Owner Files $5.5 Million Loan on Highland Meadows
The New York-based owner of the 624-unit Highland Meadows Apartments at 5045 Airways Blvd. has filed a $5.5 million loan on the property.
Highland Meadows LLC filed the deed of trust, security agreement and financing statement Nov. 21 through The Berkshire Bank.
The property is under a payment-in-lieu-of-taxes (PILOT) program through the Shelby County Health, Education and Housing Facility Board, which is listed on the deed as the grantor.
Highland Meadows bought the sprawling multifamily complex from Eagle SPE Multi I Inc. for $5.5 million in April 2012.
Built in 1975, Highland Meadows is a two-story, Class C complex encompassing nearly 476,000 square feet. It sits on 37 acres on the west side of Airways between Wilson and East Holmes roads. The Shelby County Assessor of Property’s 2013 appraisal is $6.6 million.
Highland Meadows Partners financed the purchase with a $5.5 million loan through Paradigm Credit Corp.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Real Estate Trends in Focus at ULI Seminar
Local and national real estate experts will gather Dec. 10 to discuss real estate trends and forecast what awaits the industry in 2014.
ULI Memphis, the local district council of the Urban Land Institute, is hosting its annual Mid-South Real Estate Outlook, featuring the Emerging Trends in Real Estate 2014 report and a panel discussion on the outlook for Memphis-area real estate.
The event will include presentations from Dean Schwanke, the Urban Land Institute’s senior vice president and executive director of the newly formed ULI Center for Capital Markets and Real Estate. John Gnuschke, director of the Sparks Bureau of Business and Economic Research at the University of Memphis, will also speak.
A panel discussion focusing on the office, industrial, retail and multifamily sectors will follow the presentations.
The event is sponsored by Baker, Donelson, Bearman, Caldwell & Berkowitz PC and is open to the public. Admission is $65. The meeting will be held at the Memphis Bioworks Foundation auditorium, 20 S. Dudley St., and begins with a continental breakfast at 8 a.m. For more information, visit memphis.uli.org.
– Amos Maki
Belz CEO to Receive Honorary Degree
At Yeshiva University’s 89th annual Hanukkah Convocation and Dinner Dec. 8 in New York City, university president Richard Joel will confer honorary degrees upon attendees who include Jack Belz, chairman and CEO of Belz Enterprises in Memphis.
The annual event draws nearly 1,000 of the country’s leading Jewish philanthropists and community leaders.
Belz is a benefactor and trustee of Yeshiva University. He graduated from Central High School in Memphis and the Massachusetts Institute of Technology. His company has developed and operates a portfolio of more than 25 million square feet of commercial and residential real estate in several states.
– Andy Meek
Fox Meadows Nuisance Petition Dismissed
The Knight Arnold Food and Fuel gas station and convenience store is no longer under a nuisance petition in General Sessions Environmental Court.
Environmental Court Judge Larry Potter dismissed the petition Monday, Nov. 25, against Sohail Hemani, the owner, after he said Hemani had taken steps including adding surveillance cameras and guards to discourage gang activity and drug sales on his property at Knight Arnold and Mendenhall.
Potter also said the court will continue to monitor the business, which was allowed to reopen in October. The monitoring continues under terms of a memorandum of understanding.
Neighbors of the business were vocal in their complaints about the open drug sales and gang activity in the store’s parking lot, and some were upset when the business was allowed to reopen.
– Bill Dries