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VOL. 129 | NO. 151 | Tuesday, August 05, 2014

Daily Digest

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Edison Apartments Owner Files $2.5 Million Loan

The owner of the Edison Apartments along Jefferson Avenue has filed a $2.5 million trust deed for the Downtown property.

Edison Park LP filed the deed of trust, assignment of rents and security agreement July 30 through American Fidelity Assurance Co. Neil E. Ringel signed the trust deed as president of Jan Realty Inc., general partner of Edison Park LP.

The Class C multifamily property, which was built in 1973 and is managed by Memphis-based Makowsky Ringel Greenberg LLC, includes four parcels.

The largest, a 5.2-acre parcel the Shelby County Assessor of Property lists at 24 N. Neely St., includes 69 townhouse units and has a 2014 county appraisal of $1.4 million. The second, a 2.7-acre parcel at 595 Jefferson, has 48 units and an appraisal of $788,900.

The third, a 2.4-acre parcel with a 144-unit high-rise at 567 Jefferson, is appraised at $2.2 million. And the fourth, a 2-acre parcel with 51 units at 420 Madison Ave., is appraised at $1 million.

Edison Park Ltd., the entity now known as Edison Park LP, acquired the property in October 1985 for $6.2 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Village at Germantown Begins Expansion

The Village at Germantown, 7820 Walking Horse Circle, will break ground on its new health care center Wednesday, Aug. 6, at 9 a.m.

The center will add 52,000 square feet to the continuing care retirement community, which provides independent and assisted living, as well as skilled nursing care and memory care.

The current memory care and assisted living suites will be relocated to the new building, where additional space will be available to build more suites for both levels of care. The number of assisted living suites will increase from 13 to 32, and the number of memory care suites will increase from 8 to 16.

Skilled nursing suites will be built in the current space that houses the memory care and assisted living rooms. This space will allow for additional skilled nursing rooms, increasing the current number of suites from 30 to 50.

The 1,800 square feet at the entrance to the health care center will be designed as a physical, speech and occupational therapy complex.

The $22 million expansion and renovation project will be funded through tax exempt bonds.

The expected completion date for the assisted living project is the middle of 2015. The entire project is expected to be completed by the middle of 2016.

– Don Wade

Regions Insurance Grows Benefits Practice

Regions Insurance, an affiliate of Regions Bank, has expanded its employee benefits practice in Memphis.

Joining Regions Insurance are Stuart Zalowitz and Jonathan Frisch, owners of Zalowitz Frisch Benefits Group. That addition continues Regions Insurance’s efforts to expand its coverage and capabilities throughout the Southeast.

Zalowitz Frisch Benefits Group has become one of the leading employee benefits brokerage and consulting firms in Memphis. And with the addition of the Zalowitz Frisch team, Regions Insurance will be among the largest employee benefits brokerages in Memphis.

– Andy Meek

AIA Tennessee Honors ANF’s Pounders

Memphis architect Louis R. Pounders of ANF Architects has been awarded the William Strickland Lifetime Achievement Award by the American Institute of Architects Tennessee. ANF is formerly Askew Nixon Ferguson Architects.

It is the highest honor given by AIA Tennessee. Pounders is its third recipient and the first from Memphis.

The award is named in honor of William Strickland, the architect who designed the state Capitol building in Nashville in 1859.

Pounders received the award at the group’s state convention in Nashville July 31.

– Bill Dries

Metropolitan Bank Expands Board

Metropolitan Bank has added James Wingett to its board of directors.

Wingett lives in Memphis, where he’s a founding partner and managing director of Wolf River Capital. Before his time at Wolf River, he was a founding member, managing director and principal of FTN Financial’s Structured Finance Group.

Metropolitan is a $950 million financial institution currently operating eight full-service banking offices in Mississippi and Tennessee.

– Andy Meek

Tigers Football Team Kicks Off Practice

The University of Memphis football team was to begin team practices Monday, Aug. 4, at the Billy J. Murphy Athletic Complex on the university’s Park Avenue campus.

Members of Memphis’ official football booster group, the Highland Hundred, were invited to a first-hand look at the team Monday, and the general public is invited to attend practice Tuesday, Aug. 5, at 4:30 p.m. at the Murphy complex.

Tuesday’s open practice will be the only opportunity for the public to see the team on the practice field until the Tigers hold a mock game as part of Fan Fest Aug. 23. Fan Fest will begin at 9 a.m. on Tiger Lane; the mock game is slated to kickoff at 11 a.m. at Liberty Bowl Memorial Stadium. There will be an autograph/photo opportunity with players and coaches on the field following the game at approximately 12:30 p.m.

Memphis opens its season Aug. 30 when the Tigers play host to Austin Peay. Kickoff for the opener is slated for 6 p.m. in the Liberty Bowl. For information about individual game or ticket packages, visit gotigersgo.com/tickets or call 678-2331.

– Don Wade

TSA Finds 2 Loaded Guns at Memphis Airport

The Transportation Security Administration says two loaded guns have been found at a security checkpoint at Memphis International Airport.

The TSA says the weapons were found in passengers' carry-on bags on Sunday.

In both cases, airport police were notified and they took possession of the bags and firearms. Both passengers were cited on local charges.

TSA officers at have found 13 firearms at the Memphis airport's security checkpoint this year. A total of 18 firearms were found at the airport last year.

– The Associated Press

Arkansas Starts Fiscal Year Below Forecast

Sluggish corporate income and sales tax collections pushed Arkansas' revenue below forecast and below the same month in 2013 as it started its fiscal year in July, state finance officials said Monday.

The Arkansas Department of Finance and Administration said the state's net available revenue in July totaled $403.1 million, which was $7.1 million below the same month last year and $9.8 million lower than expected. The state's fiscal year began July 1.

DFA Director Richard Weiss said he didn't believe the figures were a cause for concern yet, since the state's fiscal year just began.

"In the big picture, it really doesn't tell us a whole lot," Weiss told reporters.

The state's corporate income tax collections totaled $18.4 million, which is $8.5 million lower than July 2013 and $9.7 million below forecast. Sales tax collections totaled $185.5 million, which is $500,000 lower than the same month last year and $7.6 million below forecast.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 110 154 13,810
MORTGAGES 135 193 18,019
FORECLOSURE NOTICES 0 28 3,533
BUILDING PERMITS 222 222 32,525
BANKRUPTCIES 52 130 13,133
BUSINESS LICENSES 20 45 4,750
UTILITY CONNECTIONS 83 204 20,104
MARRIAGE LICENSES 0 33 4,230

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