Thursday, October 7, 2010

51 Belle Meade Court units sell

An entity affiliated with a California-based firm has bought 51 available condo units inside Belle Meade Court, a 65-unit luxury condominium project off Harding Pike. Tony Giarratana's company had developed it in 2008.
The condos have struggled to sell in a soft real estate market.

A&M Investors BP, affiliated with Alvarez & Marsal of El Segundo, Calif., bought the unsold units for $11.45 million, according to a real estate deed. The project had a 2008 loan for $20.4 million.

A sister retail project next door, Belle Meade Town Center, which is anchored by a Harris Teeter, was threatened with foreclosure earlier this year. A subsidiary of Goldman Sachs acquired it last month. Giarratana said he had previously sold off most of his stake in the Belle Meade Town Center.

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