New Horizon Apartments Financed for $2.5 Million
New Horizon Apartments at 3619 Kingsgate Drive, which sold for $150,000 in a successor trustee’s sale last year, has been financed for $2.5 million through Amerasia Bank.
Documents related to the financing were filed with the Shelby County Register of Deeds last week, but borrowers Capital Equities LLC, George Fakiris, Stacy Varsos Cohen and Dragan Kocic filed the multifamily deed of trust, assignment of rents and security agreement in July.
New Horizon, which sits on close to 60 acres in Whitehaven, was built in 1970-1971. The property includes four parcels, three of which contain Class D apartment buildings.
The first contains 196 units and was appraised by the Shelby County Assessor of Property this year at $198,300. The second contains 312 units with an appraised value of $250,100. And the third contains 394 units with an appraised value of $195,000. A fourth parcel is a vacant lot with an appraised value of $100.
Roslyn Heights, N.Y.-based Capital Equities in May entered into a payment-in-lieu-of-taxes (PILOT) agreement with The Health, Educational and Housing Facility Board of the City of Memphis for the property.
George Fakiris signed the July trust deed as member and manager of Capital Equities; Daniel T. Reid signed as chairman of the HEHFB.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Hilton Creates Endowment at University of Memphis
Hilton Worldwide has created a $100,000 Endowment for the Kemmons Wilson School of Hospitality and Resort Management at The University of Memphis.
The endowed scholarship is a renewable four-year scholarship that, like the school, is named in honor of the late founder of Holiday Inns. It is awarded to one student of the hospitality school annually.
The gift made by the hotel corporation and founding franchisees of Hilton Worldwide is in support of the University’s centennial fundraising campaign.
– Bill Dries
Incubator Launches to Assist Young Lawyers
The University of Memphis Cecil C. Humphreys School of Law, in partnership with the Memphis Bar Association and the Service Corps of Retired Executives, has announced the launch of a new incubator program for young attorneys.
ESQ.BUILD, as it is known, is the bar association’s sole practitioner incubator designed for attorneys who are in their first three years of practice. The idea is for them to use the program to not only get training on how to practice law, but also on how to manage a law office.
In response to the economic realities facing the law industry, the program will offer recent law school graduates office space at reduced prices, mentoring, continuing legal education and a mix of other services. Participation will be limited to no more than 10 attorneys, who also will be required to handle pro bono cases for Memphis Area Legal Services and donate a certain number of hours of service to the bar association.
– Andy Meek
Iberiabank Adds to Memphis Operations
Iberiabank has signed an agreement to acquire certain assets and assume certain liabilities of Trust One Bank.
The deal is expected to close by the end of the year, subject to customary closing conditions, including regulatory approval. Financial terms were not disclosed.
As part of the deal, Iberiabank will acquire selected loans and other assets and will assume most of the deposits associated with Trust One parent Synovus Bank’s Memphis operations. Iberiabank said it is likely to consolidate some branches to gain efficiencies.
In unrelated news announced Friday, Sept. 6, Iberiabank also said it will be launching 10 additional ATMs in some Rite Aid locations in the Memphis area.
– Andy Meek
Mid-South Maternal Fetal Medicine Wins Ultrasound Accreditation
Mid-South Maternal Fetal Medicine has been awarded a three-year accreditation in fetal echocardiography ultrasound by the American Institute of Ultrasound Medicine (AIUM). The test utilizes ultrasound technology to evaluate a baby's heart for problems before birth.
Early heart defect detection can help both physicians and patients prepare for treatment during pregnancy and after birth – and can often be life-saving for newborns. Mid-South Maternal Fetal Medicine is the first practice in the area to be awarded a three-year accreditation in fetal echocardiography. The practice also earned re-accreditation in obstetric ultrasound.
The AIUM's accreditation process enables ultrasound practices the opportunities to evaluate their strengths and weaknesses and to improve overall operations. The accreditation program was developed in response to changes in health care delivery that have resulted in increased scrutiny of diagnostic evaluations, in addition to technology improvements.
Mid-South Maternal Fetal Medicine is an area referral practice that specializes in the treatment of high-risk pregnancies. Patients are usually referred by their primary obstetrician due to high-risk factors during pregnancy.
– Jennifer Johnson Backer
First Class Montessori Holds Open Houses
First Class Montessori School is hosting open houses Monday, Sept. 9, at 6 p.m. at its Midtown location, 1336 Peabody Ave., and its Cordova location, 1725 Appling Road.
The Midtown campus is for children who are in preschool to first grade. The Cordova campus is for children from pre-kindergarten to second grade.
The open houses include a tour of the schools and meetings with faculty and parents of children currently enrolled in the schools.
– Bill Dries
Haslam Announces Fellowship Program
Gov. Bill Haslam has created a fellowship program for college graduates.
The Tennessee Governor's Management Fellowship is for applicants who want to learn under state government's top leaders.
Applicants must have graduated from an undergraduate institution or graduate program between December 2011 and August 2014.
Officials say they must demonstrate outstanding academic achievement, a passion for serving their communities and outstanding character and leadership abilities.
An executive committee will select five fellows, who will spend two years working full-time for senior and top-ranking government officials.
After spending six months on statewide projects, fellows will be assigned to one of state government's 22 departments. They will then serve directly under the commissioner of that department.
– The Associated Press