VOL. 128 | NO. 176 | Tuesday, September 10, 2013
Memphis Real Estate Recap
Visible Music College Files $3.2 Million Loan
By Kate Simone
200 Madison Ave.
Memphis, TN 38103
Loan Amount: $3.2 million
200 Madison Ave. • Memphis, TN 38103
Loan Date: Aug. 30, 2013
Borrower: Visible Music College
Lender: Renasant Bank
Details: Visible Music College has filed a $3.2 million loan on its Downtown campus at 200 Madison Ave.
The music and worship arts school filed the Tennessee deed of trust, assignment of leases and rents and security agreement Aug. 30 through Renasant Bank. Ken Dale Steorts signed the trust deed as president of Visible Music College.
Visible Music College bought the building – an iconic, triangular-shaped building with a glass front – from Memphis Chamber Foundation in December 2009 for $1.1 million.
Built in 1972, the six-story, 45,200-square-foot building is on three-quarters of an acre at the northeast corner of Madison Avenue and the Court Street alley – directly across the street from the AutoZone Park outfield. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
The school, which moved into the building at the beginning of the semester in August 2011, recently announced it was launching a student work-scholarship program this fall.
The new program will employ 70 students in positions transferrable to the professional, post-collegiate world. Students will work hours weekly in recruitment and advancement, media and marketing, building management, music publishing, hospitality, admissions and more.
The college started its fall semester with a capacity enrollment of 129. Students moved in to campus housing in Memphis on Aug. 10.
3619 Kingsgate Drive
Memphis, TN 38116
Loan Amount: $2.5 million
Loan Date: July 17, 2013
Maturity Date: July 17, 2014
Borrower: Capital Equities LLC, George Fakiris, Stacy Varsos Cohen and Dragan Kocic
The Health, Educational and Housing Facility Board of the City of Memphis (Capital Equities LLC)
Lender: Amerasia Bank
Details: New Horizon Apartments at 3619 Kingsgate Drive, which sold for $150,000 in a successor trustee’s sale last year, has been financed for $2.5 million through Amerasia Bank.
Documents related to the financing were filed with the Shelby County Register of Deeds last week, but borrowers Capital Equities LLC, George Fakiris, Stacy Varsos Cohen and Dragan Kocic filed the multifamily deed of trust, assignment of rents and security agreement in July.
New Horizon, which sits on close to 60 acres in Whitehaven, was built in 1970-1971. The property includes four parcels, three of which contain Class D apartment buildings.
The first contains 196 units and was appraised by the Shelby County Assessor of Property this year at $198,300. The second contains 312 units with an appraised value of $250,100. And the third contains 394 units with an appraised value of $195,000. A fourth parcel is a vacant lot with an appraised value of $100.
Roslyn Heights, N.Y.-based Capital Equities in May entered into a payment-in-lieu-of-taxes (PILOT) agreement with The Health, Educational and Housing Facility Board of the City of Memphis for the property.
George Fakiris signed the July trust deed as member and manager of Capital Equities, which is listed as grantor-in-possession; Daniel T. Reid signed as chairman of the HEHFB, which is listed as grantor-in-fact.
5870 Airline Road
Arlington, TN 38002
Loan Amount: $1.5 million
Loan Date: Aug. 27, 2013
Maturity Date: n/a
Borrower: Goodwin Henry Properties LLC
Lender: Renasant Bank
Details: Goodwin Henry Properties LLC has financed its 16,800-square-foot shopping center at 5870 Airline Road in Arlington for $1.5 million.
The company filed the Tennessee deed of trust, assignment of rents and leases, security agreement and fixture filing Aug. 27 with Renasant Bank. T. David Goodwin signed the trust deed as chief manager of Goodwin Henry Properties.
Built in 2005, the Class A strip retail center is situated on 1.9 acres on the east side of Airline in front of Douglas Park, between Douglass Street to the north and Otto Lane to the south. The Shelby County Assessor of Property’s 2013 appraisal is $2.2 million.
The parcel is one of three Goodwin Henry Properties bought in a March 2001 sale for $219,950.
8132 Country Village Drive
Memphis, TN 38016
Loan Amount: $1.4 million
Loan Date: Aug. 22, 2013
Maturity Date: Aug. 25, 2018
Borrower: Rock A. Wooster
Lender: Renasant Bank
Details: The owner of the Spinal Healthcare Associates, Cordova Pain Treatment Center, at 8132 Country Village Drive in Cordova, has filed a $1.4 million loan on the property.
Rock A. Wooster, one of the chiropractic clinic’s doctors, filed the deed of trust Aug. 22 through Renasant Bank.
Built in 2007, the Class A, 11,669-square-foot office medical facility sits on 1.6 acres at the northeast corner of Country Village Drive and Cordova Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
Wooster and other doctors bought the land for the clinic in 2006 for $415,000, and they worked with architect Brian Bullard of UrbanArch Associates and general contractor Len Hester of Grinder-Haizlip Construction Co. Inc.