Regency at Raleigh Owner Files $1.6 Million Loan
The owner of the Regency at Raleigh apartment complex at 4544 New Allen Road has filed a $1.6 million construction loan on the property.
The Regency at Raleigh LLC, which lists a Spring Valley, N.Y., address, filed the leasehold construction deed of trust, assignment of rents and security agreement Sept. 16 through Triumph Bank.
Formerly known as the Timbers, the 200-unit multifamily property sits on 15.4 acres on the east side of New Allen north of Egypt Central Road. Built in 1974, the Class D complex has one-, two- and three-bedroom units in two-story buildings.
The Shelby County Assessor of Property’s 2013 appraisal is $2.5 million, and the property is under a payment-in-lieu-of-taxes (PILOT) agreement with The Health, Educational and Housing Facility Board of the City of Memphis.
The Regency at Raleigh LLC bought the property in 2011 for $750,000 from KPM Realty Group.
When it was known as the Timbers, the complex endured financial straits, changing hands three times between June 2006 and May 2007. The last arms-length sale prior to the 2011 purchase occurred in 2007 when Brocros Realty Corp., a 70-person company based in New York, bought the property from Salomon Brothers Realty LLC for $4.3 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Feuer Powertrain Plans $140 Million Tunica Plant
Feuer Powertrain Co. will make crankshafts at a $140 million plant in Tunica, Miss., starting in early 2015.
Executives of the German manufacturing company and Tunica leaders on Tuesday, Sept. 24, announced the new plant, to be built at Miss. 304 and Kirby Road.
The Tunica site represents the first U.S. manufacturing operations for the company, founded in 2002. The Tunica plant is expected to employ 300 people at annual starting salaries of $40,000.
Mississippi Gov. Phil Bryant touted the plant as the latest step in building supply chain manufacturing and other businesses in an automotive corridor that includes the Toyota plant in Mississippi, a new Yokohama Tire Corp. plant announced this month to be built in West Point, Miss., and even the Volkswagen plant in Chattanooga.
“There is no better workforce in the world,” Bryant said during the groundbreaking ceremony, which was moved to the Tunica Riverpark center because of rain. “We get up early in the morning. We show up on time.”
Tunica economic development officials began talking with site consultants last fall about the then unnamed prospect.
“We had a good feeling from the beginning,” said Bernd Gulden, CEO of Feuer, who was at the ceremony with company founder Dieter Feuer.
– Bill Dries
Home2 Suites by Hilton Opens in Southaven
Home2 Suites by Hilton has opened a new all-suites hotel in Southaven.
The Hilton Worldwide brand caters to business travelers and extended stay guests. The four-story, 105-suite hotel is located at 6750 Southcrest Parkway, strategically located near local attractions and business destinations, including Southaven Towne Center, Snowden Grove Amphitheatre and Snowden Grove Park, Downtown Memphis and Graceland. The property is owned by Cohen Realty Inc. and is managed by Vista Host Inc.
“The Home2 Suites Memphis/Southaven will cater to two unique markets and serve a diverse group of travelers, from sports fans looking to enjoy the Dizzy Dean World Series Baseball Tournament, to families looking to get away and enjoy the comforts of the hotel’s hip and humble approach,” said Bill Duncan, global head, Home2 Suites by Hilton. Home2 Suites operates 22 hotels, including the Southaven location, and 70 more properties are in the company’s development pipeline.
– Amos Maki
University of Memphis Journalism Alumni Club to Honor Five
The University of Memphis Journalism Alumni Club will honor five people during its annual awards luncheon Oct. 18 at the Holiday Inn University of Memphis, 3700 Central Ave.
The event, scheduled for 11:30 a.m., will honor Mark Henry, Signature Advertising president and founder, and Bonnie Kourvelas, communications adviser with FedEx Services, both of whom will receive the Charles E. Thornton Award. University of Memphis vice provost, dean and professor Dan Lattimore will receive the Herbert Lee Williams Award. Angela Craig, a vice president at St. Jude Medical, will receive the Young Alumni Award, and senior broadcast journalism student Joshua Bolden will be honored as the university’s “emerging journalist.”
The keynote speaker will be Sonny Albarado, who currently serves as the city editor and projects editor at the Arkansas Democrat-Gazette.
Tickets to the event are $35 per person or $300 for a table of 10. The final deadline for reservations is Oct. 12. For more information, to buy tickets or reserve a table, contact Shannon Miller at email@example.com or 678-3043.
– Andy Meek
TDOT Lists Projects for October Bids
The Tennessee Department of Transportation has released the projects for which it will accept bids next month.
The department plans to open bidding Oct. 18 on a total of 53 contracts, including 86 projects in 95 counties. TDOT will initiate resurfacing projects on several Tennessee interstate corridors, and bids will also be received on a number of maintenance projects such as cable barrier repair, intersection improvements and bridge repair.
Recent federal data show dozens of Tennessee bridges are among the thousands nationwide that have advanced deterioration or are at risk of collapsing.
A Transportation Department spokeswoman says at least 25 of those bridges in Tennessee have been replaced with new structures, repaired, or either under construction for replacement or repair.
– The Associated Press
US Consumer Confidence Dips as Jobs Outlook Dims
Americans’ confidence in the economy fell slightly in September from August, as many became less optimistic about hiring and pay increases over the next six months.
The Conference Board, a New York-based private research group, said Tuesday that its consumer confidence index dropped to 79.7 in September. That’s down from August’s reading of 81.8, which was slightly higher than previously estimated.
Consumers’ confidence is closely watched because their spending accounts for 70 percent of economic activity. The September reading was only slightly below June’s reading of 82.1, the highest in 5.5 years.
While confidence has bounced back from the depths of the Great Recession, it has yet to regain a reading of 90 that typically coincides with a healthy economy.
In September, confidence fell on a dimmer outlook for the next few months. Lynn Franco, who oversees the survey, said that reflected concerns about the job market and wages. Consumers were actually more optimistic about present conditions.
– The Associated Press