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 Name | Pressbox Lofts (Toof Building) |
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Project Cost | $7,250,000 |
District | Core |
Type | Renovation |
SF Developed | 64,500 |
Total MWBE | $1,619,863 |
EBO Percent CTD | 1.00 |
Status | Completed |
Apartment Units | 50 |
Retail SF | 2,500 |
Approval Date | 2013-09-10 |
Year Opened | 2014 |
PILOT Details
Lessee | 195 Madison Avenue, LLC |
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Lessee Address | 195 Madison Avenue, LLC 2182 Spicer Cove Memphis, TN 38134-5600 |
Term | 15 Years |
Approval Date | September 10, 2013 |
Close Date | 12/30/2013 0:00:00 |
Extension | 0 |
Term Mos | 180.00 |
Status From Date | Active |
Expected Term Date | 12/30/2028 0:00:00 |
Remaining PILOT Years | 4.05 |
Pilot Documents | Instrument #14069232 July 7, 2014 - Subordination of lease Instrument #23020627 March 15, 2023 - Refinancing Instrument #13152007 December 30, 2013 |