The 30-story SunTrust Center is located at 5th Avenue and Church Street in Nashville's CBD. Local real estate developer Tom Smith and New Life Corp. of America CEO Norvell Olive have purchased the building. More than $40 million in financing was provided by Bear, Stearns Funding Inc. The Memphis office of LJ Melody arranged the financing.
Connecticut General Life Insurance Co. who through a subsidiary will retain an ownership interest in SunTrust Center. "This is a terrific day for Nashville," says Smith, "as one of its major corporate office buildings is returned to local ownership."
In an unrelated transaction, the Greenfield Estates, a 371-unit apartment community in Lancaster, secured a $14.6-million loan. Freddie Mac provided the financing on behalf of High Associates for the 19-year-old property. Jim Tritch in LJ Melody's Harrisburg, PA office and Steve Hefner in the Charlotte, NC office structured the deal.
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