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VOL. 127 | NO. 55 | Tuesday, March 20, 2012

Construction Loan Filed To Develop Lamar Crossing

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2881 Lamar Ave.
Memphis, TN 38114

2881 Lamar Ave., Memphis, TN 38114

Loan Amount: $5.4 million

Loan Date: March 1, 2012

Maturity Date: April 15, 2013

Borrower: Lamar Apartments LP (with HCP-ILP LLC an investor limited partner)

Lender: Hunt Capital Partners LLC

Details: A $5.4 million construction loan has been filed for Lamar Crossing Apartments at 2881 Lamar Ave., a complex that in recent years has been held by a number of owners and the subject of multiple development efforts.

Current owner Lamar Apartments LP filed the development loan through Hunt Capital Partners LLC, stating in documents it plans to develop a low-income housing complex. The loan matures in April 2013 and HCP-ILP LLC is listed as an investor limited partner.

Lamar Apartments LP, whose key principal is Bluff City Community Development Corp., received the property via quitclaim in October, financing it at the time for $3.5 million through Nessko TN LLC. That loan becomes subordinate to the new one.

Lamar Crossing was 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.

It changed hands a couple of times before Nessko TN bought it last May, quitclaimed it to Lamar Apartments LP and granted the entity a $3.5 million multifamily loan.

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

400 Mahannah Ave.
Memphis, TN 38107

Permit Cost: $3.5 million; $300,000

Project Cost: $316 million

Permit Date: Applied March 2012

Owner: K.T.G. (USA)

Tenant: K.T.G. (USA)

Contractor: AMEC Kamtech Inc.

Details: Two more building permit applications – these totaling $3.8 million – have been filed for Kruger Inc.’s $316 million Memphis expansion. The Canadian-based tissue manufacturer announced last year plans to grow its facilities north of Downtown.

In this most recent round, a $3.5 million application was filed with the city-county Office of Construction Code Enforcement for structural steel work on a tissue machine building at 400 Mahannah Ave., and a $300,000 permit application was filed to pour concrete foundation for major equipment in the building.

AMEC Kamtech Inc. is listed as the general contractor on both permits.

In February, Kruger filed a $39.8 million construction loan for its existing Memphis facility on Mahannah. Days later, building permits were filed and issued for other steel work.

668 S. Main St. and 674 S. Main St.
Memphis, TN 38103

Sale Amount: $940,367

Sale Date: March 9, 2012

Buyer: Berclair Downtown Animal Hospital LLC

Seller: Steve M. Snow, L.M. Snow and J.D. Williams

Loan Amount: $1.5 million

Loan Date: March 9, 2012

Maturity Date: n/a

Borrower: Berclair Downtown Animal Hospital LLC doing business as Grace Animal Hospital

Lender: SunTrust Bank

Details: Berclair Downtown Animal Hospital LLC has paid $940,367 for the Downtown clinic of the same name, 668-674 S. Main St. The sellers were the practice’s veterinarians, Steve M. Snow, L.M. Snow and J.D. Williams.

Berclair Downtown Animal Hospital LLC doing business as Grace Animal Hospital financed the purchase with a $1.5 million trust deed through SunTrust Bank.

The property includes a 10,549-square-foot veterinary clinic built in 1940 and formerly used as a warehouse. It sits on about 0.5 acres at the southeast corner of Georgia Avenue and South Main. It includes a 3,000-square-foot play area, fenced backyard and boarding area, according to the practice’s website.

The assessor’s 2011 appraisal is $868,300.

Berclair Animal Hospital opened at 4670 Summer Ave. in the early 1950s. Veterinarian L.M. Snow bought into the clinic in 1964. Snow’s son, Steven, joined in 1995, and Williams came on board in 2004.

They bought the Downtown site in 2006 for $505,000 and split their time between the two locations.

3885 S. Perkins Road and 3895 S. Perkins Road Memphis, TN 38118

Sale Amount: $1.5 million
Sale Date: Feb. 28, 2012

Buyer: Memphis Investments LLC

Seller: William P. Moss III, substitute trustee on behalf of Memphis Investments LLC

Details: Memphis Investments LLC has bought back flex buildings in Corporate Park at a foreclosure sale for $1.5 million. The buildings, at 3885 S. Perkins Road and 3895 S. Perkins Road, went into foreclosure when AW I LP defaulted on a May 2005 loan for $2.5 million through Memphis Investments.

Both buildings are Class B flex space built in 1986. 3885 S. Perkins is 41,767 square feet; 3895 S. Perkins is 37,727 square feet. Together, they sit on about 8 acres bounded on the south by South Perkins Road, on the west by Old Lamar Road and on the east by Knight Road.

The Shelby County Assessor of Property’s 2011 appraisal is $1.5 million.

Milwaukee-based AW I LP bought the property in 2005 for $3.4 million.

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783