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VOL. 133 | NO. 32 | Tuesday, February 13, 2018

100 North Main Owner Buys Two Adjacent Parcels

By Patrick Lantrip

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Less than a month after the 100 North Main Building was effectively reclaimed by the lender at a foreclosure auction, New York-based real estate firm Townhouse Management Co. affiliate THM Memphis Acquisitions LLC has purchased two adjacent parcels.

The first parcels, located at 86 and 88 N. Main, were purchased from the National Housing Corp. of Memphis for a little more than $1 million, while the second parcel, located at 80 N. Main, was purchased from Cynthia Luo for $485,743.

80 N. Main is a 12,000-square-foot “downtown row” style building that was built in 1905 and last appraised for $160,400 by the Shelby County Property Assessor.

The 138-year-old 86 N. Main building was appraised for $131,100 and the 108-year-old 88 N. Main building was appraised for $152,300, according to the assessor’s website.

On Thursday, Jan. 11, THM Memphis Acquisitions LLC effectively bought the 37-story office tower at a foreclosure auction on the courthouse steps after the property failed to receive any bids.

A substitute trustee’s deed for the $1 million transaction was recorded with the Register’s Office that same day.

The tower went into foreclosure in late 2016 when then-owner IHM Memphis LLC defaulted on a $2.8 million loan through Shadow Tree Income Fund B LP, THM Funding LLC, Conrad Partners LLC, Nils Brous and Keiter Group LLC. IHM had taken out that loan when it purchased the 100 North Main Building in August 2015 for $5 million.

The foreclosure auction, originally set for November 2016, was delayed numerous times before the lenders assigned the loan to THM Memphis LLC.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 157 157 10,093
MORTGAGES 161 161 11,107
FORECLOSURE NOTICES 0 0 1,301
BUILDING PERMITS 229 229 22,402
BANKRUPTCIES 54 54 6,365
BUSINESS LICENSES 18 18 4,099
UTILITY CONNECTIONS 29 29 3,048
MARRIAGE LICENSES 21 21 2,147