Editorial Results (free)
1. Obama's Health Care Overhaul Turns Into a Sprint
- Friday, November 09, 2012
WASHINGTON (AP) – The long slog has turned into a sprint. President Barack Obama's health care law survived the Supreme Court and the election; now the uninsured can sign up for coverage in about 11 months.
2. Gibson Guitar Deal a Contrast With Earlier Stance
- Wednesday, August 08, 2012
The deal Gibson Guitar Corp. and federal prosecutors said they reached this week to drop a criminal case against the Tennessee-based guitar maker represents a sharp reversal from the combative stance Gibson took publicly last year.
3. Financial Federal Secures Three CRE Mortgages
- Friday, April 27, 2012
Memphis-based Financial Federal recently brokered three significant mortgage negotiations, including $9.5 million in first-mortgage refinancing and $6 million in first-mortgage proceeds in Memphis and Jackson, Miss.
4. Obama's Health Overhaul Lags in Many States
- Tuesday, January 24, 2012
WASHINGTON (AP) – Here's a reality check for President Barack Obama's health overhaul: Three out of four uninsured Americans live in states that have yet to figure out how to deliver on its promise of affordable medical care.
5. $8M Permit Application Filed for Orleans at Walnut Grove
- Friday, October 14, 2011
Orleans Apartment Community LLC has filed an $8 million building permit application with the city-county Department of Construction Code Enforcement for construction in phase one of Orleans at Walnut Grove, an apartment community off Walnut Grove Road in Gray’s Creek Reserve in Eads.
6. Striking a Chord
- Friday, October 14, 2011
When Texas Gov. and current Republican presidential candidate Rick Perry came to Memphis two weeks ago for a fundraiser at Memphis Botanic Garden, he didn’t immediately head to the microphone after Tennessee Lt. Gov. Ron Ramsey introduced him.
7. Exchange Club Announces New Board Members
- Thursday, August 25, 2011
The Exchange Club Family Center has announced new board members as well as officers for 2011-2012.
Officers are Dan O’Brien, president; George Goldhoff, vice president; Grant Adams, treasurer; Adrienne Dailey-Evans, secretary; and Lucia Heros, immediate past president.
8. Cifuentes New HR Manager At ServiceMaster
- Wednesday, July 27, 2011
Viviana Cifuentes has joined ServiceMaster by Stratos as human resources manager. Hometown: I was born in Bogota, Colombia, and raised in New York City.
Education: I received my bachelor’s degree in business administration from Baruch College in New York City.
9. 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.
10. Lending Slows to a Crawl
- Tuesday, December 14, 2010
According to commercial lending figures over the past two years, things are not going very well in the industry.
For the 12-month period from November 2009 to October 2010, Shelby County banks made 228 commercial mortgages, a 21 percent decline from 288 for the previous period, according to real estate information company Chandler Reports, www.chandlerreports.com.
11. Exchange Club Announces Board
- Monday, August 02, 2010
The Exchange Club Family Center has announced new board members and officers for 2010-2011.
The new board members are Grant Adams, Holly Walters Craft, Adrienne Daily-Evans, Dr. Sheryl Davis, Handel Durham, Joe Fracchia, Dr. Patrick Randolph, Mike Fay, Dr. John Holmes, Shelly Rice and Rick Holland.
12. CVS Closes On Cordova Land
- Thursday, July 29, 2010
CVS has closed on the 1.8-acre parcel of land on Germantown Parkway in Cordova where it will build its next area pharmacy. Terms of the deal weren’t immediately available.
The Daily News first reported in June that Woonsocket, R.I.-based CVS, the retail division of CVS Caremark, would buy the land from Gill Properties and bring a retail store to the site of the former Memphis Area Home Builders Association headquarters at 776 N. Germantown Parkway.
13. Financial Federal Helps Western Power Sports Grow
- Wednesday, May 05, 2010
Financial Federal Savings Bank has announced a pair of financing deals for Western Power Sports Inc. of Boise, Idaho.
14. March Commercial Lending Still Slow
- Monday, April 26, 2010
Commercial lending activity continues to be slow as companies either choose not to apply or are unable to qualify for loans.
Shelby County banks and mortgage companies made 21 commercial purchase mortgages in March, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. (This report doesn’t include refinances.)
15. 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.
16. 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.
17. Highland Hip
- Monday, July 27, 2009
The Highland strip is growing a skyline. The Stratum on Highland Street, a five-story apartment complex, was the first new structure west of the University of Memphis to sprout last August on the storied commercial strip itself.
18. February Commercial Numbers Provide Glimmer of Hope
- Monday, March 30, 2009
With tightened guidelines, increased equity requirements and reduced demand for loans, the commercial lending landscape remains bleak in Shelby County and throughout the nation.
But the most recent local numbers reveal a faint glimmer of hope that the tide might turn. Someday, at least.
19. Financial Sector Still on Shaky Ground
- Friday, January 23, 2009
Turbulent and topsy-turvy, crazy and chaotic. Of all the adjectives that could be applied to the financial services industry, perhaps the most appropriate description is “troubled” – as in Troubled Asset Relief Program (TARP), the federal bailout program designed to infuse needy banks with capital.
20. Commercial Mortgages Down 41 Percent From ‘07
- Monday, December 01, 2008
Tom Portis was surprised to hear that BancorpSouth Bank ranked as the top commercial mortgage lender in Shelby County for October, especially in light of its competition in this market.
21. Economy’s Impact On Multifamily Financing Small, Lenders Say
- Monday, October 06, 2008
Despite lending concerns created by the recent Freddie Mac and Fannie Mae crisis, financing for multifamily properties hasn’t been negatively affected, local lenders say.
Yes, the residential loans that both organizations bought in the secondary market at 100 percent of home value caused widespread chaos, but the maximum loan on multifamily always has been just 80 percent of the value of the property, meaning the multifamily portfolio of Freddie Mac in particular remains intact with a low delinquency rate of less than half of 1 percent.
22. 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.
23. Commercial Mortgages Decline 31% in May
- Monday, June 30, 2008
Issues plaguing residential lending such as stricter guidelines and shrinking credit tend to garner most of the headlines, but the commercial sector continues to deal with those same problems.
As a result, commercial lending has declined locally and nationally, according to the latest data from the Mortgage Bankers Association and real estate information company Chandler Reports, www.chandlerreports.com.
24. Founders of Grand Events Sell Company’s Warehouse
- Tuesday, June 24, 2008
3347 Pearson Road
Memphis, TN 38118
Sale Amount: $2.5 Million
Sale Date: June 13, 2008
Buyer: Schwarz Properties LLC
Seller: Hoyt Mark White and John Stanley White
Loan Amount: $2.1 million
Loan Date: June 12, 2008
Maturity Date: N/A
Details: Asheboro, N.C.-based Schwarz Properties LLC has bought the 130,925-square-foot warehouse that houses Grand Events and Party Rentals, which now will lease the space.
25. Oak Hall Renovation Begins Monday
- Thursday, June 19, 2008
After lengthy financing delays from a shaky real estate market, the group planning to renovate the old Oak Hall building at 555 S. Perkins Road Extended is finally ready to move forward.
Glen Bascom Jr., Glen Bascom Sr. and Chris Montesi – the trio who comprise the entity 555 Perkins LLC – have secured a $5.2 million construction loan with U.S. Bank NA to overhaul the 54,265-square-foot office building just south of the intersection at Poplar Avenue and Perkins Road Extended.
The renovation financing was orchestrated by Rick Wood, senior vice president for Financial Federal Savings Bank.
Construction on the 1966 property begins Monday, more than four months after the initial building permit was filed, although the partners’ interest in the property goes back much further. The group bought the ground lease of the building for $1.2 million from LaSalle Bank NA in December 2006, and Bascom Sr. had owned the land since the late 1980s.
Bascom Jr. has been champing at the bit to get the project under way, but he understood the hesitance of lenders, in these tight credit times, to front money for a building that’s only 15 percent preleased.
“I think a lot of big players are like that,” Bascom Jr. said. “Nobody wants to finance a spec building – either an apartment building, condo building or office building. They want to have tenants in place, and that was the hard part with us – we want to build it first and then get tenants.”
Looking for warm bodies
Getting tenants is the company’s goal over the next six months during redevelopment of the building, which will be renamed First Capital Center after the anchor tenant.
Germantown-based First Capital Bank will occupy 6,000 square feet on the ground floor with a branch that includes a drive-thru. The bank joins two existing tenants that are remaining in the four-story building, leaving about 45,000 square feet available for lease.
That task is being handled by Joe Steffner, president of the Memphis office of Grubb & Ellis Co. Steffner said he believes the renovated space of a well-known building along Poplar will make it a desirable locale for office users.
“When you compare the price with the amenities and the brand-new space in the building, it will be a relatively easy sell,” he said. “The Poplar corridor is where everyone has wanted to be. Over the past 15 years the market has grown and people have gone to the 385 corridor as kind of the second choice. Over the past several years, the tenants that either couldn’t find space on Poplar or didn’t want to be on Poplar for whatever reason have tended to come back to Poplar.”
Bascom Jr. agreed that the location along the high-density Poplar Avenue corridor should keep the First Capital Center insulated from what has been a generally soft market.
“Of all the deals that we have out there now, it’s a no-brainer,” Bascom Jr. said. “This one’s going to be successful. It’s a lot of money and time involved over the year or two, but it’s the one I feel most comfortable with of all the projects we’ve got going on.”
New and improved
Renaissance Group is architect and Montgomery Martin Contractors LLC is contractor for the project. Chris Ybos of Montgomery Martin said the expected completion date is about six months away.
Once the building is finished by the end of the year, it won’t look anything like the structure that formerly housed an Oak Hall clothing store. Upgrades include new HVAC, new roof, new shell, new windows, plus plenty of parking for tenants.
Steffner said pricing will be lower than other office space nearby because it’s an older building, but it will recapture the feel of a new product.
“It’s hard to take an older building and make it Class A, and yet they’re doing everything possible to make it A,” Steffner said. “It’s hard to argue with the amenities in the building, plus the bank on site. We think it will be an A-minus building with B prices. That will make it competitive.
“It’s exciting because it’s like having a brand-new building to lease on a speculative basis at below-market rates. We’ve never had an opportunity like this before. It will have a new name, but it’s a location everyone knows.”...
26. Archived Article: Real Review
- Tuesday, May 02, 2000
Trammell Crow Co Trammell Crow Co. represented three tenants in recent office lease transactions. Norwest Mortgage signed a lease for 12,085 square feet at 1775 Pyramid Place in Nonconnah Corporate Center. The office will be the headquarters for Nor...
27. Archived Article: Memos
- Wednesday, June 17, 1998
Rick Ruffin has joined Morgan Keegan & Co Rick Ruffin has joined Morgan Keegan & Co. Inc. as a first vice president in institutional fixed income sales. Ruffin formerly was manager of J.C. Bradfords client services group. He has a bachelors ...
28. Archived Article: Inv. Briefs
- Monday, June 17, 1996
At the 1996 Tennessee Mortgage Bankers Annual Convention, recently held in Nashville, the group elected its board of directors. James Beaty, president of Fogelman Beaty Mortgage Co. in Memphis, was elected president-elect. Samuel Allen, vice preside...
29. Archived Article: Calendar
- Monday, April 15, 1996
04-15 Calendar April 15 East Memphis Business and Professional Women will meet at 6 p.m. at the Lulu Grille. The speaker will be Diane Davis, a career counselor who works through the Christian Psychological Center. For more information, call Joy Lee...