Skip to Main Content

Pressbox Lofts (Toof Mural Building)

Category: Projects

Pressbox Lofts (Toof Mural Building)

195 Madison Ave
Memphis, TN

Renovate currently vacant and blighted historic 5-story property into approximately 50 rental apartments and approximately 2,500 square feet of ground floor commercial/retail space. Of the 50 rental apartments, 40 will be studio or one-bedroom units (some with lofts), and 10 will be twobedroom units (some with lofts).

Property NamePressbox Lofts (Toof Building)
Project Cost$7,250,000
SF Developed64,500
Total MWBE$1,619,863
EBO Percent CTD1.00
Apartment Units50
Retail SF2,500
Approval Date2013-09-10
Year Opened2014


PILOT Details

Lessee195 Madison Avenue, LLC
Lessee Address195 Madison Avenue, LLC 2182 Spicer Cove Memphis, TN 38134-5600
Term15 Years
Approval DateSeptember 10, 2013
Close Date12/30/2013 0:00:00
Term Mos180.00
Status From DateActive
Expected Term Date12/30/2028 0:00:00
Remaining PILOT Years4.51
Pilot Documents
Instrument #13152007
December 30, 2013
Instrument #14069232
July 7, 2014 - Subordination of lease
Instrument #23020627
March 15, 2023 - Refinancing