VOL. 128 | NO. 5 | Tuesday, January 08, 2013
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Crowne Plaza Hotel Sells Out of Foreclosure
By Eric Smith
300 N. Second St. Memphis, TN 38103
Sale Amount: $9.4 million
Sale Date: Dec. 28, 2012
Buyer: General Electric Real Estate Equities Inc.
Seller: Mary Aronov and Spencer Clift, substitute trustees
Details: The Crowne Plaza Hotel at 300 N. Second St. Downtown sold on the Shelby County Courthouse steps Dec. 28 for $9.4 million following a foreclosure.
300 N. Second St. • Memphis, TN 38103
General Electric Real Estate Equities Inc., an entity related to the lender that foreclosed on the property last month, bought the 11-story, 244-room hotel from substitute trustees Mary Aronov and Spencer Clift of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.
The previous owner, Genwood Memphis I LLC, had defaulted on a $17.7 million leasehold deed of trust, security agreement and fixture filing through General Electric Capital Corp. dated Aug. 17, 2007.
The company took over the lease of the hotel (formerly the Wyndham Garden Hotel) in June 2006 from LB Memphis Brownestone LLC for $12 million.
Built in 1969, the 230,654-square-foot hotel sits on 1.87 acres along the east side of North Second Street near Interstate 40. The Shelby County Assessor of Property’s 2012 appraisal was $6.6 million.
The property is involved in a payment-in-lieu-of-taxes (PILOT) agreement through the Memphis Center City Revenue Finance Corp. signed in August 1998 and running through 2031.
6195 Winchester Road
Memphis, TN 38115
Sale Amount: $1.5 million
Sale Date: Dec. 12, 2012
Buyer: Patil Bandus LLC
Seller: Marketplace Development LLC
Loan Amount: $865,796
Loan Date: Dec. 18, 2012
Maturity Date: N/A
Lender: First Place Bank
Details: An entity called Patil Bandus LLC has paid $1.5 million for the Family Dollar store at 6195 Winchester Road in Hickory Hill North.
The company bought the property in a Dec. 12 special warranty deed from Marketplace Development LLC, a local developer of Family Dollar stores.
The transaction included two parcels, both at the southeast corner of Winchester and Ridgeway roads, site of a former Rafferty’s Restaurant and Bar.
The first is a 1.19-acre parcel whose 2012 appraisal from the Shelby County Assessor of Property was $661,200. Next was a 0.43-acre parcel whose 2012 appraisal was $102,700.
The store was built in 2012 and the property value hasn’t been updated to reflect the addition of a structure.
In conjunction with the purchase, Patil Bandus filed a $865,796 loan through First Place Bank. Sandeep Patil signed the trust deed as an authorized agent of the buyer.
115 Crisscross Lane
Collierville, TN 38017
Sale Amount: $1.1 million
Sale Date: Dec. 28, 2012
Buyer: Crisscross Partners LLC
Seller: Premier of 1950 West Poplar LLC
Loan Amount: $2.6 million
Loan Date: Dec. 28, 2012
Maturity Date: N/A
Details: A partnership called Crisscross Partners LLC has paid $1.1 million for a 22.19-acre vacant parcel at 115 Crisscross Lane in Collierville.
The partnership bought the land Dec. 28 from Premier of 1950 West Poplar LLC, which had acquired it in 2005 for $2.9 million when it was part of a larger tract.
The parcel is on the north side of Poplar Avenue, between Houston Levee and Bailey Station roads behind Enterprise Rent-A-Car in the Criss Cross Village Subdivision. It also abuts Bailey Station Elementary School.
The Shelby County Assessor of Property’s 2012 appraisal was $3.2 million.
Crisscross filed a $2.6 million loan Dec. 28 through BankTennessee in conjunction with the purchase. According to the trust deed, the partnership’s members include Joel H. Porter of Forest Hill Development LLC; David J. Wilder, secretary of The Longtown Co. LLC; and Samuel D. Stover, president of The Longtown Co. LLC.
1665 Winchester Road
Memphis, TN 38116
Loan Amount: $1.1 million
Loan Date: Dec. 12, 2012
Maturity Date: Dec. 22, 2012
Borrower: Noble Partners Winchester LLC
Lender: Regions Bank
Details: The partnership related to the Lit Refrigeration Co. restaurant supply stores has filed a $1.1 million loan on the Lit Jr. store at 1665 Winchester Road in Whitehaven.
Noble Partners Winchester LLC filed the loan Dec. 12 through Regions Bank with Samuel A. Notowich and Scott D. Blen signing the trust deed as members of the borrower. The word “Noble” comes from the first few letters of each partner’s last name.
The company bought the former Chism Trail grocery store in 2009 for $500,000 from Remark Chism, turning it into a Lit Jr. store.
The Class C, 30,988-square-foot store, zoned for a supermarket, was built in 1976. It sits on 3.24 acres at the southwest corner of Winchester and Millbranch roads. The Shelby County Assessor of Property’s 2012 appraisal was $468,400.
Noble Partners Winchester financed its 2009 purchase with a $400,000 loan through SunTrust Bank.
The company lists a 309 Union Ave. address, which is home to Lit’s main restaurant supply store.