Belle Meade Town Center – which had been scheduled for a foreclosure auction Thursday afternoon – has a new owner instead.
Goldman Sachs subsidiary MTGLQ purchased the defaulted note from Wells Fargo in a sale finalized late Wednesday afternoon. A filing with the Davidson County Register of Deeds does not specify the amount of the sale.
The high-profile Harding Pike mixed-use development – anchored by a Harris Teeter and including 54 apartments and a Regions Bank – defaulted on its $23.6 million loan in August. The development's ownership, BMT Associates, is a joint venture including Brentwood-based PGM Properties, Nashville real estate developers Tony Giarratana and Brent Smith, and an unnamed out-of-state investor.
This is hardly the last chapter in the saga. As the holder of the note, MTGLQ has to initiate its own foreclosure sale and then, if it wants to own the property, purchase it at the ensuing auction.