Owner Files $16.9 Million Loan on River Trace Apartments
The owner of the 440-unit River Trace Apartment Homes, at 2165 E. River Trace Drive near Bartlett, has filed a $16.9 million loan on the property.
GMF-River Trace LLC – an affiliate of the locally owned, faith-based nonprofit organization Global Ministries Fellowship – filed the deed of trust Sept. 1 through P/R Mortgage & Investment Corp.
Built in 1981, the Class C multifamily property contains 38 buildings on 45.8 acres on the north side of Raleigh-LaGrange Road between Sycamore View and Bartlett roads.
The Shelby County Assessor of Property’s 2013 appraisal is $12.8 million.
Richard Hamlet, president and CEO of Global Ministries Fellowship, signed the trust deed as president of GMF-Preservation of Affordability Corp., the sole member entity of the borrower.
Global Ministries Fellowship supports ministry programs on five continents that build churches, educate children, combat hunger and perform other humanitarian deeds.
The organization also owns affordable multifamily housing developments in the U.S., and the evangelical mission agency in 2009 made its first Memphis acquisition with the purchase of River Trace.
GMF-River Trace paid $17.8 million for the complex from Mid-America Apartments LP, a partnership related to Memphis-based Mid-America Apartment Communities.
Source: The Daily News Online & Chandler Reports
– Daily News staff
FDIC Releases Latest Market Share Figures
The Federal Deposit Insurance Corp. has come out with its latest annual ranking of the customer deposit share among banks, and not much has changed in the Memphis metropolitan statistical area over 2012.
The numbers are current through June, making them only a snapshot of a moment in time but still useful for comparison purposes.
The same four banks have the four largest chunks of customer deposits in the area. First Tennessee Bank has the most, followed by Regions Bank, then SunTrust Banks Inc. and then BancorpSouth Inc.
That’s the same order they were in on the FDIC’s 2012 list.
Their percentages of the customer deposit share in the area are generally the same, with each of them having changed up or down by less than one percentage point.
Total deposits in the market are $23.5 billion this year, up from $23 billion last year.
– Andy Meek
Cadence Bank Offers Aid to Government Employees
Because of the federal government shutdown, Cadence Bank is offering one-month payment extensions to its clients who are U.S. government employees, including military service members.
Cadence will let current qualified loan customers employed by the government postpone their October loan payment and waive the associated fees. Cadence CEO Sam Tortorici said it’s because the bank wants to help mitigate the hardship the shutdown may have on government employees.
– Andy Meek
Memphian Selected to Lead Tennessee Association of Realtors
Memphis Realtor Pat Beech has been selected 2014 president-elect of the Tennessee Association of Realtors. Beech was elected and installed at the state association’s 94th annual convention, held recently in Destin, Fla.
A 28-year veteran of the real estate industry, Beech is broker-owner of Arlena Enos Realtors. She is a past president of the Memphis Area Association of Realtors and a past Realtor of the Year for the local association.
Beech has held leadership and committee positions throughout her career at the local, state and national levels, including serving as president of the Tennessee Real Estate Educational Foundation and chairwoman of the Tennessee Association of Realtors Political Action Committee.
The Tennessee Association of Realtors is one of the largest professional associations in Tennessee, with approximately 19,000 members statewide.
– Amos Maki
City Council Gives Conditional Approval to Southbrook Mall Funding
Memphis City Council members approved Tuesday, Oct. 1, $1.5 million in capital funding for renovations to Southbrook Mall in Whitehaven that are contingent on a legal opinion from the city attorney’s office on whether the use of the bond money amounts to a private use that is prohibited by the federal tax code.
The mall is owned by a nonprofit group, and the capital funding is from funding for improvements to the Elvis Presley Boulevard streetscape from Brooks Road on the north to Shelby Drive on the south.
If the Internal Revenue Service ultimately finds that using $1.5 million for roof repairs and similar items is a “private use,” it could endanger the tax-exempt status of the bonds for both the mall and the streetscape project.
The council also reversed the Land Use Control Board in its approval of the two-lot Tate Grove subdivision on what is now a one-home lot on the northeast corner of Mendenhall Road and Minden Road in East Memphis. A nearby homeowner appealed the decision to the council, saying the setback for the two homes is not in keeping with standards in the neighborhood and should not have been granted a waiver on those standards. The council agreed.
In other action, the council approved the establishment of an inner-city economic development fund to be administered by the Economic Development Growth Engine. The fund begins with a balance of $508,000, which has accumulated over several years from a 5 percent fee on personal property taxes abated through payment-in-lieu-of-taxes incentives for economic development expansion and relocation projects. The 5 percent fee is up to a maximum of $50,000.
EDGE president and CEO Reid Dulberger said the annual amount coming into the fund will vary, but that $100,000 a year would be a “good year” for the fund.
– Bill Dries
Wunderlich Securities Grows its Ranks
Memphis-based Wunderlich Securities Inc. has added five equity capital markets professionals to its ranks.
With those hires, Wunderlich’s equity capital markets division now has 18 senior research analysts, covering companies in six industry verticals – energy, financial services, diversified industrials, technology, health care and consumer.
The division now also has 17 senior salespeople, nine traders/sales traders and 20 senior investment bankers.
– Andy Meek
Shoemaker Financial Adds Two to Staff
Shoemaker Financial has added two new registered representatives to its Germantown office.
Jacob Dotson will focus his practice on young married couples and young professionals. Ellen Stewart will focus on young professional women, young families and the military.
Shoemaker is a full-service financial planning and investment management firm founded in 1978.
– Andy Meek
US Companies Add 166,000 Jobs in September
U.S. businesses added just 166,000 jobs in September, only slightly more than the previous two months. The lack of improvement in hiring, along with the threat of a prolonged government shutdown, could help persuade the Federal Reserve to delay scaling back its stimulus.
Payroll company ADP said Wednesday that private employers added just 159,000 jobs in August and 161,000 in July. Both were lower than the previous estimates.
The figures are taking on greater importance because they may be the only measure of the September job market for some time. The Labor Department will have to delay its September jobs report, scheduled for Friday, now that it appears the government shutdown will go past Wednesday.
The ADP data suggest that the economy is growing too slowly to rapidly boost hiring. Economists forecast that it expanded by a 1.5 percent to 2 percent annual rate in the July-September quarter, down from a 2.5 percent annual rate in the April-June quarter.
At the same time, hiring has slowed, according to the government's more comprehensive employment figures. Employers have added 155,000 jobs a month in the four months through August. That's down from an average of 205,000 in the first four months of the year.
The partial government shutdown could slow economic growth, particularly if it lasts more than a week. A prolonged shutdown may lead the Fed to delay any reduction in its purchases until next year.
– The Associated Press