VOL. 128 | NO. 123 | Tuesday, June 25, 2013
Memphis Real Estate Recap
Jamesbridge Apartments Sell for $3.6 Million
By Eric Smith
3689 James Road Memphis, TN 38128
3689 James Road • Memphis, TN 38128
Sale Amount: $3.6 million
Sale Date: June 6, 2013
Buyer: Advantage Way LLC
Seller: 215-39 Jamesbridge Holdings LLC
Details: A California company has bought the 432-unit Jamesbridge Apartments at 3689 James Road in Raleigh for $3.6 million.
Advantage Way LLC, which lists a Vista, Calif., address, acquired the Class C multifamily complex in a June 6 special warranty deed from 215-39 Jamesbridge Holdings LLC.
The seller was a single-purpose special servicer related to Bethesda, Md.-based CWCapital Asset Management LLC. It bought the multifamily property in February following a foreclosure for $7.5 million in a 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.
The Jamesbridge sits on 29.8 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 2013 appraised value is $7.3 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.
Jamesbridge Group bought the property in 2006 for $15.7 million from Jamesbridge Associates LP, financing it with the loan that went into default.
3946 Lamar Ave.
Memphis, TN 38118
Loan Amount: $9.3 million
Loan Date: June 19, 2013
Maturity Date: July 1, 2023
Borrower: Willow Wyck LP
Lender: Magna Bank
Details: The owner of the 366-unit Shadowbrook Townhouses at 3946 Lamar Ave. in Oakhaven has filed a $9.3 million loan on the property.
Salt Lake City-based Willow Wyck LP filed the multifamily deed of trust, absolute assignment of leases and rents and security agreement (including fixture filing) June 19 through Magna Bank.
Paul D. Montgomery signed the trust deed as president of Property Asset Management Inc., general partner of the borrower.
Built in 1972, the Class D apartment complex contains 449,612 square feet in multiple buildings on 24.8 acres east of the intersection of Lamar Avenue and New Getwell Road.
The Shelby County Assessor of Property’s 2013 appraisal of the apartment complex is $5.7 million.
9025 U.S. 64
Memphis, TN 38016
Loan Amount: $7.5 million
Loan Date: June 13, 2013
Maturity Date: N/A
Borrower: Westco-Lightman #1 LLC
Lender: State Farm Life Insurance Co.
Details: The owner of the 91,464-square-foot Kroger store at 9025 U.S. 64 in Cordova has filed a $7.5 million loan on the property.
Westco-Lightman #1 LLC – an affiliate of Weston Cos. – filed the deed of trust and security agreement June 13 through State Farm Life Insurance Co.
Michael M. Caldwell signed the trust deed as president of Westco Development #32 Inc., managing entity of the borrower.
The property sits on 12.1 acres on the south side of U.S. 72 between Rockcreek Parkway and Fletcher Trace Parkway.
Kroger’s website lists the address as being Lakeland, although it sits just south of the Memphis-Lakeland boundary.
Built in 2004, the Class A retail store has a 2013 appraised value of $10.4 million, according to the current data listed on the Shelby County Assessor of Property’s website.
4778 Summer Ave.
Memphis, TN 38122
Loan Amount: $3.4 million
Loan Date: June 11, 2013
Maturity Date: N/A
Borrower: Bell Property Group GP
Lender: Independent Bank
Details: Bell Property Group GP has filed a $3.4 million loan on the Bell Plaza Shopping Center on Summer Avenue in Berclair.
The company filed the deed of trust, security agreement and fixture filing June 11 through Independent Bank.
William M. Bell III signed the trust deed as president of Bell Properties Inc., the managing partner of the borrower.
The main parcel of the shopping center is 4778 Summer Ave.
That property includes 38,404 square feet of retail space on 3 acres at the northeast corner of Summer Avenue and Avon Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.4 million.
Another parcel in the Bell Plaza Shopping Center is 4862 Summer, which includes 16,800 square feet of retail space on 3 acres to the east of the 4778 Summer property.
That parcel has an appraised value of $724,400.
Bell Property Group owns other parcels in the area, including 4818 Summer, 4838 Summer, 661 N. Mendenhall and 670 N. Mendenhall.