VOL. 127 | NO. 197 | Tuesday, October 9, 2012
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MED Files $1.3 Million Permit for Improvements
By Eric Smith
877 Jefferson Ave. Memphis, TN 38104
877 JEFFERSON AVE. • MEMPHIS, TN 38104
Permit Cost: $1.3 million
Project Cost: TBA
Permit Date: Applied October 2012
Owner: The MED
Tenant: The MED
Contractor: Montgomery Martin Contractors LLC
Details: The Regional Medical Center at Memphis has filed a $1.3 million permit application with the city-county Office of Construction Code Enforcement for facility improvements.
The permit, which specifically calls for phase two of an “intervention cath lab and outpatient clinic” at The MED’s 877 Jefferson Ave. campus, was filed this week.
It listed Montgomery Martin Contractors LLC as the general contractor, but no architect was included on the permit.
These upgrades are part of a $32.4 million capital improvement plan The MED board approved in July. The hospital is expanding the Elvis Presley Memorial Trauma Center and the Turner Tower Complex.
Facility improvements to the Elvis Presley Memorial Trauma Center include the renovation of its outdated Critical Care Assessment area. Square footage will be added, modernizing and increasing the amount of assessment space.
Renovation work is scheduled to be completed in December.
The Turner Tower project will include the expansion of the Firefighters Regional Burn Center and the build-out of three vacant floors to relocate the inpatient Rehabilitation Hospital, Outpatient Ambulatory Surgery unit and acute care patient rooms.
The Turner Tower project includes more than 88,000 square feet and will be completed in stages over the next 18 months. The estimated completion date for the entire Turner Tower project is December 2013.
2429 Ketchum Road
Memphis, TN 38114
Sale Amount: $1.1 million
Sale Date: Sept. 25, 2012
Buyer: Noall Investment Properties LLC
Seller: Willow Oaks Apartments LLC
Loan Amounts: $500,000; $100,000
Loan Dates: Sept. 24, 2012
Maturity Dates: N/A
Lender: Don Munk; UTEX Investment Group LLC
Details: Bountiful, Utah-based Noall Investment Properties LLC has paid $1.1 million for the 346-unit Willow Oaks apartment complex at 2429 Ketchum Road.
Noall Investment Properties bought the multifamily property in the Defense Depot’s 38114 ZIP code Sept. 25 from Willow Oaks Apartments LLC.
Aviv Bernstein and Susan Bernstein signed the warranty deed as members of the New York-based seller, which bought the property in 2005 for $4 million.
Built in 1966, the 257,838-square-foot, Class D multifamily complex sits on 18.74 acres on the south side of Ketchum Road near its intersection with Airways Boulevard. The south side of the property abuts Interstate 240.
The Shelby County Assessor of Property’s 2012 appraisal is $2.5 million.
In conjunction with the sale, Noall Investment Properties filed $500,000 and $100,000 loans. Alan Noall signed both trust deeds as manager of the buying entity.
4060 Lamar Ave.
Memphis, TN 38118
Sale Amount: $1.3 million
Sale Date: Sept. 28, 2012
Buyer: Regents Group LLC
Seller: Motel Management LLC
Loan Amount: $1.2 million
Loan Date: Sept. 28, 2012
Maturity Date: Sept. 28, 2037
Lender: Trust Co. Bank
Details: The Super 8 hotel at 4060 Lamar Ave. in Oakhaven near Memphis International Airport has traded hands for $1.3 million. Regents Group LLC bought the 24,344-square-foot hotel Sept. 28 from Motel Management LLC, whose member Gopal Govan signed the warranty deed.
Built in 1997, the two-story hotel sits on 2.38 acres on the northeast side of Lamar near its intersection with Winchester Road. The Shelby County Assessor of Property’s 2012 appraisal is $1.1 million.
In conjunction with the purchase, Regents Group filed a $1.2 million trust deed through Trust Co. Bank. Kishor Patel signed as chief manager and Kamlaben Patel signed as secretary of the buying company.
6277 Lake Arbor Drive and
3417 Ridgeway Road
Memphis, TN 38118
Loan Amounts: $11.9 million; $6.1 million
Loan Dates: Sept. 27, 2012
Maturity Dates: N/A
Borrowers: RRE Wyndridge Holdings LLC; RRE Waterstone Holdings LLC
Lender: Berkadia Commercial Mortgage LLC
Details: Philadelphia-based real estate investment company Resource Real Estate has filed trust deeds on The Woods at Ridgeway and Waterstone Landing apartment complexes in Hickory Hill.
Both loans were filed Sept. 27 through Berkadia Commercial Mortgage LLC. Resource Real Estate executive vice president Kevin Finkel signed both loans.
The company filed an $11.9 million multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing on The Woods at Ridgeway, a 568-unit complex whose address is listed as 6277 Lake Arbor Drive and 6206 Knight Arnold Road.
And it filed a $6.1 million multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing on Waterstone Landing, a 378-unit complex whose address is listed as 3417 Ridgeway Road and 9 Ridgeway Road.
RRE bought The Woods at Ridgeway – formerly the Wyndridge Apartments – in 2009 for $9.5 million and then renovated the multifamily property.
The Woods includes two parcels, according to the Shelby County Assessor of Property. The 6277 Lake Arbor Drive parcel contains 260 units on 26.7 acres; its 2012 appraisal is $4.9 million. And the 6206 Knight Arnold Road parcel contains 284 units on 23.2 acres; its 2012 appraisal is $4.6 million.