on tuesday, the banks officially foreclosed on the remaining 37 developer-owned units at rhythm on music row. pinnacle national bank has paid the successor trustee $4.9 million for 21 units and cadence bank paid $3.8 million for 16 others. it sounds like currently the institutions plan to auction off the unsold units.
the ‘friendly foreclosure’ which began earlier this summer created a firestorm of activity reducing the number of units dramatically. it was initially closer to 50 units. among the deal seeking buyers was our new tennessee titans head coach, mike munchak, whose purchase closed early tuesday morning just prior to the foreclosure.
the sales team also submitted an additional 12 offers yesterday to the banks so interest still seems strong.