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VOL. 129 | NO. 156 | Tuesday, August 12, 2014

New York Firm Buys Retirement Community

By Eric Smith

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996 Cherry Road, Memphis, TN 38117

996 Cherry Road
Memphis, TN 38117

Sale Amount: $12.9 million

Sale Date: July 30, 2014
Buyer: GFTV Audubon Owner LLC
Seller: TV Memphis LP
Loan Amount: $23.5 million
Loan Date: July 30, 2014
Maturity Date: N/A
Lender: Grandbridge Real Estate Capital LLC
Details: An affiliate of New York-based Garrison Investment Group has paid $12.9 million for the 176-unit Town Village Audubon Park retirement community at 950 Cherry Road in East Memphis.

Operating as GFTV Audubon Owner LLC, the company bought the property in a July 30 special warranty deed from TV Memphis LP, an affiliate of Ontario-based Chartwell Retirement Residences.

The seller had paid $35 million for the property in 2006 from Town Village Memphis LLC.

Built in 2001, the 200,040-square-foot, Class A retirement center sits on 12 acres at the southeast corner of Cherry Road and Park Avenue. The Shelby County Assessor of Property, which lists its address as 966 Cherry Road, shows a 2014 appraised value of $15.7 million.

In conjunction with the purchase, GFTV Audubon Owner filed a $23.5 million multifamily deed of trust through Grandbridge Real Estate Capital LLC. Brian Chase signed the deed as chief operating officer of the borrower.

7007 Poplar Ave.
Germantown, TN 38138
Loan Amount: $3.5 million

Loan Date: July 29, 2014
Maturity Date: N/A
Borrower: Madonna Learning Center
Lender: First Tennessee Bank NA
Details: Madonna Learning Center, a school for children and young adults with special needs, has filed a $3.5 million loan on its 7007 Poplar Ave. location in Germantown, which is undergoing an expansion.

The organization filed the deed of trust, assignment of rents and leases, security agreement and fixture filing July 24 through First Tennessee Bank NA.

John Mattingly signed the deed as board member of Madonna Learning Center, which “provides a nurturing faith-based educational and social environment that empowers young and adult students with special needs to reach their full potential while offering support to their families,” according to its website.

Built in 1964, the 1,974-square-foot facility sits on 4.7 acres along the south side of Poplar Avenue between Kirby Parkway and New Riverdale Road. The Shelby County Assessor of Property’s 2014 appraisal is $1.5 million.

Madonna Learning Center held a groundbreaking ceremony in May to celebrate the start of construction and renovation to buildings and facilities on its campus. The ceremony officially launched the public phase of the school’s $10 million capital campaign, called “Transforming Lives. Building a Brighter Future. The Campaign for Madonna Learning Center.”

2503 E. Reese Cove
Memphis, TN 38133

Sale Amount: $3.3 million

Sale Date: July 29, 2014
Buyer: Countryside Village Apartments LLC
Seller: Cleburne Terrace TX Partners LLC
Details: The 76-unit Reese Road apartment complex at 2503 E. Reese Cove in Northeast Memphis sold twice in two days, the latter a $3.3 million deal.

A Salt Lake City entity called Countryside Village Apartments LLC bought the 72,772-square-foot complex in a July 29 special warranty deed from Cleburne Terrace TX Partners LLC.

The seller, an affiliate of Atlanta-based Cortland Partners LLC, had purchased the property the day before in a special warranty deed as part of a receivership from Reese Road Partners for $2.5 million.

Built in 2001, the Class C multifamily property sits on 6.9 acres along the south side of Reese Road a little east of its intersection with Whitten Road. The Shelby County Assessor of Property’s 2014 appraisal is $2.5 million.

No financing was associated either transaction.

2201 Winchester Road
Memphis, TN 38116

Loan Amount: $2.4 million

Loan Date: July 31, 2014
Maturity Date: N/A
Borrower: Airport Fast Park-Memphis LP
Lender: Capital One NA
Details: The local owner of the FastPark & Relax airport-area parking facility at 2201 Winchester Road has filed a $2.4 million loan on the property.

Airport Fast Park-Memphis LP – an affiliate of Cincinnati-based Fast Park – filed the deed of trust with absolute assignment of leases and rents, security agreement and fixture filing July 31 through Capital One NA. Manuel Chavez signed the trust deed as manager of the borrower.

The parking facility includes an office and covered parking on 4.8 acres at the southeast corner of Winchester Road and Airways Boulevard. The Shelby County Assessor of Property’s 2014 appraisal is $858,900.

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