $2.5 million loan through Triumph Bank, with a maturity date of March 10, 2016.

Everbank bought the property from Raymond Porter at a foreclosure sale for $1.3 million in September. The Shelby County Assessor of Property’s 2010 appraisal was $1.8 million.

The financing also includes a tract at 3645 Macon Road, a 74-unit apartment complex built in 1969 on 2.4 acres on the southeast corner of Macon Road and Homer Street. Saddle Vineyards LP bought that tract from David Shores, receiver through a Chancery Court order, for $375,000.

4650 Hedges Drive
Memphis, TN 38128
Loan Amount: $3.8 million

Loan Date: Feb. 28, 2011
Maturity Date: March 1, 2021
Borrower: Greenview Estates LLC
Lender: Wells Fargo Bank NA

Details: Brooklyn, N.Y.-based Greenview Estates LLC has financed the Greenview Estates Apartments at 4650 Hedges Drive through Wells Fargo Bank NA for $3.8 million.

The 156,171-square-foot, 158-unit complex was built in 2001. It sits on 36.9 acres on the south side of New Allen Road and Kerwin Drive in Raleigh.

Greenview Estates LLC bought the complex from Greenview Townhomes LLC in January 2010 for $3 million. The Shelby County Assessor’s 2010 appraisal was $3 million.

200 Progress Road
Collierville, TN 38017
Sale Amount: $1.2 million

Sale Date: Jan. 6, 2011
Buyer: Melynda F. Sammons
Seller: Craig Lumber Corp.
Loan Amount: $1.3 million
Loan Date: Jan. 6, 2011
Maturity Date: Jan. 5, 2016
Lender: BancorpSouth Bank

Details: Melynda F. Sammons of Collierville has bought a 7.8-acre parcel at 200 Progress Road in Collierville – a portion of the Craig Lumber Co. tract, according to sale documents – from Craig Lumber Corp. for $1.2 million. The purchase was financed with a $1.3 million loan through BancorpSouth Bank, with a maturity date in 2016.

It contains a 97,584-square-foot warehouse (including warehouse office space) built in 1981, a 6,798-square-foot lumber equipment shed built in 1980 and several detached steel canopies.

The Shelby County Assessor of Property’s 2010 appraisal was $2.5 million.

1.7 Acres at Dexter
And Raleigh-LaGrange Roads
Loan Amount: $1.1 million

Loan Date: Feb. 23, 2011
Maturity Date: Feb. 23, 2012
Borrower: Azman Enterprises Inc.
Lender: First Citizens National Bank

Details: Germantown-based Azman Enterprises Inc. has filed a $1.1 million construction loan through First Citizens National Bank for a 1.7-acre vacant parcel at the southeast corner of Raleigh-LaGrange and Dexter roads.

Azman bought the property in September for $150,000. The Shelby County Assessor of Property’s 2010 appraisal was $180,000.

Azman Enterprises also owns property on North Perkins, Kendall and Raines roads, according to the Shelby County Assessor of Property.

1.1 Acres East
Of South Houston Levee Road
Sale Amount: $820,000

Sale Date: March 8, 2011
Buyer: Evolve Bank & Trust
Seller: Fusion Worldwide LLC

Details: Evolve Bank & Trust has bought a 1.1-acre parcel on the east side of South Houston Levee Road north of West Poplar Avenue in Collierville from Fusion Worldwide LLC for $820,000. The site is an outparcel of Ballard Property Planned Development.

The seller, Memphis-based Fusion Worldwide LLC, was quitclaimed the property March 1 by Plantation Condos LLC. The Shelby County Assessor of Property’s 2010 appraisal was $580,200.

The plat for Ballard Property Planned Development was filed with the Shelby County Register of Deeds in 2007. It shows 35.6 acres of senior housing facility space over two parcels, 13.7 acres of retail space and 4.2 acres of professional office space.

4641 Ellendale Road
Bartlett, TN 38135
Loan Amount: $2.8 million

Loan Date: March 11, 2011
Maturity Date: March 25, 2016
Borrower: Bartlett Hills Baptist Church Inc.
Lender: Merchants & Farmers Bank

Details: Bartlett Hills Baptist Church Inc. has financed 20.2 acres of church property at 4641 Ellendale Road through Merchants & Farmers Bank for $2.8 million. The loan matures in March 2016.

The property address is also known as 6525 Old Brownsville Road.

Raleigh Baptist Church bought the then-vacant property in 1996 for $378,000. Raleigh Baptist changed its corporate name to Bartlett Hills Baptist Church Inc. in December 2004.

4240 Hickory Hill Road
Memphis, TN 38141
Loan Amount: $1.1 million

Loan Date: March 2, 2011
Maturity Date: Sept. 2, 2012
Borrower: Jerrold D. Pedigo, trustee for the 2010 Pedigo Memphis Trust
Lender: Wilson Bank & Trust

Details: Jerrold D. Pedigo, trustee for the 2010 Pedigo Memphis Trust, has filed a $1.1 million construction loan for 5.2 acres at 4240 Hickory Hill Road. The loan matures in September 2012.

The trust is based in Murfreesboro, Tenn.

The property contains a 14,946-square-foot, mixed-use office building built in 1999. It is in Hickory Hill/Raines Planned Development, phase one, on the east side of Hickory Hill Road south of Raines Road.