VOL. 128 | NO. 171 | Monday, September 02, 2013
Memphis Real Estate Recap
Influence1 Files $2.6 Million Loan for Former Bishop Byrne
By Eric Smith
Influence1, 1475 E. Shelby Drive, Memphis, TN 38116
1475 E. Shelby Drive
Memphis, TN 38116
Loan Amount: $2.6 million
Loan Date: Aug. 23, 2013
Maturity Date: Aug. 23, 2024
Borrower: The Influence1 Foundation
Lender: Regions Bank
Details: The Influence1 Foundation, the Memphis-based organization that bought the former Bishop Byrne High School in June, has filed a $2.6 million loan on the property, at 1475 E. Shelby Drive in Whitehaven.
The foundation, best known for operating the City University charter schools, filed the deed of trust Aug. 23 through Regions Bank. The loan matures in August 2024.
The Catholic Diocese of Memphis closed Bishop Byrne at the end of the 2012-2013 school year and sold the property to Influence1 June 21 for $1.1 million.
Because Bishop Byrne was operated by the diocese and was exempt from property taxes, no building details are available. The 13.9-acre site is on the south side of East Shelby Drive between Elvis Presley Boulevard and Interstate 55.
Influence1 currently operates three charter schools at 1500 Dunn Ave., with the most recent, City University School Girls Preparatory, opening this year.
The foundation’s initial school, City University School of Liberal Arts, opened for the 2004-2005 school year. Since then, it has grown to more than 320 ninth- through 12th-graders, according to the school’s website.
City University School Boys Preparatory, a middle school for sixth- through eighth-graders, opened for the 2009-2010 school year and has grown to nearly 120 students.
City University School Girls Preparatory enrolled nearly 40 sixth-graders for its first year, according to the school’s site. A grade will be added each year, with the school eventually serving sixth through eighth grades.
1240 S. Germantown Road
Germantown, TN 38139
Permit Cost: $14.7 million
Project Cost: TBA
Permit Date: Applied August 2013
Owner: Duke Realty Corp.
Tenant: Baptist Memorial Health Care Corp.
Details: A $14.7 million permit application was filed with the city-county Office of Construction Code Enforcement for Baptist Memorial Health Care Corp.’s rehabilitation facility at 1240 S. Germantown Road.
Indianapolis-based commercial real estate developer Duke Realty Corp. filed the permit for the planned 60,000-square-foot, 49-bed rehab hospital that will replace Baptist’s facility on Exeter Road.
Baptist applied to the state in December for permission to build the facility. The health care corporation also went before the Germantown Design Review Commission earlier this summer for preliminary and final plan approval; Duke Realty’s Blaine Paul was listed as the applicant.
The rehab hospital will sit on land near the intersection of South Germantown Road and Wolf River Boulevard.
7 E. Georgia Ave.
Memphis, TN 38103
Loan Amount: $14.8 million
Loan Date: Aug. 27, 2013
Maturity Date: N/A
Borrower: Memphis Center City Revenue Finance Corp. (South Junction Partners)
Lender: SunTrust Bank
Details: Just a few days after its permits were filed, the development group building the 197-unit South Junction apartments Downtown has taken out a $14.8 million construction loan for the project.
South Junction Partners – through a payment-in-lieu-of-taxes (PILOT) program via the Memphis Center City Revenue Finance Corp. – filed the deed of trust Aug. 27 with SunTrust Bank.
The development group, which is led by Henry Turley Co., earlier this week filed a series of building permits totaling $10.4 million for the multifamily property that will rise on the vacant northwest and southeast corners of Carolina Avenue and Florida Street. The permits call for “three-story wood framed apartment buildings” at 727 E. Mann Circle, 726. E. Mann Circle, 725 W. Mann Circle, 35 W. Georgia Ave., 649 Florida St., 18 W. Carolina Ave. and 9 E. Carolina Ave.
The commercial loan lists an address of 7 E. Georgia Ave. Turley signed the trust deed on behalf of South Junction Partners and Paul Morris signed on behalf of the CCRFC.
8076 Giacosa Place
Memphis, TN 38133
Loan Amount: $1.3 million
Loan Date: Aug. 13, 2013
Maturity Date: N/A
Borrower: Stone Gallery LLC
Lender: First Capital Bank
Details: The owner of the Stone Gallery showroom at 8076 Giacosa Place in the Wolfchase area has filed a $1.3 million loan on the property.
Stone Gallery LLC filed the deed of trust Aug. 13 through First Capital Bank. King Chow and Jasmine Lin signed the deed as members of Stone Gallery LLC, which acquired the property via a $980,000 quitclaim deed in 2012.
Built in 1996, the 16,508-square-foot, Class C retail facility sits on 2 acres on the north side of Giacosa Place in the Commons at Wolfchase shopping center. The Shelby County Assessor of Property’s 2013 appraisal is $1.1 million.
Prior to being the Stone Gallery, the property was a Golf Discount Superstore. And before that, the space was occupied by Toys R Us. Story & Associates LP c/o Golf Discount of St. Peters, Mo., bought the site in October 2004 for $2.2 million.