VOL. 127 | NO. 85 | Tuesday, May 1, 2012
Memphis Real Estate Recap
Highland Meadows Sells for $5.5 Million
By Kate Simone
5045 Airways Blvd.
Memphis, TN 38116
5045 Airways Blvd. • Memphis, TN 38116
Sale Amount: $5.5 million
Sale Date: April 25, 2012
Buyer: Highland Meadows Partners LLC
Seller: Eagle SPE Multi I Inc.
Loan Amount: $5.5 million
Loan Date: April 25, 2012
Maturity Date: n/a
Lender: Paradigm Credit Corp.
Details: A New York company has paid $5.5 million for the 624-unit Highland Meadows Apartments on Airways Boulevard. Highland Meadows Partners LLC closed on its purchase from Eagle SPE Multi I Inc. on Wednesday, April 25.
Built in 1975, Highland Meadows is a two-story, Class C complex encompassing nearly 476,000 square feet. It is situated on 37 acres at 5045 Airways Blvd., at that street’s intersection with Wilson Road and north of East Holmes Road. The Shelby County Assessor of Property’s 2011 appraisal was $7.2 million.
Highland Meadows Partners financed the purchase with a $5.5 million loan through Paradigm Credit Corp.
The complex is one of two Eagle bought at a June 2010 foreclosure sale for a combined $12.7 million. Eagle sold the other complex, the 251-unit Highland Pines Apartments on Winchester Road, to a Brooklyn-based company that October for $4.6 million.
6792 Poplar Pike
Germantown, TN 38119
Sale Amount: $2.6 million
Sale Date: April 20, 2012
Buyer: Gill Poplar GP
Seller: 6797 Poplar Avenue LLC
Loan Amount: $2.1 million
Loan Date: April 20, 2012
Maturity Date: Oct. 20, 2013
Lender: Triumph Bank
Details: Gill Poplar GP has bought the 10-acre Germantown tract housing the historic Nelson-Kirby House for $2.6 million.
The purchase from 6797 Poplar Avenue LLC closed Friday, April 20.
The property, which the sale deed lists at 6792 Poplar Ave. and the Shelby County Assessor of Property lists at 6792 Poplar Pike, is east of Kirby Parkway, bounded by Poplar to the north and Poplar Pike to the south. The assessor’s 2011 appraisal was $738,800.
The purchase was financed with a $2.1 million trust deed through Triumph Bank. Raymond Gill III signed the loan as managing partner of Gill Poplar GP.
The Nelson-Kirby House was added to the National Register of Historic Places in 1986.
3683 Austin Peay Highway
And 8180 T&B Blvd.
Loan Amount: $2.2 million
Loan Date: April 5, 2012
Maturity Date: April 15, 2032
Borrower: Raleigh Assembly of God Inc.
Lender: Assemblies of God Loan Fund
Details: Raleigh Assembly of God Inc. has filed a $2.2 million loan through Assemblies of God Loan Fund secured by the church’s two campuses – in Raleigh and Southwind – and two vacant parcels. The loan matures in 2032.
The church’s primary campus is four acres at 3683 Austin Peay Highway in Raleigh, on the northwest side of Austin Peay north of Lakehurst Drive. The Shelby County Assessor of Property’s 2011 appraisal was $59,100. One of the two vacant parcels securing the loan is about half an acre on the north side of the Raleigh campus having a 2011 appraisal of $24,800.
The church’s second campus, called The Springs, is 2.2 acres at 8180 T&B Blvd. east of Hacks Cross Road in Southwind. It includes a 20,101-square-foot religious-use building constructed in 1999 and appraised at $2.3 million.
The fourth property securing the loan is 13.7 vacant acres on Hamberly Cove south of Wolf River Boulevard in Collierville, having a $10,900 appraisal.
Raleigh Assembly of God in October filed two loans through Assemblies of God Loan Fund secured by the same properties.
Those included a $2 million conventional loan maturing in 2031 and a $100,000 line of credit maturing in 2014.
3105 Millbranch Road
Memphis, TN 38116
Loan Amount: $1.4 million
Loan Date: April 17, 2012
Maturity Date: n/a
Borrower: Jai Gayatri Inc.
Lender: First Capital Bank
Details: The 60-room Best Western Executive Inn at 3105 Millbranch Road has been financed for $1.4 million, the second loan owner Jai Gayatri Inc. has filed for the Whitehaven property in as many months. The most recent loan, through First Capital Bank, follows a $1.1 million loan through Renasant Bank filed March 1.
Built in 2000, the 30,668-square-foot, two-story hotel is situated on 1.5 acres on the west side of Millbranch between Nonconnah Boulevard to the north and East Brooks Road to the south. The Shelby County Assessor of Property’s 2011 appraisal was $1.6 million.
Jai Gayatri, doing business as Best Western of Memphis, acquired the then-vacant land via quitclaim in 1999.