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VOL. 129 | NO. 130 | Friday, July 04, 2014

Daily Digest

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Addison at Collierville Owner Files $17 Million Loan

The owner of the 226-unit Addison at Collierville apartments at 400 Orchard Circle W. has filed a $16.8 million loan on the property.

G&I VII Addison at Collierville LLC filed the multifamily deed of trust, absolute assignment of leases and rents and security agreement July 1 through CBRE Capital Markets Inc.

The owner, a joint venture between Memphis-based Fogelman Venture Partners and New York-based DRA Advisors LLC, bought the apartment complex formerly known as the Orchards of Collierville in 2011 for $15.7 million.

David P. Gray, managing director of DRA Advisors, signed the trust deed.

Built in 1991, the Class A complex contains multiple buildings on 20.6 acres along the east side of Poplar View Parkway north of West Poplar Avenue in Collierville.

The Shelby County Assessor of Property’s 2013 appraisal was $15.5 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Metropolitan Bank Reports Strong Second Quarter

Metropolitan Bank has reported net earnings of about $1.3 million for the second quarter, up 44 percent quarter over quarter and 41 percent year over year.

Loan and core deposit growth in the quarter exceeded expectations, with annualized loan growth for the quarter up about 81 percent compared to the second quarter of 2013. Year to date, total loans have grown $46 million.

Total deposits grew at an annualized rate of 108 percent over the second quarter of 2013. Year to date, total deposits have grown $131 million, or 39 percent annualized. The bank’s core deposits during the second quarter grew at an annualized rate of 36 percent as compared to the first quarter of 2014 and increased 69 percent annualized as compared to the second quarter of 2013.

Year to date, core deposits have increased $58 million, or 30 percent annualized.

– Andy Meek

FedEx Identifies Fatally Injured Worker

FedEx has identified the employee killed during a workplace incident at the company’s hub at Memphis International Airport.

Chandler Warren, 19, was killed in an outdoor area where planes are loaded and unloaded.

The Memphis-based company is cooperating with authorities investigating the incident.

– Amos Maki

University of Tennessee Health Science Center Professor Wins Caffeine Research Grant

S. Casey Laizure, a professor in the clinical pharmacy department at the University of Tennessee Health Science Center College of Pharmacy, has received a grant totaling $150,000 from the National Institute on Drug Abuse, a part of the National Institutes of Health.

The award will be used to support the study of caffeine disposition in humans after inhalation. As the award is distributed over the next two years, Laizure will collaborate on this research with Robert Parker, also a professor in UT Health Science Center’s clinical pharmacy department. Their goal is to study how rapidly caffeine gets into the body after an energy drink is consumed or a caffeine powder is inhaled.

The speed at which caffeine is absorbed into the body is an important determinant of abuse potential; the more quickly the caffeine is absorbed, the greater the potential for abuse.

The study will also compare the absorption of caffeine from an energy drink to caffeine administered using an Aeroshot inhalation device. It will be the first study of caffeine blood levels achieved after using the Aeroshot device and is expected to provide important information about the abuse potential of this new method of caffeine use.

– Don Wade

Millington School Board Candidates Surface

Incumbent Millington school board members C.J. Hailey and Cody Childress have pulled petitions for re-election on the Nov. 4 ballot.

They are the first Millington candidates to move toward spots on the November ballot in advance of the Aug. 21 filing deadline.

Meanwhile, incumbent Collierville school board member Wanda Chism has pulled her qualifying petition for the November suburban elections, which also include elections in Germantown and Bartlett.

In the races for Collierville aldermen, incumbent Maureen Fraser has pulled for re-election to position 1, while Frederick Patton has pulled for position 2.

– Bill Dries

US Unemployment Benefit Applications Edge Up

The number of Americans filing applications for unemployment benefits edged up slightly last week but remained at a level that indicated a healthy labor market.

The Labor Department says weekly unemployment benefit applications rose by 2,000 to 315,000. The four-week average, which smoothes out week-to-week volatility, was essentially unchanged at 315,000.

The average has fallen by 9 percent since the beginning of this year. Unemployment benefit applications are a proxy for layoffs, so the declines indicate that companies are cutting fewer jobs.

A separate report Thursday showed that the economy created 288,000 jobs in June, the fifth straight month of strong job creation above 200,000 per month. The unemployment rate dropped to 6.1 percent, the lowest rate since September 2008.

– The Associated Press

Average 30-Year Mortgage Rate Dips to 4.12 Percent

Average U.S. mortgage rates are near historically low levels.

Mortgage company Freddie Mac said Thursday that the nationwide average rate for a 30-year loan dipped to 4.12 percent, down from 4.14 last week. The average for the 15-year mortgage, which had taken a big dip the previous week, was unchanged this week at 3.22 percent.

Rates on one-year adjustable mortgages averaged 2.38 percent this week, down from 2.40 percent last week.

Mortgage rates are slightly lower than they were at the same time last year, having fallen recently after climbing last summer when the Federal Reserve began talking about trimming back the monthly bond purchases it has been using to keep long-term rates low.

At 4.12 percent, the rate on 30-year mortgages is down from 4.53 percent at the beginning of this year. Rates have fallen modestly this year as Fed officials have sent strong signals that while they are trimming their monthly bond purchases, they are in no rush to start boosting a key short-term rate the Fed controls.

To calculate average mortgage rate, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates.

– The Associated Press

US Hiring Surges As Unemployment Falls to 6.1 Percent

U.S. employers accelerated their hiring last month, adding a robust 288,000 jobs and helping drive the unemployment rate to 6.1 percent, the lowest since September 2008.

It was the fifth straight monthly job gain above 200,000 – the best such stretch since the late 1990s tech boom. In the past 12 months, the economy has added nearly 2.5 million jobs – an average of 208,000 a month, the fastest year-over-year pace since 2006.

Still, wages have yet to rise significantly despite an economic recovery now entering its sixth year. Eventually, analysts say, the falling unemployment rate should cause pay to rise more sharply.

Thursday's jobs report from the Labor Department made clear that the U.S. economy is moving steadily closer to full health after having shrunk at the start of the year. Growth is picking up even as major economies in Europe and Asia continue to struggle. On Thursday, the European Central Bank kept interest rates unchanged despite signs that the 18-country eurozone economy is losing momentum.

June's healthy U.S. job growth followed additions of 217,000 jobs in May and 304,000 in April, figures that were both revised upward. Monthly job gains so far this year have averaged 230,833, up from 194,250 in 2013.

The unemployment rate dipped in June from 6.3 percent in May to its lowest level since the financial crisis struck at full force in the fall of 2008 with the bankruptcy of the Wall Street firm Lehman Brothers.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 0 58 3,853
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 58 305 14,339
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 0 93 4,650

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