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 [...]

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 & 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 [...]

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 [...]

5th and Main Condos in Nashville Survive

June 13, 2009 by admin · 1 Comment 

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 · 10 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 [...]

5th and Main Condos are Taking Offers

March 18, 2009 by admin · 1 Comment 

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 · 5 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 [...]