Texas firm seeks $200,000 loan to revive stalled Downtown Memphis project
A Texas-based company is seeking a development loan from a Downtown Memphis Commission (DMC) board to complete a portion of work on the 18 S. Main St. building.
Private Mortgage Financing Partners, which acquired Tom Intrator's former base of operations via foreclosure earlier this year, is now asking the Center City Development Corp. (CCDC), a DMC affiliate board, for a loan of up to $200,000 to complete a retail white box for the first floor commercial space of the 18 Main project.
The application stated that Intrator "reportedly spent approximately $2.79 million on improvements, including structural repair, fire protection and suppression, masonry repair, new glass storefront and facade, and electrical work."
Work on the 7,500-square-foot first floor is 70% done, while the upper floors of 18 Main are not complete — termed a "cold dark shell" in the application.
The completion of the first floor is estimated to cost $590,000, with PMF Partners allocating $390,000 for the construction work.