VOL. 127 | NO. 45 | Tuesday, March 6, 2012
Memphis Real Estate Recap
$1.5 Million Loan Filed For Future Vantage Point Golf
Future Vantage Point Golf Center
MACON ROAD NEAR BIG ORANGE ROAD
Loan Amount: $1.5 million
Loan Date: Feb. 28, 2012
Maturity Date: March 1, 2037
Borrower: Vantage Point Holdings LLC
Lender: Magna Bank
Details: Vantage Point Holdings LLC has filed a $1.5 million loan to build Vantage Point Golf Center – a driving range and 3,600-square-foot clubhouse – on Macon Road near Big Orange Road in the Grays Creek floodplain in Cordova. The limited liability company closed on the property and financed it in the past week, said the LLC’s manager/owner, Chris Thompson.
Thompson, who will also manage Vantage Point Golf Center, said the company hopes to break ground in the next couple of weeks and complete it by August.
The range will have 10 to 15 lighted and heated stalls, but the focus will be on grass driving. Because of the lighted area, Thompson hopes to keep the range open until about 10 p.m.
Overall, the property can handle 60 to 70 golfers at one time, Thompson said. The clubhouse will have a café, small retail area and flat-screen TVs.
Prime Contractors Inc. is the project’s contractor, the architect is SpiritArchitecture Group LLC and the civil engineer is Carlson Consulting Engineers Inc. – all local companies.
Mirimichi Golf Course
Loan Amount: $924,300
Loan Date: Feb. 3, 2012
Maturity Date: Feb. 3, 2029
Borrower: Mirimichi LLC
Lender: U.S. Small Business Administration
Details: Mirimichi LLC – an entity related to the Millington golf course of the same name – recently received property on Woodstock Hills Drive via quitclaim from Big Creek Golf LLC, then financed it with a 17-year, $924,300 trust deed through the U.S. Small Business Administration.
The property, according to documents filed with the Shelby County Register of Deeds, includes 21 lots in Woodstock Hills Subdivision and two tracts of land together measuring a little more than 310 acres. That roughly equates the area of the course, which is on the south side of Woodstock-Cuba Road.
Previous property acquisitions related to the golf course have used the Big Creek Golf LLC name. In 2009, the limited liability company filed an amendment with the secretary of state’s office changing its official name from Big Creek Golf to Mirimichi LLC.
A representative of Mirimichi was not immediately available for comment.
4616 Scott Crossing Drive
Memphis, TN 38128
Sale Amount: $2.6 million
Sale Date: Feb. 23, 2012
Buyer: Parkview Memphis Apartments LP
Seller: City National Bank
Loan Amount: $6 million
Loan Date: Feb. 27, 2012
Maturity Date: March 1, 2019
Lender: Triumph Bank
Details: Collierville-based Parkview Memphis Apartments LP has bought Parkview Apartments at 4616 Scott Crossing Drive from Los Angeles-based City National Bank for $2.6 million. The buyer financed the purchase with a $6 million construction trust deed through Triumph Bank.
The buying limited partnership shares a Collierville address with Grant & Co. LLC and Keith and David Grant Homes LLC.
Parkview is a Class C complex with 384 units in two-story buildings constructed in 1974. It sits on 22.6 acres south of Raleigh-LaGrange Road west of Parkview Road in Raleigh.
The property has been involved in two foreclosure sales since 2006.
2700 Getwell Road and
2706 Getwell Road Memphis, TN 38118
Sale Amount: $3.7 million
Sale Date: Feb. 16, 2012
Buyer: TP Getwell Self Storage Ltd.
Seller: Getwell Self Storage LLC
Loan Amount: $2.8 million
Loan Date: Feb. 21, 2012
Maturity Date: n/a
Lender: Texas Capital Bank NA
Details: Texas-based TP Getwell Self Storage Ltd. has bought self-storage facilities on about 12 acres at 2700 Getwell Road and 2706 Getwell Road from Getwell Self Storage LLC for $3.7 million, financing the purchase with a $2.8 million trust deed through Texas Capital Bank NA.
The site, which is on the southeast corner of American Way and Getwell Road, includes warehouses built in 1974, 1998 and 2007. The largest is a Class C, 127,008-square-foot mini-warehouse built in 1974.
Part of the site was a boarded-up, former Kmart and Kroger building. Permits to demolish that retail space were pulled in 1997.
1720 Cherokee Blvd., 1730 Cherokee Blvd.
And 3263 Sharpe Ave.
Loan Amount: $4.6 million
Loan Date: Feb. 16, 2012
Maturity Date: n/a
Borrower: Memphis Sharpe Investors LLC
Lender: RAIT CMBS Conduit II LLC
Details: Memphis Sharpe Investors LLC has filed a $4.6 million trust deed through RAIT CMBS Conduit II LLC for 1720 Cherokee Blvd., 1730 Cherokee Blvd. and 3263 Sharpe Ave. in Cherokee Commercial Center. The property houses Building Plastics Inc., which operates its corporate headquarters and distribution center there.
The larger parcel, 3263 Sharpe, contains a 174,810-square-foot, Class B warehouse built in 1986. It sits on 10.8 acres on the southeast corner of Sharpe and Cherokee, and the Shelby County Assessor of Property’s 2011 appraisal was $3.7 million.
The smaller parcel, 1720-1730 Cherokee, contains a 9,750-square-foot, Class C warehouse built in 1985, according to the assessor. It sits on 1.6 acres due south of the larger Sharpe parcel, and its 2011 appraisal was $205,000.
BPI specializes in ceramic tile, counter services and supplies, flooring and carpet, among other things, according to its website.