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Big deal in Tennessee.

Big Deal In Tennessee

The news is just now traveling west of the Mississippi that a familiar name on the Little Rock business scene played a key role in the top commercial real estate story in Nashville, Tenn., during 1990.

Tom Prince of the Jack, Lyon & Jones law firm in Little Rock helped close a $20.2 million cash deal involving three Nashville apartment complexes with 1,400 units last month.

"It was a three-day marathon closing," reports Prince, a member of the Tennessee Bar. He represented the seller, New West Federal Savings Bank based in Irvine, Calif.

The ball began rolling in November when Emanuel Schatten, a Nashville real estate mogul, made his cash offer. New West accepted Schatten's bid after only 15 days of contract negotiations and closed the deal on Dec. 21.

The sale represents some more S&L deadwood pruned through foreclosure. New West took over the properties from Chicago-based Balcor, an American Express subsidiary.

The fast-track transaction was dubbed the top commercial real estate story in Nashville by The Tennessean, the city's daily newspaper.
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Title Annotation:record sale of apartment complex
Author:Waldon, George
Publication:Arkansas Business
Date:Jan 21, 1991
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