Editorial Results (free)
1. Life Church Buys Victory Campus for $4.4 Million
- Tuesday, May 13, 2014
255 N. Highland St.
Memphis, TN 38111
Sale Amount: $4.4 million
Sale Date: May 2, 2014
Buyer: The Life Church of Memphis Inc.
Seller: SignificantPsychology LLC
Loan Amount: $3.8 million
Loan Date: May 2, 2014
Maturity Date: May 5, 2019
Lender: Triumph Bank
Details: The Life Church of Memphis has paid $4.4 million for the former Victory University campus at 255 N. Highland St.
2. Real Estate ‘Titans’ Share Industry Advice
- Monday, May 12, 2014
In the 1980s Dan Wilkinson and Robert Snowden were deeply involved in developing Memphis International Airport Center.
3. Bank Buys Magic Apparel Facility After Foreclosure
- Thursday, May 08, 2014
An affiliate of EverBank Financial Corp. has paid $1.1 million for the Magic Apparel warehouse at 4361 Shelby Air Drive in Oakhaven following a foreclosure.
4. AP Survey: China's Lending Bubble a Global Threat
- Tuesday, April 29, 2014
WASHINGTON (AP) — Just as the global economy has all but recovered from debt-fueled crises in the United States and Europe, economists have a new worry: China. They see a lending bubble there that threatens global growth unless Beijing defuses it.
5. Trustmark Bank Opens Headquarters in East Memphis
- Monday, April 28, 2014
Trustmark Bank has officially opened its new regional headquarters location in East Memphis.
The regional headquarters opened at the 5350 Poplar Ave. office building, which has been renamed Trustmark Centre. The bank acquired naming rights as a part of the 12.5-year lease Trustmark Corp. signed in November.
6. Aghabeg Joins Gateway Group as Controller
- Wednesday, April 16, 2014
Angela Aghabeg has joined temporary staffing and executive search firm Gateway Group Personnel as controller. In her new role, Aghabeg is responsible for the maintenance and accuracy of the general ledger and compliance with governmental reporting requirements and tax filings. She also is accountable for compiling historical and current data and financial records and preparing monthly financial statements for analysis and projections.
7. Market Mystery
- Saturday, April 05, 2014
Over the last several years, investors ranging from mom-and-pop shops to large hedge funds have been acquiring single-family homes in Memphis at a historic pace.
But determining the long-term impact that investor purchases have made on neighborhoods remains elusive.
8. Bright Spot
- Friday, December 20, 2013
The Memphis multifamily market turned in a strong performance during 2013, with enhanced investor interest and new units under construction.
Blake Pera, senior vice president of CB Richard Ellis Memphis’ multifamily division, classified the multifamily market in 2013 as healthy and continuing to improve.
9. Crosstown Effort Shines as Development Example
- Tuesday, December 10, 2013
Construction documents for the $180 million revitalization of the Crosstown building were scheduled to be finished Friday, Dec. 6, with the project moving toward closing and construction in the next months.
10. Real Estate Trends Focus of ‘Master Your Market’
- Tuesday, July 23, 2013
Real estate industry professionals will have the opportunity this week to learn more about major trends in the local real estate market, including residential and commercial sales, new housing, foreclosures and lending practices.
11. ‘Transition Period’
- Wednesday, July 17, 2013
The number of permits pulled by homebuilders in the second quarter was flat with the same period last year. Shelby County homebuilders filed 269 permits during the second quarter of 2013, the exact same number they filed in the second quarter last year, according to real estate information company Chandler Reports, www.chandlerreports.com.
12. Bank of America Executive: Small Business is on the Comeback
- Thursday, June 27, 2013
NEW YORK (AP) – Robb Hilson's job as head of small business banking at Bank of America is to convince small business owners that the bank wants to do business with them.
That's not easy when small businesses have consistently said in surveys that they find it hard to get loans from banks, and when banks have become more cautious about lending to small companies following the recession. But in the 18 months Hilson has been on the job at the nation's second-largest bank it has had some success with its 3.2 million small business customers. Last year, Bank of America made $8.7 billion in new loans to small businesses, up 28 percent from 2011.
13. Briglia Joins Archer-Malmo as Web/Broadcast Artist
- Wednesday, May 01, 2013
Kristen Briglia has joined archer-malmo as web/broadcast turbo artist. In her new role, Briglia will produce web graphics, HTML and video-editing services for the growing digital and broadcast departments, and will also help on print projects as needed.
14. Magna Bank Makes Several Appointments
- Saturday, April 20, 2013
Magna Bank has named Frazer Gieselmann as senior vice president and manager of construction lending.
As manager of construction lending, he will lead the bank in providing construction loans to individuals and builders.
15. Magna Bank Makes Several Appointments
- Wednesday, April 17, 2013
Magna Bank has named Frazer Gieselmann as senior vice president and manager of construction lending.
As manager of construction lending, he will lead the bank in providing construction loans to individuals and builders.
16. Meadows Named Director of Memphis Jewish Home & Rehab
- Wednesday, April 17, 2013
Bobby Meadows has joined Memphis Jewish Home & Rehab as executive director. Meadows, a licensed nursing home administrator, has 13 years of nursing home experience, including 11 as an executive director. Most recently, he served for six years at Allenbrooke Nursing and Rehabilitation Center in Memphis.
17. Seminar to Tackle Reappraisal, Consolidation
- Tuesday, February 05, 2013
Real estate industry professionals will soon have the opportunity to learn more about two ongoing issues that will affect every homeowner and taxpayer – the 2013 Shelby County reappraisal and the school consolidation.
18. BenchMark to Relocate, Restructure
- Friday, January 25, 2013
BenchMark at Southwind Realtors LLC will soon relocate its Southeast Memphis office, add agents, integrate technology into its business practices and go paperless in one fell swoop.
19. NAI Saig Well-Positioned for Real Estate Rebound
- Monday, December 03, 2012
Commercial real estate is making a strong come back for one Memphis brokerage firm as previously shelved projects come roaring back to life.
Edward Saig said that a rise of activity in 2012 demonstrates the ability of banks to lend in an era of tight regulation.
20. Rise of House Flipping Focus Of Seminar
- Wednesday, October 31, 2012
The impact of the foreclosure crisis on Shelby County home values is intricate and far-reaching.
Recent estimates by real estate information company Chandler Reports suggest that nearly a quarter of Memphis’ total housing stock are non-owner occupied.
21. Volunteer Spirit
- Friday, September 28, 2012
Next month, a group from Emory University in Atlanta is coming to the Memphis Botanic Garden to participate in an “alternative fall break.”
They’re going to spend a few days working there – specifically with the horticulture department. And it’s exactly the kind of thing the folks who run the 96-acre property are eager to see more of.
- Thursday, May 17, 2012
The Black Business Association of Memphis will hold a general membership meeting Thursday, May 17, at 8 a.m. at the BBA office, 555 Beale St. Contact BBA at bbamemphis.com, email@example.com or 526-9300.
- Wednesday, May 16, 2012
Kiwanis Club of Memphis will meet Wednesday, May 16, from noon to 1 p.m. at The Peabody hotel, 149 Union Ave. Rabbi Micah Greenstein of Temple Israel will speak. Cost for lunch is $25 for nonmembers.
24. Fannie Asks Gov't for Almost $4.6B After Q4 Loss
- Thursday, March 01, 2012
WASHINGTON (AP) – Mortgage giant Fannie Mae said Wednesday that it lost money in the fourth quarter and is asking the federal government for nearly $4.6 billion in aid to cover its deficit.
25. Early Finance, Biz Interests Fuel Lamberson’s Career
- Thursday, March 01, 2012
Christopher Lamberson, a new addition to the management committee at Glankler Brown PLLC, got interested in pursuing law as a career in a roundabout way.
26. Grinding it Out
- Monday, February 06, 2012
After most recessions, real estate bounces back.
But the Great Recession has been notably different – long, deep and very prolonged.
That’s the message Dr. John Gnuschke, director of the Sparks Bureau of Business and Economic Research and co-director of the Center for Real Estate at the University of Memphis, delivered in December at the Urban Land Institute’s Real Estate Outlook for the Mid-South.
27. Mercer Ready to Steer MAAR Commercial Council
- Monday, November 28, 2011
John Mercer does not take over as 2012 president of the Memphis Area Association of Realtors Commercial Council until Jan. 1, but he is already working hard planning several big MAAR events for early next year.
28. Industry Growth
- Tuesday, November 15, 2011
The local banking and finance industries have proven to be a temporary boon of late to a group of people hit hard by contractions in banking and housing: architects and construction workers.
At the moment, a handful of new branches or office locations are either in some phase of construction or are preparing to open for companies that include Independent Bank, Evolve Bank & Trust, Metropolitan Bank, Iberiabank and Shoemaker Financial.
29. Somerset Park Apartments Sell for $1.1 Million
- Tuesday, November 01, 2011
3425 Winchester Park Drive
Memphis, TN 38118
Sale Amount: $1.1 Million
30. Getwell Walgreens Sold Yet Again
- Monday, October 31, 2011
The Walgreens pharmacy at 1201 Getwell Road has traded hands again.
An entity called 1201 Getwell LLC, which lists a Weehawken, N.J., address, bought the property from Elm Special Opportunities Fund I LLC of St. Louis for $4.9 million in a special warranty deed.
31. St. Louis Co. Buys Getwell Walgreens
- Wednesday, October 26, 2011
Elm Special Opportunities Fund I LLC of St. Louis has paid $4.4 million for the Walgreens pharmacy at 1201 Getwell Road. The sale closed Oct. 18 in a special warranty deed.The property is a 14,462-square-foot Walgreens on 2.3 acres at the southwest corner of Rhodes Avenue and Getwell Road. The store was built in 2004.
32. Hoteliers Seek New Identities, Better Branding
- Thursday, October 06, 2011
Several Mid-South hotels are in the midst of rebranding, and more are anticipated through next year.
The hotel rebranding trend has taken off since 2010 and includes reflagging to completely new brands as well as conversions to new identities within the same brand.
33. US Mortgage Finance Head: Shift Risk From Treasury
- Tuesday, September 20, 2011
RALEIGH, N.C. (AP) – Government-controlled mortgage buyers Fannie Mae and Freddie Mac may reduce taxpayer risk by requiring more mortgage insurance from borrowers and charging lenders higher fees, steps that could increase borrowing costs, the head of their government caretaker agency said Monday.
34. New York Co. Buys Medical Office Buildings
- Tuesday, September 20, 2011
1333 Poplar Ave.
Memphis, TN 38104
Sale Amount: $2.9 million
Sale Date: Aug. 26, 2011
35. Plotting a Course
- Monday, September 19, 2011
State and federal officials are developing new programs and legislation to bolster small businesses.Many companies are facing a variety of hurdles in a lackluster economy in which millions remain jobless and the outlook for consumer confidence and companies’ confidence in hiring and investing remain bleak. But what shape those hurdles have taken depends on who you ask.
36. Walgreens Site Financed for $2.4 million
- Friday, September 16, 2011
St. Louis-based Muriel Real Estate LLC has filed a $2.4 million loan through The Business Bank of St. Louis for property that houses a Walgreens pharmacy at 1201 Getwell Road. No maturity date was listed on the loan documents.
37. Crye-Leike To Close Midtown Branch
- Wednesday, June 22, 2011
Crye-Leike Realtors Inc. will close its Midtown office by mid-July in efforts to cope with depressed market conditions and improve operating efficiencies, the firm announced Monday, June 20.
38. Multifamily Sector ‘Poised for Solid Growth’
- Tuesday, May 24, 2011
Multifamily investment activity in Memphis continues to gain steam as lenders slowly loosen their purse strings.
The positive sales activity is being propelled by the market’s improved performance, low interest rates and additional capital coming off of the sidelines after being quiet for the last few years.
39. Opening Doors
- Tuesday, April 12, 2011
Every commercial real estate submarket in the Memphis area has seen its share of foreclosures – even those with the strongest demographics and continued expansion and development. The assumption might be that foreclosures are occurring in lower income areas where crime and poverty have played a role in a property’s decline. But, in fact, foreclosures have occurred across all submarkets.
40. For Real Estate, a Giant Spring Clearance Sale
- Monday, March 28, 2011
In suburban Chicago, it's paradise to be a homebuyer.
At the Millbrook Pointe development in quaint and pristine Wheeling, a $269,000, brick-and-stone townhouse comes with $25,000 in free upgrades, including wood-burning fireplaces, all-stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs.
41. Seminar Helps Attendees Master Real Estate Market
- Monday, January 17, 2011
As real estate professionals gather this week to take a look at the latest numbers, they’ll not only learn about current economic trends but also preview the road ahead.
Realtors, appraisers, builders, investors, bankers and mortgage brokers will get a glimpse of Shelby County market trends Thursday when real estate information company Chandler Reports hosts “Master Your Market: Year-in-Review.”
42. Mortgage Modifications Daunting for Homeowners
- Tuesday, January 11, 2011
HELENA, Mont. (AP) – Laverl "Nick" Nicholson used to look out of his kitchen window at the weeping willows that mark the burial place of two of his daughters. Then a debilitating car wreck left him unable to pay the $220,000 he owed on his northwestern Montana home.
43. Homeowners Say Loan Mods Led Them to Foreclosure
- Tuesday, November 09, 2010
LOS ANGELES (AP) – Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up.
44. Foreclosure Freeze Could Undermine Housing Market
- Tuesday, October 12, 2010
NEW YORK (AP) – Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.
45. 'A New Day'
- Monday, September 20, 2010
Marvell Mitchell has had it with numbers.
“I’ve read the numbers and I hear people talking about the recession but frankly, there’s an opportunity here,” said Mitchell, who owns Mitchell Technology Group LLC with his wife, Ledelle.
46. Lending Landscape Remains Bleak
- Tuesday, September 14, 2010
Commercial and residential construction lenders continue to see slow activity from developers, making it unlikely much dirt will get pushed on new projects in the next several months.
“We are seeing softness in the commercial market in almost all sectors,” said Rick Hall, executive vice president at Renasant Bank. “Not many projects have been presented, and demand is low for new loans.”
47. Market Slump Expected to Dent Profits at Big Banks
- Wednesday, July 14, 2010
NEW YORK (AP) — The bank industry's earnings winning streak may be over.
A terrible spring in the financial markets is expected to leave the nation's big banks with second-quarter earnings that fall short of their stellar results from the first three months of the year. That's bad news for companies that relied on trading profits to mask a still-miserable banking climate with high losses from failed loans and low demand for credit.
48. Cautious Optimism
- Tuesday, June 15, 2010
Industrial real estate, which thrives whenever companies choose one of the city’s numerous warehouses and distribution centers to store their goods, plays a significant role in Memphis’ economy.
So as the recession improves and consumerism rebounds, the industrial sector is bound to show improvement as will the city’s financial climate.
49. Service at Heart of Practice For Morris
- Thursday, May 06, 2010
Ordinarily, Martin, Tate, Morrow & Marston PC attorney Paul Morris would have stepped down in 2010 as president of Memphis Area Legal Services Inc., but he felt compelled to stay for MALS’ 40th anniversary – and the opportunity it presents to promote the cause.
50. CRE Market Sweats Tight Times
- Tuesday, March 16, 2010
From Downtown to the eastern suburbs, from the airport to Millington, the landscape is bleak for commercial real estate brokers.
Everywhere they look, they see signs that the local market has endured and continues to endure its share of black eyes. In the past 12 months, for example, two of the area’s four biggest sales occurred on the Shelby County Courthouse steps.
51. AIG Sells Alico Unit to MetLife for $15.5 Billion
- Tuesday, March 09, 2010
CHARLOTTE, North Carolina (AP) - American International Group Inc. said Monday it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal, AIG's second big asset sale in two weeks, will give the insurer more cash to repay the billions of bailout dollars it still owes the government.
52. Roebuck Headquarters Foreclosed
- Tuesday, March 02, 2010
The irony is inescapable: The East Memphis headquarters of Roebuck Auctions has been foreclosed and will be sold on the steps of the Shelby County Courthouse to the highest bidder.
Owned by company founder John Roebuck and his wife, Glenda, the nearly 8,000-square-foot building that sits on 1.15 acres at 4932 Park Ave. has been home to Roebuck’s eponymous auction house since 2005.
53. Housing Market Shows Weakness for Second Month
- Monday, March 01, 2010
WASHINGTON (AP) - Sales of previously owned homes plunged in January to their lowest level since summer, providing fresh evidence that high unemployment and tight lending standards are outweighing the government's attempts to prop up the market.
54. Workshop Guides New Entrepreneurs
- Thursday, February 25, 2010
People interested in starting their own businesses can learn how to avoid pitfalls, secure financing and land government contracts at a Wednesday workshop organized by the National Black MBA Association of Memphis.
55. Little Guys, Big Guys
- Monday, February 22, 2010
No one would mistake a local institution like Tri-State Bank for one of Wall Street’s mighty titans of finance, whose recent woes brought the U.S. and world economies to their knees.
- Monday, February 08, 2010
Both sides in the federal lawsuit Memphis and Shelby County have filed against Wells Fargo are beginning to strap on their armor.
The San Francisco-based financial services giant – one of the largest U.S. banks by assets – has hired Memphis attorney Jef Feibelman of Burch, Porter & Johnson PLLC.
57. Upswing in Motion
- Monday, January 25, 2010
When mortgage numbers reach historic lows – as they have in Shelby County during the past two years – any improvement, however small, should be viewed as positive.
The commercial lending industry indeed received a rare dose of good news in December with a bump in commercial purchase mortgage activity, as opposed to refinances.
58. Mortgage Activity Sums Up Dreary ’09
- Tuesday, January 12, 2010
Although the mortgage industry enjoyed an uptick in activity as the year ended, it by no means salvaged an otherwise abysmal 2009.
Lenders suffered one of their worst years for purchase mortgages in recent memory, making only 8,399 loans in 2009, according to real estate information company Chandler Reports, www.chandlerreports.com. (Data for this report included purchase mortgages only, not refinances.)
59. Mortgage Originator Not Consumed by Industry Woes
- Monday, January 04, 2010
The road Sam Goff took to his current position as mortgage originator at Evolve Bank and Trust has been a long and winding one, to say the least.
60. Lending Biz At a Standstill
- Friday, December 18, 2009
Rick Wood, senior vice president for Financial Federal Savings Bank, recently gave a speech about the drastic decline in institutional lending for commercial real estate loans.
61. Housing Divided
- Monday, November 23, 2009
A couple of years ago, when Clay Thompson of Memphis decided it was time to stop renting, he set his sights on the Downtown condominium market. He was especially interested in the old warehouses in the South Main Historic Arts District that had been converted to condos.
62. White Touches on Local Commercial Real Estate Market
- Thursday, November 19, 2009
Barry F. White, a member of Farris Bobango Branan PLC, has been named to the Best Lawyers in America 2010 edition in the area of Real Estate Law.
White also practices in finance, secured transactions, commercial law and commercial contracts law.
63. GMAC Financial Services Q3 Loss Narrows
- Thursday, November 05, 2009
NEW YORK (AP) - GMAC Financial Services, the main lender for General Motors Co. and Chrysler Group LLC, said Wednesday its loss narrowed to $767 million in the third quarter, as its auto lending unit made money while its home mortgage unit reported another loss.
64. ‘Hoops of Fire’ Squelch Commercial Real Estate Activity
- Wednesday, September 23, 2009
The economy hasn’t extinguished commercial real estate deals, but it certainly has changed the way they get done.
Shane McElveen learned about the tedious process of property acquisition when he looked into buying the High Point Funeral Chapel at 3788 Summer Ave. in the Berclair area. McElveen, who had worked at the chapel as senior vice president, was trying to buy the business from owner G. David Keller.
65. US Thrifts Earn $4M in Q2
- Thursday, August 27, 2009
WASHINGTON (AP) – U.S. thrifts eked out a $4 million profit in the second quarter, but the number of troubled institutions continued to rise, the government reported Wednesday.
The Office of Thrift Supervision said the small profit in the April-June period marked the industry's first positive earnings since the third quarter of 2007. It compared to a loss of $5.4 billion in the year-ago period, and $1.62 billion in the first quarter of this year.
66. Another Black Eye for Commercial Real Estate
- Monday, August 24, 2009
Commercial real estate sales suffered yet another decline in July as the ongoing economic crisis and tightened lending landscape continued to wreak havoc on the market.
Just 45 sales were made last month in Shelby County, down 24 percent from 59 sales in July 2008 and even down 15 percent from 53 sales in June, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.
67. Stimulus Money To Return Foreclosures To Marketplace
- Wednesday, August 05, 2009
Part of the latest dose of federal stimulus money to arrive in Shelby County predates the Obama administration.
This week at the Frayser Community Development Corp., office, home and mortgage lenders as well as leaders of the various CDCs across the county gathered to mark the awarding of almost $27 million in federal funding. The money from the U.S. Department of Housing and Urban Development comes from Washington through the Tennessee Housing Development Agency and other state agencies.
68. Foreclosure Issued For 310 Beale St.
- Tuesday, July 07, 2009
Two entities, 310 Beale Street Properties LLC and Hurricane Memphis LLC, have defaulted on a December 2001 construction loan for $2.6 million. The lender is Wachovia Commercial Mortgage Inc. doing business as The Money Store Commercial Mortgage Inc. The first-run foreclosure notice appears on Page 40 of today’s paper.
69. Beasley Allen Leader for Lending Suit
- Friday, June 05, 2009
When the bottom fell out of several Regions Morgan Keegan mutual funds in 2007, billions of dollars in value belonging to shocked investors quickly evaporated.
Law firms throughout the country began signing up investors to represent. One of those firms is Montgomery, Ala.-based Beasley, Allen, Crow, Methvin, Portis & Miles PC.
70. Commercial Sales: Nowhere to Go But Up
- Monday, June 01, 2009
Shelby County’s commercial lending landscape remained bleak in April as activity fell for the fifth time in the past six months.
Just 24 commercial loans were made last month, a 36.8 percent decline from 38 loans in April 2008 and a 22.6 percent decline from 31 loans in March, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. (Data for this report include only commercial mortgages taken at the time of sale and not refinancings.)
71. County Pinpoints June Filing For Lender Lawsuit
- Wednesday, May 13, 2009
Questions about legal fees and whether an attorney from Memphis Area Legal Services Inc. can participate in a lawsuit against mortgage lenders were among the hitches that have held up the filing of such a lawsuit for several months.
72. New TALF Program Launches in June
- Monday, May 04, 2009
WASHINGTON (AP) - The Federal Reserve announced Friday that it will launch a much-awaited program in June to bolster commercial real-estate lending.
And, to help make the program more attractive to investors, the Fed will provide longer, five-year loans.
73. Finance Unit Woes Lower GE Earns 36 Pct
- Monday, April 20, 2009
WASHINGTON (AP) - General Electric Co.'s first-quarter earnings fell 36 percent as profits tumbled at its troubled finance arm, but the results beat Wall Street forecasts in a glimmer of good news for the struggling company.
74. Commercial Real Estate Hangs on for Dear Life
- Friday, March 20, 2009
The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.
From March 2008 through February 2009, commercial sales in Shelby County declined 35 percent compared to the prior 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.
75. Obama Details Plan to Aid Small Businesses
- Tuesday, March 17, 2009
WASHINGTON (AP) - President Barack Obama on Monday offered a fresh package of aid to small businesses – "the heart of the American economy" – in an aggressive push to get big banks that got federal bailout money to do more lending to these struggling entrepreneurs.
76. County’s Latest Tax Figures Anemic
- Friday, February 20, 2009
The latest snapshot of Shelby County’s tax revenues looks about the same as it has for months.
The local housing market – which generates property tax revenue, the lifeblood of Memphis and Shelby County governments – has turned anemic. Consumer spending keeps on slowing in the face of a recession that prompted Congress this month to pass a nearly $800 billion stimulus package that amounts to an economic shock treatment.
77. Tight Credit Put Squeeze On ‘08 Commercial Real Estate Sales
- Thursday, January 22, 2009
As with the residential sector, 2008 was a year to forget in commercial real estate, which suffered declining sales and endured a nationwide credit crunch throughout the year.
“The big storyline in ’08 was that lenders weren’t lending,” said Johnny Lamberson, senior vice president at CB Richard Ellis Memphis. “It put a real tightening on deals getting done. If deals weren’t highly leveraged, as the year went on it became harder and harder to get transactions closed because nobody was lending money.”
78. Pawnshops Clients Today are Driving BMWs
- Friday, January 02, 2009
PHILADELPHIA - At Society Hill Loan, a pawnshop in a middle-class neighborhood here, a steady rain fell outside as a fashionably dressed young man parked his Cadillac Escalade outside. Looking around warily, he came in to speak with Nat Leonard, co-owner of the store.
79. Brookview Rehab Property Faces Foreclosure Sale
- Friday, December 12, 2008
A foreclosure notice has been filed for the property at 574 N. Fourth St., which Las Vegas-based real estate investment company Blue Maple Investments LLC bought in March 2007 for $35,900.
80. Lobbyists Increase Efforts To Blunt Payday Ordinance
- Tuesday, December 02, 2008
Over the past couple of weeks, Shelby County Board of Commissioners member Mike Carpenter has met privately with at least six representatives of two high-powered lobbying firms that are working to counter a proposed local zoning ordinance.
81. Chicago Company Buys Again In Memphis
- Tuesday, December 02, 2008
A Chicago real estate firm has bolstered its Memphis presence with another industrial acquisition, its fourth high-dollar deal in the past couple of years.
HSA Commercial Real Estate, operating locally as Memphis Air Trans LP, has bought the 342,860-square-foot, one-story warehouse at 4219 Air Trans Road for $8.4 million, proving that it remains bullish on this market.
82. Crye-Leike Launches Foreclosure Aid Effort
- Monday, November 24, 2008
About a week ago, a woman called Ellis Rankin, an associate broker at Crye-Leike Inc., about one of his advertisements offering help with lease/purchase transactions and rental homes.
83. Daily News Companies to Present Economic Crisis Forum
- Thursday, November 20, 2008
Mortgage meltdown. Credit crunch. Financial fallout.
The recent economic woes are often described with alliterative, pithy phrases like those, but the current crisis demands a deeper explanation for the private and public sectors to fully understand how to navigate a marketplace that now resembles a quagmire.
84. AIG Repays More of $85 Billion Fed Loan
- Monday, November 10, 2008
CHARLOTTE, N.C. (AP) - American International Group Inc. reduced the amount it owes the U.S. government by another $2.3 billion as the insurer continues to use the Federal Reserve's new commercial-paper-funding program.
85. FDIC Plan Tests Limits of Leniency
- Tuesday, November 04, 2008
ANTIOCH, Calif. – When the Federal Deposit Insurance Corp. seized control of IndyMac Bancorp – the nation's 10th-largest mortgage lender by loan volume – the agency vowed to ease terms for many of its troubled borrowers. In doing so, the FDIC wanted to show the mortgage industry how it could slash home foreclosures by making decisions both sensible and humane.
86. Shipman Discusses Financial, Real Estate Crises
- Thursday, October 30, 2008
O. Douglas Shipman is a partner at Marks, Shipman & Lansky and the principal of the law office of O. Douglas Shipman PC. Marks, Shipman & Lansky is a corporate finance, real estate and banking firm.
87. Sept. Commercial Sales Drop 18%
- Monday, October 27, 2008
Shelby County’s commercial real estate market was highlighted by a wide variety – but a low volume – of transactions in September, revealing a continued slowdown because of the credit crisis and overall economic slowdown.
88. Mortgage Bankers Anticipate More Activity
- Monday, September 22, 2008
The phone has been ringing nonstop for Sam Goff, mortgage loan originator for Evolve Mortgage and vice president of the Memphis Mortgage Bankers Association (MMBA).
With the recent drop of interest rates on the heels of the Fannie Mae and Freddie Mac crisis, Goff’s mortgage clients are calling to see if refinancing their mortgages might be a good idea.
89. Simpson Joins FirstBank As Local President
- Wednesday, September 10, 2008
Ted Simpson has been hired by FirstBank as its Memphis city president.
Simpson previously served as executive vice president and chief lending officer for Magna Bank and has experience with National Bank of Commerce and Central Park Capital. He also is currently on the board of Lambda Alpha, a real estate professional organization.
90. Commercial Real Estate Tumbles
- Friday, August 22, 2008
After a prolonged and prosperous ride, commercial real estate stumbled in the past year with no signs of regaining its balance anytime soon.
Just 998 commercial sales were made in Shelby County from August 2007 through July 2008, down 17.6 percent from 1,211 sales during the previous 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.
91. Weak Rules Cripple Appraiser Oversight
- Tuesday, August 19, 2008
CHARLOTTE, N.C. (AP) - As soaring home prices set the stage for America's great housing meltdown, a critical step in making sure those home sales were a fair deal - the real estate appraisal - was undermined from within.
92. Hedge Funds are Buying up Delinquent Mortgages
- Thursday, July 31, 2008
Guess who holds your mortgage now? It's your friendly neighborhood hedge fund.
Dozens of hedge funds, private equity groups and other investors have plunged into the beaten-down mortgage market in recent months, buying tens of thousands of distressed loans and foreclosed properties around the country. They hope to profit from the woes of banks and other investors holding mortgages that have plummeted in value as home values sink and defaults soar.
93. June Commercial Sales Down 31 Percent
- Thursday, July 31, 2008
New month, same story for Shelby County’s commercial real estate market.
Following a recent trend, June’s sales total was salvaged by a high-profile, high-dollar multifamily transaction that kept the commercial numbers afloat while other property types foundered.
94. Tattered Cushion
- Friday, June 20, 2008
Industrial real estate in Shelby County borrowed a chapter from the residential market’s tale of woe by turning in a lackluster 12-month period.
Like what’s happening with home sales, myriad factors ranging from tightened credit to frightened buyers have blended during the past year to drag down the industrial numbers, which long have been the county’s bread and butter.
95. Lenders Slash Prices on Foreclosed Houses as Numbers Surge
- Monday, June 09, 2008
Lenders stung by the housing bust are slashing prices dramatically to rid themselves of an unprecedented number of foreclosed properties, sparking bidding wars in some places that hearken back to the market's go-go years and may signal the bottom is near.
96. Shelby County’s Commercial Sales on Decline
- Friday, May 30, 2008
It took a pair of West Coast companies to give Memphis’ commercial real estate a shot in the arm in April – Tacoma, Wash.-based Gintz Group sold a 172-unit Midtown apartment complex at 1550 North Parkway to Newport Beach, Calif.-based Nationwide Health Properties Inc. for $19.5 million.
97. Down in DeSoto
- Thursday, March 20, 2008
Like elsewhere in the region and across the nation, the commercial real estate market in DeSoto County has experienced a rise in "tire kicking."
Business owners and company executives continue shopping for properties - perhaps even taking proverbial test drives - but not many are inking contracts and driving off the lot, said Sam Mitchell, a commercial broker with McCullar Ferguson Realty LLC in Southaven.
98. Wharton, Others to Discuss Finances Today
- Monday, March 10, 2008
Shelby County Mayor A C Wharton Jr. has invited some of the top financial minds both in and out of county government to a roundtable discussion that will be held this morning at the University of Memphis.
99. Foreclosure Bite Deepens in Usual Suspects; Suburbs Feel It Too
- Wednesday, February 27, 2008
Steve Lockwood doesn't need to review an economic impact study or read a housing report to understand how foreclosures have taken a toll on the community where he works.
As executive director of the Frayser Community Development Corp., Lockwood experiences it daily when he drives past shuttered, dilapidated homes. He sees it in the weary faces of people holding tissues to wipe back tears as they ask for help.
100. Metropolitan Bank Enters Memphis Market
- Monday, February 04, 2008
The founders of Metropolitan BancGroup Inc. have added another piece of the puzzle to their burgeoning financial institution.
Last week the bank announced it had entered into a definitive agreement to purchase a Tennessee state bank charter, putting the company one step closer to being the newest player in Memphis' ever-changing financial services landscape.