Embattled 5th & Main Condos Earn FHA Approval

January 20, 2010 by admin · View 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 · View 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 Disability [...]

5th & Main Condos in Nashville Update

September 4, 2009 by admin · View Comments 

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 cash [...]

5th & Main Condo Project loses crucial FHA backing

August 7, 2009 by admin · View 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 of Housing and Urban [...]

The Rhythm Sues Cash Strapped Buyers

June 30, 2009 by admin · View Comments 

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 developer of [...]

5th and Main Condos in Nashville Survive

June 13, 2009 by admin · View Comments 

It is rumored that the 5th and Main condos in Nashville have endured receivership and will be placed back on the market any day. From what I understand, Wachovia Bank continues to be involved in the project as the primary construction lender and has actually already resumed construction in phase II (someone send me a [...]

Rolling Mill Hill to Enter Receivership

June 4, 2009 by admin · View Comments 

 
It is not my habit to speculate, although I have privately for some time, that the Rolling Mill Hill project is going to enter receivership, but I have it on good accord that this will come to pass. Should this project enter receivership, it will be the third condo development in Middle Tennessee to do [...]

5th and Main Condos are Taking Offers

March 18, 2009 by admin · View Comments 

In case anyone is interested in picking up a Nashville condo on the cheap, the 5th & Main condo project is now taking offers. What do I mean by offers? I mean that the entire project has been taken back by the bank and the bank wants to sell off the remaining condos as fast as [...]

First Major Condo Project Is Seized

February 5, 2009 by admin · View Comments 

This article entitled “Fifth & Main condos seized for unpaid debts; Wachovia wins court order for receiver” appears in The Tennessean on February 5th, 2009. This article was written by Randy McClain:
Wachovia Bank won a court order Thursday appointing a receiver to take control of the Fifth & Main condo project after its owners had [...]