VOL. 128 | NO. 39 | Tuesday, February 26, 2013
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U of M Files Permit for New Residence
By Eric Smith
3615 Central Ave. Memphis, TN 38111
Permit Cost: $43.5 million
Project Cost: $53 million
Permit Date: Applied February 2013
Owner: Tennessee Board of Regents
3615 Central Ave. • Memphis, TN 38111
Tenant: University of Memphis
Contractor: Rentenbach Constructors
Details: The University of Memphis has filed a $43.5 million permit with the city-county Office of Construction Code Enforcement for a 285,300-square-foot residence hall on campus.
The permit lists the Tennessee Board of Regents – the system that operates the U of M and other colleges throughout the state – as the owner of the property at 3615 Central Ave.
No contractor or architect is included on the permit application, but the State Building Commission last year awarded the construction and construction management contract to Knoxville-based Rentenbach Constructors.
The project calls for a $53 million, 754-bed, five-story residence hall that will replace the 40-year-old Richardson Towers when it opens in 2015.
The 10-story Richardson Towers includes two dormitory buildings – one for men and one for women – that house more than 1,000 students. The hall will be built on the site of an existing parking lot south of Richardson, which will be razed.
175 Peabody Place
Memphis, TN 38103
Loan Amount: $22.5 million
Loan Date: Feb. 14, 2013
Maturity Date: March 2018
Borrower: CWI Beale Street Hotel LLC
Lender: Wells Fargo Bank NA
Details: The new owner of the Hampton Inn & Suites Memphis-Beale Street at 175 Peabody Place Downtown, has filed a $22.5 million loan on the property after acquiring the 144-room hotel.
CWI Beale Street Hotel LLC – an affiliate of Lake Forest, Ill.-based Carey Watermark Investors Inc. – filed the leasehold deed of trust, assignment of leases and rents, security agreement and fixture filing Feb. 14 through Wells Fargo NA.
The company on Tuesday, Feb. 19, announced it had bought five hotels in the Hilton Worldwide portfolio from entities related to Fairwood Capital LLC.
In addition to buying the Hampton Inn Beale, Carey Watermark Investors bought hotels in Georgia, Louisiana, Alabama and Texas.
CWI’s total investment in the properties is “approximately $104 million, including acquisition-related costs and $64.5 million of debt,” according to a press release.
Built in 1999, the 88,528-square-foot Hampton sits at the southwest corner of Peabody Place and South Third Street.
The transaction also includes a neighboring parking garage. The previous owner, operating as Fairwood Investors, leased the hotel from Memphis City Center Revenue Corp. through a payment-in-lieu-of-taxes agreement.
3815 Advantage Way
Memphis, TN 38128
Sale Amount: $7.2 million
Sale Date: Feb. 15, 2013
Buyer: 215-39 Jamesbridge Holdings LLC
Seller: R. Spencer Clift III, substitute trustee
Details: The 432-unit Jamesbridge apartments at 3689 James Road in Raleigh sold to a special servicer for $7.2 million after a foreclosure.
A single-purpose entity called 215-39 Jamesbridge Holdings LLC – an affiliate of Bethesda, Md.-based CWCapital Asset Management LLC – bought the multifamily property in a Feb. 15 substitute trustee’s deed from R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.
A first-run foreclosure notice was filed in January against the former owner, Jamesbridge Group LLC, which had defaulted on a $13.5 million loan through Lehman Brothers Bank FSB dated Sept. 21, 2006, and later owned by LaSalle Bank NA.
This was the second foreclosure notice filed on the property for the same loan. Then-deed holder Bank of America brought foreclosure proceedings against Jamesbridge Group in 2009.
The Jamesbridge sits on 29.76 acres on the south side of James Road in Raleigh. Its addresses are listed as either 3689 James Road or 3815 Advantage Way Drive, between Jackson Avenue and Highland Road.
The complex contains 351,020 square feet and is dotted with lakes and pedestrian bridges. Its 2012 appraised value is $6.4 million, according to the Shelby County Assessor of Property.
Built in 1986, the complex has 24 three-story buildings, each with 18 one- and two-bedroom units. It also has a clubhouse/office building and swimming pool.
6055 Primacy Parkway
Memphis, TN 38119
Sale Amount: $6.2 million
Sale Date: Feb. 11, 2013
Buyer: Jefferson-Pilot Investments Inc.
Seller: Robert J. Pinstein, substitute trustee
Details: The 129,104-square-foot Lakecrest II office building at 6055 Primacy Parkway in East Memphis has sold for $6.2 million following a foreclosure.
Jefferson-Pilot Investments Inc. – related to Jefferson-Pilot Life Insurance Co., the lender that began the foreclosure proceedings – bought the property in a Feb. 11 substitute trustee’s deed from Robert J. Pinstein of the law firm Bourland, Heflin, Alvarez, Minor & Matthews PLC.
A first-run foreclosure notice was filed in January against the owner, 6055 Primacy LLC, which had defaulted on a $9.5 million deed of trust, security agreement and fixture filing through Jefferson-Pilot Life Insurance dated Jan. 11, 2007.
The company bought the four-story Class B office building in 2007 for $12.6 million from Lakecrest II Memphis LLC, subsequently filing the loan that’s now in default.