5th & Main Condos Regain FHA Approval

January 20, 2012 by admin · Leave a Comment 

It is a landmark day for ACG Equities, the investor who purchased the 5th & Main project from Wells Fargo Bank in March of 2011: The U.S. Department of Housing and Urban Development has granted the project FHA approval. (click to see full size image) Significance of FHA Approval It is difficult to emphasize how [...]

Encore Condos in Nashville: Pricing Trend

November 18, 2011 by admin · 3 Comments 

The Encore is a 333 unit, 20 story high-rise condominium building located in a pocket of downtown Nashville called SoBro (South of Broadway). The building delivered in February of 2008 in the face of the greatest economic downturn since the Savings and Loan crisis. Many wondered if the building could survive, if the developers could [...]

Fifth and Main Auction Results and Review

November 6, 2011 by admin · 7 Comments 

It was either a raving success or a necessary success, depending upon whether you were an auction buyer or you were ACG Equities, the seller. 23 condos sold at varying discounts during the auction, 2 more sold in the minutes following the final gavel bang. When the dust settled, ACG Equities met their pre-auction goal [...]

5th & Main Condos Resume Sales in April

March 4, 2011 by admin · 1 Comment 

As I first reported on February 27th, today new owner ACG Equities announced the 5th and Main condos will remain condos and not be converted into apartments. The Nashville Business Journal reports that ACG Equities will resume condo sales in April with “bold new pricing”. Considering ACG Equities was able to acquire the remaining 120 [...]

5th and Main Condos in Nashville Sold to ACG Equities

February 27, 2011 by admin · 7 Comments 

Chicago based ACG Equities has purchased the struggling 5th and Main condo development in East Nashville. The completion of the sale came Friday morning at 11:00am during a ‘special auction’ when ACG Equities purchased the 120 remaining residential condos for $9.33 million and 27,000 square feet of commercial space (17,000 retail – 10,000 office) for [...]

5th and Main Condos Boot Renters Out

April 13, 2010 by admin · 18 Comments 

In the wake of the project losing FHA certification, the lender is quietly booting ‘lease purchasers’ out of the building who have no intention of consummating a purchase. Why? It’s simple. Under HUD’s revised rules, a condo development must be at least 50% owner occupied in addition to at least 30% sold or under contract [...]

5th & Main Condos in Nashville Lose FHA Certification, Again

March 30, 2010 by admin · 5 Comments 

Call it fate, bad luck, the yo-yo effect or whatever you may, according to HUD’s website, the 5th & Main condos have lost their FHA certification for the second time in the past 9 months. As you may recall, the condos entered into receivership in February 2009, but began to show signs of life as [...]

Embattled 5th & Main Condos Earn FHA Approval

January 20, 2010 by admin · 4 Comments 

The 5th & Main condo project in East Nashville, the first large condo project to enter receivership in February 2009, has received approval to issue FHA insured loans (according to the HUD website). The project has qualified under the new, lower FHA guidelines that only require a project to be 30% presold in order to [...]

5th & Main Condo Sales Update

September 18, 2009 by admin · 2 Comments 

Well, there really is not a whole lot to report here except for the fact that there have been no new closings since my last report in August. Since Wachovia let the East Nashville 5th & Main project slip into receivership, there has still only been 2 brave souls to take the plunge. The Tennessee [...]

5th & Main Condos in Nashville Update

September 4, 2009 by admin · 1 Comment 

Quick condo sales update for the 5th & Main condo project in Nashville. As of September 4th, 2009 there have still only been 7 total sales in the building despite all of the hoopla. 5 of those condo buyers closed prior to the project slipping into receivership in February of 2009. The last 2 buyers, all [...]

5th & Main Condo Project loses crucial FHA backing

August 7, 2009 by admin · 6 Comments 

This article entitled “5th & Main loses crucial FHA backing” appeared in the Nashville Business Journal on August the 7th, 2009. The author is Jenny Burns:   “East Nashville’s 5th & Main condo project has lost its prime source of financing for its buyers - the latest snag for the troubled downtown project.   The U.S. Department [...]

The Rhythm Sues Cash Strapped Buyers

June 30, 2009 by admin · Leave a Comment 

This article entitled “Rhythm developer latest to sue would-be buyers” appeared in the Nashville Business Journal on June 30th, 2009. The writer is Turner Hutchens: “The Rhythm at Music Row has become the latest new Middle Tennessee condo development to sue buyers who try to back out of their purchases. Rhythm Partners LLC, the Brentwood-based [...]