VOL. 127 | NO. 119 | Tuesday, June 19, 2012
Memphis Real Estate Recap
City Files $12 Million Permit App To Build Overton Square Garage
By Kate Simone
2100 Monroe Ave.
Memphis, TN 38104
2100 Monroe Ave. • Memphis, TN 38104
Permit Cost: $12 million
Permit Date: Applied June 2012
Owner: City of Memphis
Architect: LRK Inc.
Details: The city of Memphis has filed a $12 million building permit application with the city-county Office of Construction Code Enforcement for the three-story Overton Square parking garage being built in conjunction with Loeb Properties Inc.’s revitalization of the square.
The 435-space garage, which will be at the northeast corner of Monroe Avenue and Florence Street, will contain a water-detention facility underneath to alleviate rain flooding throughout the Lick Creek basin. LRK Inc. is the architect of record for the project. Construction is expected to begin in July and last about a year.
Loeb’s is developing the square into a “Heart of the Arts” area that builds on the success of current theater tenants while also relocating black repertory theater company Hattiloo Theatre from Marshall Avenue to the south side of the square.
The $35 million project encompasses about 120,000 square feet in redevelopment and new buildings, $19.2 million of which Loeb will provide. The city was asked to contribute $16 million for infrastructure, including the garage, streetscapes, traffic-related expenses and Hattiloo’s new site.
The city council approved the request for funding in December.
18.6 acres at Hacks Cross Road
And Tournament Drive
Loan Amount: $11.5 million
Loan Date: May 30, 2012
Maturity Date: n/a
Borrower: PHC Real Estate LLC
Lender: First Tennessee Bank NA
Details: PHC Real Estate LLC has filed an $11.5 million construction loan for 18.6 acres at the southwest corner of Tournament Drive and Hacks Cross Road in Fieldstone Planned Development.
Memphis-based PHC bought the land in December for $1.2 million, and the site’s anticipated use is an office building, according to real estate information company Chandler Reports.
The Shelby County Assessor of Property’s 2012 appraisal is $748,600.
In July, PHC Real Estate filed articles of organization as a limited liability company. Its sole member is Poplar Healthcare Management LLC. The latter is a laboratory services company whose subsidiaries include GI Pathology, D-PATH Dermatopathology and OncoMetrix.
6015 Summer Trace Drive
Memphis, TN 38134
Loan Amount: $3.5 million
Loan Date: May 31, 2012
Maturity Date: n/a
Borrower: SBV-Memphis-Summer Trace LLC
Lender: Wells Fargo Bank NA
Details: SBV-Memphis-Summer Trace has filed a $3.5 million construction loan for the 255-unit Summer Trace Apartments at 6015 Summer Trace Drive in the Raleigh/Bartlett apartment submarket.
The loan through Wells Fargo Bank NA comes the same day SBV began a 10-year payment-in-lieu-of-taxes agreement through the city Health, Education and Housing Facility Board for the low- to moderate-income complex, which also uses the address 5999 Summer Ave.
Built in 1973, the Class D Summer Trace is on about 15 acres on the east side of Summer Avenue about halfway between Raleigh Lagrange Road to the north and Sycamore View Road to the south. Its one-, two- and three-bedroom units average 763 square feet.
The Shelby County Assessor of Property’s 2012 appraisal is $500,000.
Spectrum Business Ventures Inc. is the project manager, according to PILOT documents. SBV-Memphis-Summer Trace bought the complex in December for $306,900, filing a $600,000 trust deed at the time of purchase.
2059 Vollintine Ave.
Memphis, TN 38107
Sale Amount: $2.9 million
Sale Date: March 9, 2012
Buyer: LBUBS 2002-C4 Cabana Circle LLC
Seller: Harris P. Quinn, on behalf of lender LBUBS 2002-C4 Cabana Circle LLC
Details: The 488-unit University Cabana Apartments in North Memphis has been bought back by its most recent lender, an affiliate of Miami-based loan servicer LNR Partners LLC, after the property went into foreclosure last year.
LBUBS 2002-C4 Cabana Circle LLC’s $2.9 million buyback occurred this spring, but documents weren’t filed with the Shelby County Register of Deeds until June.
University Cabana, a Class C complex built in 1965, is on 26 acres at 2059 Vollintine Ave., north of Vollintine Avenue and east of University Street in Vollentine Park subdivision. It uses the address 2059 N. Cabana Circle.
The Shelby County Assessor of Property’s 2012 appraisal is $4.4 million, unchanged from the property’s 2011 appraisal.
The foreclosure process began after owner University Apartment Associates LLC defaulted on 2002 loan for $7 million through UBS Warburg Real Estate Investments Inc., according to the notice. That loan was transferred three times, most recently in December to LNR’s LBUBS affiliate. Foreclosure notices ran in The Daily News in January and February, but the sale was postponed to the next month.
LNR Partners is a subsidiary of LNR Property LLC, the world’s largest commercial mortgage special servicer. The company has been involved in a number of high-dollar property acquisitions and dispositions in the Memphis area.