VOL. 128 | NO. 108 | Tuesday, June 4, 2013
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University Cabanas Sell for $2.1 Million
By Eric Smith
2059 Vollintine Ave., Memphis, TN 38107
Sale Amount: $2.1 million
Sale Date: May 20, 2013
Buyer: University Gardens Manor LLC
Seller: LBUBS 2002-C4 Cabana Circle LLC
Loan Amount: $1 million
2059 Vollintine Ave. • Memphis, TN 38107
Loan Date: May 23, 2013
Maturity Date: N/A
Lender: Archetype Credit Opportunities Funding I LP
Details: The 488-unit University Cabana Apartment complex at 2059 Vollintine Ave. in North Memphis has sold for $2.1 million.
University Gardens Manor LLC, which lists a Northridge, Calif., address, bought the 379,976-square-foot multifamily property in a May 20 special warranty deed from LBUBS 2002-C4 Cabana Circle LLC.
The seller is an affiliate of Miami-based loan servicer LNR Partners LLC, which acquired the complex last year for $2.9 million after the previous owner went into default.
University Cabana, a Class C complex built in 1965, sits on 26 acres at 2059 Vollintine Ave., north of Vollintine Avenue and east of University Street in Vollentine Park subdivision. It uses the address 2059 N. Cabana Circle. The Shelby County Assessor of Property’s 2013 appraisal is $3.7 million.
In conjunction with the purchase, University Gardens Manor filed a $1 million loan through Archetype Credit Opportunities Funding I LP. Michael Chung signed the trust deed as president of the buying entity.
The property’s financial woes began after the previous owner, University Apartment Associates LLC, defaulted on 2002 loan for $7 million through UBS Warburg Real Estate Investments Inc., according to the notice.
That loan was transferred three times, most recently in December 2011 to LNR’s LBUBS affiliate, which owned the property for about a year before this sale.
877 Jefferson Ave.
Memphis, TN 38103
Permit Cost: $1 million
Project Cost: N/A
Permit Date: Applied May 2013
Owner: The Regional Medical Center at Memphis
Tenant: The Regional Medical Center at Memphis
Contractor: Morgan & Thornburg Inc.
Details: The city-county Office of Construction Code Enforcement has issued a $1 million mechanical permit to the Regional Medical Center at Memphis for renovations to Turner Tower at 877 Jefferson Ave.
The permit calls for “Turner Tower renovations; mechanical installations for basement, ground floor, second floor, third floor, fourth floor and penthouse … .”
Memphis-based mechanical contractor Morgan & Thornburg Inc. is listed on the permit.
The work is part of larger capital improvements to the tower; The MED in February filed a $14 million permit for renovations to the building. That application called for 75,000 square feet of renovation work and interior demolition in the tower.
The Turner Tower improvements, which are being completed in phases, include expanding and refurbishing the Firefighters Regional Burn Center and building out three vacant floors to relocate the inpatient Rehabilitation Hospital, a new Outpatient Ambulatory Surgery suite and new acute-care patient rooms.
Flintco Inc. is the general contractor for the project, which includes more than 88,000 square feet and is expected to be finished in December.
Rick Wagers, The MED’s chief financial officer, recently told The Daily News that the hospital “would like to … replace the vast majority of our campus over a five- to 10-year period in order to make it more patient- and family-friendly.”
3266 Overton Crossing Road
Memphis, TN 38127
Permit Cost: $2.8 million
Project Cost: TBA
Permit Date: Applied May 2013
Owner: Memphis Business Academy
Tenant: Memphis Business Academy
Details: Memphis Business Academy has filed a $2.8 million permit with the city-county Office of Construction Code Enforcement for a new building on its Frayser campus.
The charter middle and high school at 3306 Overton Crossing filed the permit Friday, May 24, for a “new one-story prefab metal building with mezzanine.” No contractor or architect was listed on the permit, which shows the address of the new building as 3266 Overton Crossing.
The school moved to the Frayser locale about three years ago. Memphis Business Academy bought the former Frayser Super Mall and Kmart in July 2009 for close to $1 million. Then in March 2010 it filed a $1.9 million loan through Regions Bank to renovate the 86,640-square-foot big-box retail building into its new home.
Built in 1979, the Class C facility sits on 6.9 acres along the east side of Overton Crossing south of its intersection with Frayser Boulevard. The exempt property has a 2013 appraisal of $916,100, according to the Shelby County Assessor of Property.
The school spent between $800,000 and $900,000 for the overhaul, which changed the building into separate middle and high school spaces. Memphis Business Academy also operates an elementary school at 2450 Frayser Blvd.