Countryside Apartments Owner Files $5 Million Loan
The owner of the 152-unit Countryside North Apartments at 6920 Reese Road in Northeast Memphis has filed a $5 million loan on the property.
Countryside North Apartments LP, the local affiliate of New York-based Whitney Capital Co. LLC, filed the leasehold deed of trust, security agreement, assignment of leases and fixture financing statement Dec. 2 through Magna Bank.
Whitney Capital “specializes in the development, renovation and acquisition of affordable housing,” according to its website. The company’s managing director, Thomas G. Granville, signed the trust deed as chief manager of the borrowing entity.
The property is under a payment-in-lieu-of-taxes (PILOT) program through the Shelby County Health, Education and Housing Facility Board, which is listed on the deed.
Built in 1984, the Class C multifamily complex sits on 19 acres along the north side of Reese Road to the east of its intersection with Whitten Road. The Shelby County Assessor of Property’s 2013 appraisal is $5.7 million.
Memphis-based Whitney Management, whose website lists the property’s address as 6934 Country Manor Drive, manages the complex.
The other Memphis asset Whitney manages is The Renaissance Apartments, at 99 N. Main St. The 209,824-square-foot, Class B apartment building, formerly known as 99 Tower Place Apartments, includes 243 studio, one- and two-bedroom units on 25 floors.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Medtronic Awards Trio of Memphis Grants
Medtronic Inc. is awarding three Health Access Grants totaling half a million dollars to a trio of Memphis-area groups.
Christ Community Health Services is getting $225,000 to go toward a high blood pressure-screening program for adults in Orange Mound. The Church Health Center is getting $200,000 to expand its Wellness 4 Life program, and Health Shelby is getting $75,000 to start a community registry of people suffering from hypertension that won’t have patient-identifying information.
– Andy Meek
Memphis Receives Grant to Increase College Grads
Memphis is among 20 U.S. communities chosen as the first partners in a national initiative aimed at increasing the ranks of college graduates.
The Indianapolis-based Lumina Foundation on Wednesday promised as much as $200,000 to the communities over three years. The foundation's goal is to raise the percentage of Americans with college degrees from 38 percent to 60 percent by 2025.
In several communities, the Lumina support will boost existing efforts like Louisville, Ky.'s 55,000 Degrees program and Say Yes in Syracuse and Buffalo.
Also chosen were Albuquerque, N.M.; Boston; Cincinnati and Dayton, Ohio; Columbus and Fort Wayne, Ind.; Greensboro, N.C.; Houston and San Antonio, Texas; Kalamazoo, Mich.; Memphis, Tenn.; Philadelphia and Pittsburgh, Pa.; Providence, R.I.; Quad Cities, Iowa/Ill.; Santa Ana, Calif. and South Seattle, Wash.
– The Associated Press
Health Department Launches Mobile App
The Shelby County Health Department has launched its first mobile app, part of a new campaign to reduce the local infant mortality rate.
B4BabyLife is now available on the Android and iPhone platforms, and the aim of the free app is to encourage healthy pregnancies and healthy babies by giving families information they can use before, during and after pregnancy.
Features of the app include prenatal information, access to local resources, ways for fathers to help and information on how to stay healthy before and between pregnancies.
– Andy Meek
Council Votes Down Solid Waste Fee Hike
Memphis City Council members voted down Tuesday, Dec. 3, the long-delayed effort by the Wharton administration to reset the city’s solid waste fee at the higher rate it was before the July 1 start of the current fiscal year.
And the council approved a retirement supplement of up to $1,000 a month for city sanitation workers, with an amendment that if savings don’t materialize after an overhaul of sanitation services, the supplement will not be paid by the city.
City Chief Administrative Officer George Little insisted the two items were separate matters for the council. But when the council approved the supplement after denying the solid waste fee hike, Little said the savings to fund the supplement would probably be more difficult but not impossible for the city to realize.
The savings are supposed to be realized through an agreement with the union representing sanitation workers for them to work on routes that include more stops, increasing efficiency. The revenue from the fee hike would have gone to buy new recycling containers to increase the materials the city recycles as well as update a vehicle fleet that is nearly 20 years old.
– Bill Dries
Inclement Weather Won't Affect Sugar Plum Shindig
The planned Sugar Plum Shindig at Overton Square will go on rain, sleet, snow or shine, according to Loeb Properties.
The holiday-themed event is scheduled for Friday, Dec. 6, from 5:30 p.m. to 10 p.m. The National Weather Service at Memphis is predicting an arctic blast will move through the area Thursday and Friday, bringing with it freezing temperatures, freezing rain and sleet.
If that happens, Loeb said, the party will move inside.
– Amos Maki
Broadband in US Schools Gets Boost From Tech Gurus
The effort to get high-speed broadband in every school is getting a boost from the philanthropy of two technology gurus — Facebook creator Mark Zuckerberg and Microsoft Corp. co-founder Bill Gates.
Zuckerberg's Startup: Education and Gates' foundation have contributed a combined $9 million to the nonprofit EducationSuperHighway. The San Francisco-based nonprofit is working to improve connectivity in schools.
Nearly every school has Internet access, but for many, that doesn't include classrooms or the connections are super-slow. That makes it difficult to videoconference scientists with students or to have digital learning programs on tablets such as iPads.
President Barack Obama's goal is to have 99 percent of students connected to superfast Internet within five years. The Federal Communications Commission is weighing changes to a program to increase connectivity in schools.
– The Associated Press