VOL. 126 | NO. 252 | Wednesday, December 28, 2011
Cross Creek Apartments Financed for $11.2M
Cross Creek-Millington LLC has filed an $11.2 million multifamily deed of trust through Deutsche Bank Berkshire Mortgage Inc. for Cross Creek Apartments, 8594 Blue Creek Circle in Millington.
Built in 2006, the complex has 144 units on 11.7 acres on the west side of Wilkinsville Road, south of West Union Road and north of the intersection of Wilkinsville Road and U.S. 51. Cross Creek uses the address 8594 Blue Creek Circle, but the Shelby County Assessor of Property lists it on Wilkinsville Road without a street number. The assessor’s 2011 appraisal is $8.8 million.
A second parcel, about 1 acre of vacant land with a negligible appraised value, is also part of the property.
Cross Creek-Millington bought the then-vacant land from Shelby Mall Agency Corp. in April 2005 for $837,500.
Cross Creek Apartments includes one-, two- and three-bedroom units ranging from 915 to 1,308 square feet. Amenities include gated limited access, swimming pool, clubhouse and fitness center, according to the property’s website. It is managed by Memphis-based TESCO Properties Inc., which owns or manages about 5,500 units in 11 states, according to TESCO’s site.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Overton Park Org Gets Tax-Exempt Status
The organization that will operate and maintain Overton Park under contract with the city of Memphis got its tax-exempt status over the holidays.
The Overton Park Conservancy’s application for 501(c)(3) status was approved by the Internal Revenue Service Friday, Dec. 23.
With the status, the conservancy can officially acknowledge financial gifts to the effort as well as city funding, which is expected to be less than the city now spends annually to operate the park.
Gifts pledged before the status was granted include $1.5 million from the Plough Foundation, $500,000 from the Hyde Family Foundations and more than $1 million in individual pledges.
The Memphis City Council approved the contract between the city and the conservancy on Dec. 6.
Following that, the organization submitted its application to the IRS with pro bono law work provided by the Burch, Porter & Johnson PLLC law firm and U.S. Rep. Steve Cohen of Memphis working to expedite the approval before the end of 2011.
– Bill Dries
Adams and Reese Named a Top Law Firm by Fortune
Adams and Reese LLP has been listed on Fortune magazine’s 2012 Top Ranked Law Firms list of top Southeast Region law firms. The list is in the December edition of Fortune’s 2012 Investor’s Guide.
The magazine and LexisNexis Martindale-Hubbell listed law firms with a least one-third of its lawyers receiving an AV Preeminent Peer Review Rating. Out of 254,000 firms rated by Martindale-Hubbell, 965 firms were selected nationally for inclusion on the list.
Martindale-Hubbell peer review ratings are based on the confidential opinions of lawyers and members of the judiciary who provide reviews of lawyers about whom they have professional knowledge.
– Taylor Shoptaw
Nov. Crime Figures Show Drop in Rapes
Operation: Safe Community leaders say more aggressive investigation and prosecution of rape cases is behind a 13.5 percent decline in reported forcible rapes in the city through the end of November, compared with the first 11 months of 2010.
The new OSC crime trend report also shows reported forcible rapes were down 15.1 percent countywide compared to the same period in 2010.
Murders remained the one crime category showing an increase through the end of November compared with 2010.
The count of 108 murders in Memphis is a 33.3 percent increase from the same period last year. There were 114 murders countywide – including Memphis – through the end of November, which is a 34.1 percent increase from a year ago.
The crime numbers tracked by OSC go back to 2006, the year the unified campaign began bringing together law enforcement agencies, prosecutors and other civic leaders.
Since 2006, there have been double-digit declines in all but one crime category measured by OSC. Among the declines is murder, down citywide by 23.4 percent and down countywide by 20.3 percent.
The one exception is simple assaults, which since 2006 have increased 3.1 percent countywide and citywide 6.4 percent. Year to year, however, simple assaults are down in both the city and county statistics.
– Bill Dries
Kindness Revolution Offers Membership
The Kindness Revolution, a Memphis-based nonprofit dedicated to raising awareness of the importance of kindness and values-driven leadership in customer service, schools and communities, is offering free membership.
The membership drive is intended to increase the organization’s growing number of like-minded members, which includes businesses such as The Great American Home Store, Memphis Goodwill Industries and ServiceMaster by Cornerstone.
The Kindness Revolution delivers its message through school programs, sporting events, festivals and workshops. Initiatives include “Stop Bullying in Schools” and “Stop Bullying in the Workplace,” as well as the organization’s Good Sportsmanship Awards and Spirit of Kindness Awards.
Membership benefits include discounts at movies and restaurants, retail stores, auto repair and more through corporate partners. Members also have access to information and resources for teachers, families and business leaders.
Visit www.thekindnessrevolution.net and enter THANK YOU as the discount code when checking out to receive the free membership.
– Aisling Maki
Consumer Confidence Surges in December
Americans are gaining faith that the economy is on the upswing.
An improving job outlook helped the Consumer Confidence Index soar to the highest level since April and near a post-recession peak, according to a monthly survey by The Conference Board.
The second straight monthly surge coincided with a decent holiday shopping season for retailers, though stores had to heavily discount to attract shoppers.
The rise in confidence jibes with a better outlook for the overall economy. An AP poll of three dozen private, corporate and academic economists projects U.S. economic growth will speed up in 2012, if it isn’t derailed by upheavals in Europe.
But confidence is still far below where it is in a healthy economy. And Americans’ mood could sour again if the debt crisis in Europe deepens and spreads to the U.S.
The Conference Board, a private research group, said Tuesday, Dec. 27, that its Consumer Confidence Index rose almost 10 points to 64.5 in December, up from a revised 55.2 in November. Analysts had expected 59. The level is close to the post-recession high of 72, reached in February.
The December surge builds on a big increase in November, when the index rose almost 15 points from October. That month’s reading was the lowest since March 2009, the depths of the recession.
– The Associated Press
Survey: Home Prices Down in Most Major US Cities
U.S. home prices fell in most major cities for the second straight month, further evidence the housing recovery will be bumpy and weigh on the broader economy.
The Standard & Poor’s/Case-Shiller index released Tuesday, Dec. 27, showed prices dropped in October from September in 19 of the 20 cities tracked.
Still, home prices have fallen roughly 32 percent nationwide since the housing bubble burst five years ago and are back to 2003 levels, according to the index.
Prices are even lower in hard-hit areas, such as Atlanta, Cleveland, Detroit, Phoenix and Las Vegas. Washington, New York, Los Angeles and San Diego have seen the smallest declines.
The Case-Shiller index measures prices for roughly half of all U.S. homes. Prices are compared with those in January 2000 and the index is based on a three-month moving average. The monthly data are not seasonally adjusted.
Prices are likely to fall further once banks resume millions of foreclosures. They have been delayed because of a yearlong government investigation into mortgage lending practices.
– The Associated Press