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VOL. 127 | NO. 1 | Monday, January 2, 2012

Lamar Crossing Apts. Changes Owners Again

By Kate Simone

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2881 Lamar Ave.
Memphis, TN 38114
Loan Amount: $3.5 million

2881 Lamar Ave., Memphis, TN 38114

Loan Date: Oct. 7, 2011
Maturity Date: n/a
Borrower: Lamar Apartments LP
Lender: Nessko TN LLC

Details: The beleaguered Lamar Crossing Apartments recently changed hands again – this time landing under the ownership of a community development corporation that in recent years built affordable housing north of Chelsea Avenue.

Lamar Apartments LP, whose key principal is Bluff City Community Development Corp., received the property via an October quitclaim, according to documents just filed with the Shelby County Register of Deeds. It’s the latest transaction for the stalled complex at 2881 Lamar Ave., a planned $12 million construction project at the time of its 2007 groundbreaking.

The 120,000-square-foot, 120-unit property, which sits on 7.1 acres along Lamar just north of Interstate 40, was 85 percent complete when it ran into financial trouble in 2009 and Arvest Bank reclaimed it.

The next August, Marcus & Millichap Real Estate Investment Services held an online auction for Lamar Crossing, with bids starting at $1.2 million – about one-tenth of the project’s cost when development began, Nick Steele with the special assets group in Marcus & Millichap’s Denver office told The Daily News for a 2010 article.

The property landed a new owner this May, when Arvest sold Lamar Crossing to Nessko TN LLC for $1.5 million. Now Nessko has quitclaimed the site to Lamar Apartments LP. In turn, Lamar Apartments has filed a $3.5 million multifamily loan through Nessko.

Bluff City CDC is the developer behind April Woods Apartments and Bickford Square Apartments, affordable-housing developments in North Memphis.

671 Harbor Edge Drive
Memphis, TN 38103
Sale Amount: $31.5 million

Sale Date: Dec. 20, 2011
Buyer: Behringer Harvard Arbors LLC
Seller: Arbors of Harbor Town Joint Venture
Loan Amount: $26 million
Loan Date: Dec. 20, 2011
Maturity Date: n/a
Lender: Red Mortgage Capital LLC

Details: The Shelby County Register of Deeds office has now received filings for the Dec. 20 purchase of the 345-unit Arbors at Harbor Town Apartments for $31.5 million, or $91,304 per unit. The Class B complex, which was built in 1991, uses the address 671 Harbor Edge Drive.

Behringer Harvard Arbors LLC – a joint venture comprised of a 94 percent interest by Dallas-based Behringer Harvard Opportunity REIT II Inc. and Nashville-based Carter-Haston Real Estate Service Inc. – bought the complex from Arbors of Harbor Town Joint Venture. It was financed with a with a $26 million deed of trust through Red Mortgage Capital LLC.

Blake Pera and Tommy Bronson with CB Richard Ellis Memphis’ multifamily division represented the seller and were the only brokers involved in the deal.

For more information, see the Dec. 23 Inked column at www.memphisdailynews.com.

46 Lots In
Oak Grove PD
Sale Amount: $1.5 million

Sale Date: Dec. 21, 2011
Buyer: Regency Homebuilders LLC
Seller: BancorpSouth Bank
Loan Amount: $1.1 million
Loan Date: Dec. 21, 2011
Maturity Date: Dec. 10, 2013
Lender: BancorpSouth Bank

Details: Regency Homebuilders LLC has bought 46 lots in Oak Grove Planned Development in Collierville from BancorpSouth Bank for $1.5 million, financing it with a $1.1 million loan through BancorpSouth.

Forty-five of the lots are in section B of Woodgrove (Oak Grove phase 4), while the other lot is in section A. Woodgrove, as a whole, is on the north side of Shelby Drive south of Collierville Road, east of Fleming Road and west of Byhalia Road. The plan for section B calls for 64 lots on about 30 acres, while the plan for section A is 56 lots on 36.5 acres, according to each section’s plat.

The lots included in the sale are on Shelby Post Road, Crimson Oaks Lane, Lonewood Way, Four Oaks Lane, Five Oaks Lane, Six Oaks Lane and Nine Oaks Lane.

BancorpSouth bought the lots for $1.9 million at a foreclosure sale in November 2010 after Hearthstone Investments LLC defaulted on a $3.6 million loan through the bank.

8594 Blue Creek Circle
Millington, TN 38053
Loan Amount: $11.2 million

Loan Date: Nov. 28, 2011
Maturity Date: Dec. 1, 2051
Borrower: Cross Creek-Millington LLC
Lender: Deutsche Bank Berkshire Mortgage Inc.

Details: Cross Creek-Millington LLC has filed an $11.2 million multifamily deed of trust through Deutsche Bank Berkshire Mortgage Inc. for Cross Creek Apartments, 8594 Blue Creek Circle in Millington.

Built in 2006, the complex has 144 units on 11.7 acres on the west side of Wilkinsville Road, south of West Union Road and north of the intersection of Wilkinsville Road and U.S. 51. Cross Creek uses the address 8594 Blue Creek Circle, but the Shelby County Assessor of Property lists it on Wilkinsville Road without a street number. The assessor’s 2011 appraisal is $8.8 million.

A second parcel, about 1 acre of vacant land with a negligible appraised value, is also part of the property.

Cross Creek-Millington bought the then-vacant land from Shelby Mall Agency Corp. in April 2005 for $837,500.

Cross Creek Apartments includes one-, two- and three-bedroom units ranging from 915 to 1,308 square feet. It is managed by Memphis-based TESCO Properties Inc.

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751