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Editorial Results (free)

1. THDA Resumes Inspections of HUD-Subsidized Apartments -

The Tennessee Housing Development Agency plans to inspect at least a dozen apartment complexes in Memphis where federal subsidies pay tenants’ rent.

THDA executive director Ralph Perrey said the agency’s authority to make the inspections resumes in July. And the agency isn’t saying which properties will be visited “so as not to ruin the surprise,” Perrey said Wednesday, May 25, as he announced the resumption of the inspections.

2. Last Word: The Hot Seat, The Cohen-Rubio Letter and a New Historical Marker -

The hottest seat in a room of hot seats in city government can be being director of the Memphis Animal Shelter.

You wouldn’t think that from the job description, which seems pretty basic. Round up stray animals and put them up for adoption. But that’s being overly simplistic because it begs a lot of questions about how many animals and what happens if you run out of space.

3. Global Ministries Continues to Take More Heat -

The receiver for the Warren and Tulane Apartments is in place with the notice filed in Memphis federal court last week that Foresite Realty Management LLC had accepted the job and that its bonding is in place.

4. Global Ministries’ Bonds Downgraded for 2nd Time -

For the second time this year, S&P Global Ratings has downgraded bonds used to support Global Ministries Foundation’s apartment projects.

On May 3, S&P Global Ratings, formerly known as Standard & Poor’s Ratings Services, lowered its investment rating on 23 multifamily bonds issued on behalf of GMF. S&P removed all 23 ratings from CreditWatch, where the bonds had been placed in February, with negative implications.

5. Last Word: $4.8 Billion of TNT, North Parkway Complications and Graceland West -

FedEx sets a date next week for its acquisition of TNT Express – a $4.8 billion deal that was approved by TNT shareholders Wednesday.

6. Global Ministries’ Bonds Downgraded for 2nd Time -

For the second time this year, S&P Global Ratings has downgraded bonds used to support Global Ministries Foundation’s apartment projects.

On May 3, S&P Global Ratings, formerly known as Standard & Poor’s Ratings Services, lowered its investment rating on 23 multifamily bonds issued on behalf of GMF. S&P removed all 23 ratings from CreditWatch, where the bonds had been placed in February, with negative implications.

7. Court Appoints Receiver for Warren, Tulane Apartments -

The Tulane and Warren apartments are under the control of a court-appointed receiver.

U.S. District Judge Jon P. McCalla appointed Foresite Realty Management LLC of Rosemont, Ill., as the receiver of the two properties Tuesday, May 17, by a consent order.

8. Last Word: Behind Brown, Selling 128 Adams and Preparing for School's Out -

It was a dark and stormy night. Well, dark but not really stormy – a little rain which is more than enough to activate all kinds of television mayhem and warnings that make your iPhone rattle and hum.

9. Receiver Appointed for Warren and Tulane Apartments -

The Tulane and Warren Apartments are under the control of a court-appointed receiver.

U.S. District Judge Jon P. McCalla appointed Foresite Realty Management LLC of Rosemont, Illinois as the receiver of the two properties Tuesday, May 17, by a consent order.

10. The Week Ahead: May 16-22 -

With a barbecue-filled weekend behind us, it’s time to get this week started, Memphis! Here’s our roundup of local happenings you need to know about, from the Memphis in May Triathlon (where you can work off that pork belly) to the city’s first Palestine Festival (where, yes, there will be even more food).

11. Last Word: GMF Aftermath, Cop Counts and Budgets and Richardson Towers' Fall -

More on the move by Bank of New York to have a receiver appointed for the Warren and Tulane Apartments currently owned by Global Ministries Foundation.

GMF CEO Rev. Richard Hamlet responded Wednesday to the filing in Memphis federal court saying he agrees that a receiver for the property is a good idea. But he doesn’t agree – and in fact, strongly disagrees with the claims and reasoning behind the bank’s call for the receiver.

12. Bank Seeks Receiver for Warren, Tulane Apartments -

The Bank of New York Mellon Trust Co. wants a federal judge to appoint a receiver for the Warren and Tulane Apartments owned by Global Ministries Foundation, citing “an appearance of fraud” by GMF in a memorandum filed with the call for a receiver.

13. Last Word: Humdingers, Gangster Disciples Paper Work and Underground Day -

Sometimes you think you know what is going on and then something happens like Chris Wallace, the general manager of the Memphis Grizzlies, grabbing a bite to eat Monday at Humdingers out east with former Grizz coach Lionel Hollins. Next thing you know there’s another possibility for the next Grizz coach – a return engagement that would be exceedingly rare.

14. Bank of New York Seeks Receiver for Warren and Tulane Apartments -

The Bank of New York Mellon Trust Co. wants a federal judge to appoint a receiver for the Warren and Tulane Apartments owned by Global Ministries Foundation citing “an appearance of fraud” by GMF in a memorandum filed with the call for a receiver.

15. Last Word: The Bible Veto Override Vote, Grizz Nostalgia and Kroger Goes Online -

The Tennessee Legislature hoped to end its 2016 session Wednesday at the end of an eventful day that included a failed attempt to override Gov. Bill Haslam’s veto of the bill that would have made the Bible the official state book.
But into Wednesday evening, the state House was still debating the Hall tax on dividends – specifically further roll backs of it. And the Senate had gone home for the night.
So Thursday looks like a good bet for the adjournment for the year and the formal start of the election season for incumbents.

16. State Halts City Board From Issuing Bonds -

The city of Memphis entity that sold $12 million in municipal bonds on behalf of Global Ministries Foundation has been told it can no longer conduct such business.

The Tennessee Housing Development Agency has temporarily de-authorized the Health, Educational & Housing Facility Board of the city of Memphis to sell bonds. The decision is related to the withdrawal of federal subsidies going to Global Ministries Foundation’s portfolio and a subsequent downgrading of those bonds as well as leadership changes at the Health & Ed Board.

17. State Halts Memphis Health & Ed Board From Doing Business -

The city of Memphis entity that sold $12 million in municipal bonds on behalf of Global Ministries Foundation has been told it can no longer conduct such business.

The Tennessee Housing and Development Agency has temporarily de-authorized the Health, Educational and Housing Facility Board of the city of Memphis to sell bonds. The decision is related to the withdrawal of federal subsidies going to Global Ministries Foundation’s portfolio and a subsequent downgrading of those bonds as well as leadership changes at the Health & Ed Board.

18. Editorial: Time for Blight Talk to Become Action -

It’s time for the city’s battle against blight to move beyond the byzantine path of legal barriers, grant programs and other hurdles that have defined a slow-moving process so far.

The process is slow-moving even by the standards of local government, where time is often the last consideration.

19. Last Word: D-Day, Opera Festival Returns and Buying GMF After the Bond Default -

This is what you might call D-Day in Nashville. The “D’ in this case stands for deannexation.
The bill to permit deannexation by referendum has in the course of two weeks become the city’s dominant political issue.

20. Council Tallies Damage in 'Day of Bad News' -

Memphis City Council member Berlin Boyd summed up City Hall’s attitude Tuesday, March 15, during the council’s executive session. “Today is the day of bad news,” he said after a briefing from Mayor Jim Strickland on the deannexation bill approved the night before by the Tennessee House.
That was followed by more details on the estimated $60 million it will cost to replace the entire radio system for local first responders from the radios to the towers used to transmit their signals.

21. Strickland Backs MATA's Cost-Neutral Plan -

Memphis Mayor Jim Strickland is backing the plan by the Memphis Area Transit Authority to make some short-term adjustments to its route system later this year.

22. Council Rejects Hotel at Jackson and Front -

Memphis City Council members rejected a hotel with retail Tuesday, March 1, on the northeast corner of Jackson Avenue and Front Street, across from The Pyramid in the Pinch District, that was first proposed last year.

23. Last Word: Election Day, Luttrell Makes It Six, And About "Executive Sessions" -

Can You Feel It? Tuesday is election day in Memphis and across the state in this presidential election year. And all indications are the turnout locally should be above the 24 percent mark we’ve been at in the last two presidential election years.

24. City Considers Seeking Delay In Warren and Tulane Apartments Move Out -

There is a move at City Hall to call for a delay in the relocation of tenants out of Warren and Tulane apartments, the two apartment complexes owned by Global Ministries Foundation, that have failed two federal inspections.

25. Last Word: Clinton in Whitehaven, Changes to Parkside and The Replacements Book -

The Presidential primary caravan has arrived.
Former President Bill Clinton was in Whitehaven Thursday evening to campaign for his wife, former Secretary of State and U.S. Senator Hillary Clinton.
And it was a reminder of his political potency as well as his popularity in a city that went for Barack Obama over his wife in the 2008 Tennessee Presidential primary but which was solidly behind him in both of his successful bids for the White House in the 1990s.
Clinton spoke in a packed Whitehaven High gymnasium to more than 700 people for almost an hour and then worked the crowd that gathered near the podium for another 25 minutes before sprinting out a door to a waiting car.
We’ll be busy this weekend with the opening of the local Bernie Sanders campaign headquarters and we’re still waiting on that promised Donald Trump Memphis appearance.
And we expect to encounter lots of Republican presidential partisans at the local GOP's annual Lincoln Day Gala on the 20th.

26. Warren, Tulane Move-Out Leads to Larger Issues -

The end of federal rent subsidies at two Memphis apartment complexes with a recent history of code violations will create some larger issues for the surrounding communities.

Those larger changes begin to unfold next week as federal officials meet with residents at each of the apartment complexes to talk about their move out of the aging complexes.

27. Last Word: Leaving Warren and Tulane, New Police Brass and Losing Housing -

Post Super Bowl edition of Last Word: Broncos 24 – Panthers 10 – Lady Gaga’s National Anthem kudos – Coldplay/Bruno Mars/Beyonce ambitious halftime extravaganza got lost in spots by bad sound.

28. HUD Cancels Rent Subsidies At Embattled Memphis Apartments -

Federal housing officials have ended subsidies at the Warren and Tulane apartments in Memphis.

And Global Ministries Foundation reacted to the Friday, Feb. 5, notice by saying it is preparing for those residents to move out of the complexes and looking for a new owner for both properties.

29. Crime-Ridden, Neglected Apartments Come Under Fire -

Several Memphis apartment complexes with long records of neglect and crime issues are the targets of a renewed political and bureaucratic push to improve conditions.

The efforts are a new front in the recent city movement to tackle Memphis’ blight problem. And it’s a front that invites skepticism.

30. Hamlet Offers Plan For Global Ministries Foundation's Inner-City Apartments -

Global Ministries Foundation founder Richard Hamlet has a multi-million dollar recapitalization plan to make extensive renovations at three inner-city apartment complexes his company owns.

31. County Commission Weighs Apartment Conditions -

After a tour last week of three apartment complexes owned by Global Ministries Foundation, Shelby County Commissioners vote Monday. Oct. 12, on a resolution that asks GMF to show what it is doing to improve conditions at Goodwill Village Apartments, Tulane Apartments and Warren Apartments.

32. County Commission Votes on Hiring Attorney in Schools Funding Lawsuit -

Shelby County Commissioners vote Monday, Aug. 24, on hiring an attorney to be the body’s special counsel in a statewide education funding lawsuit.

The commission specifically votes on hiring the law firm of Lewis Brisbois Bisgaard and Smith LLP to represent and advise it “on adequate and equitable school funding from the state of Tennessee.”

33. Global Ministries Appeals Failing HUD Scores at Memphis Properties -

A month after 40 units at the Goodwill Village and Warren Apartments were declared unfit by federal housing officials, the units have been repaired and the residents moved back in.

34. Hamlet Apologizes for Apartment Conditions -

The owner of Goodwill Village and several other inner city apartment complexes that have drawn the attention of city code enforcement inspectors apologized Friday, April 24, for their long-standing conditions and vowed to correct them.

35. Goodwill Games -

When a group of elected leaders gathered a week ago at Goodwill Village apartments in North Memphis, they came to convey some sense of urgency about deteriorating conditions at the 47-year-old federally subsidized apartment complex.

36. Shelby Farms Files $25 Million Permit for Lake Expansion -

500 Pine Lake
Memphis, TN 38134
Permit Cost: $25 million

Project Cost: $52 million
Permit Date: Applied May 2014
Completion: June 2016
Owner: Shelby Farms Park Conservancy
Tenant: Shelby Farms Park Conservancy
Architect: james corner field operations
Contractor: Montgomery Martin Contractors LLC
Details: The Shelby Farms Park Conservancy has filed a $25 million permit with the city-county Office of Construction Code Enforcement to expand Patriot Lake.

37. South Memphis Fence Grows Through Founder’s Experience -

Warren Price started South Memphis Fence Co. Inc. in the mid-1970s “out of need” – personal need.

He and his wife had just moved into their first home in 1974 and wanted to replace the 4-foot chain link fence with a wooden privacy fence. But they didn’t like the $2,700 to $3,000 price estimates they received. So Price and some friends got a good price on some lumber in Jackson, Tenn., rented a table saw from Dixie Rents and put up a wooden fence that came in at $800 to $900.

38. City Council Reviews Raleigh Springs Mall Plan -

Memphis City Council members get their first public detailed look Tuesday, Feb. 4, of an “urban renewal” plan for the Raleigh Springs Mall.

The council meets at 3:30 p.m. at City Hall, 125 N. Main St. Follow the meeting @tdnpols, www.twitter.com/tdnpols.

39. MRG Sees Flurry of Activity at Marion Center -

In 2008, Memphis-based Makowsky Ringel Greenberg LLC developed The Shops of Angelos Grove retail center in Marion, Ark.

40. Land South of Shelby Forest Sells for $2.3 Million -

Vacant Land
Near Shelby Forest Park
Sale Amount: $2.3 million

Sale Date: Nov. 17, 2011
Buyer: Warren Nickolas Nunn
Seller: Estate of William S. Howard Sr.
Loan Amount: $2.5 million
Loan Date: Nov. 18, 2011
Maturity Date: n/a
Lender: Patriot Bank
Details: Warren Nickolas Nunn has bought several large parcels of vacant land from the estate of William S. Howard Sr. for $2.3 million, financing it with a $2.5 million loan through Patriot Bank.

41. MC Ionic Solutions US Begins Work on Fite Rd. Site -

2665 Fite Road
Memphis, TN 38127
Permit Amount: $1.3 million

Permit Date: Applied July 2011

42. Notice Filed on Exchange Building -

A first-run foreclosure notice has been filed against the Exchange Building in Downtown Memphis. The notice appears in the Thursday, June 30, print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

43. $3 Million in Permits Filed For Hacks Cross Buildings -

3152 Hacks Cross Road and
3168 Hacks Cross Road

Permit Amounts: $1.4 million (3152 Hacks
Cross); $1.6 million (3168 Hacks Cross)

44. Global Ministries Foundation Buys Three Apt. Complexes -

Entities affiliated with Cordova faith-based nonprofit organization Global Ministries Fellowship have bought three Memphis apartment complexes this month.

GMF-Warren/Tulane LLC has bought the Warren Apartments complex (1340 Clementine Road) and Tulane Apartments complex (4717-4787 Tulane Road) for a combined $9.5 million from a trio of Rapid City, S.D.-based entities. Meanwhile, GMF-Madison Tower LLC bought Wesley Madison Towers (381-383 Madison Ave.) from Seattle-based Wesley Madison Towers Limited for $2.7 million.

45. Wright Medical Files Permit For Arlington Distribution Center -

11481 Gulf Stream Ave.
Arlington, TN 38002
Permit Amount: $2.2 Million

Project Cost: N/A
Permit Date: Applied May 2010
Completion: N/A
Owner: Wright Medical Group Inc.
Tenant: Wright Medical Group Inc.
Contractor: N/A
Architect: N/A

46. Apartment Complexes Sold to S.D. Company -

The Warren and Tulane apartment complexes sold April 30 for a combined $4.4 million. A trio of Rapid City, S.D.-based entities – Warren Apartments LLC, Tulane Apartments I LLC and Tulane Apartments II LLC – bought the properties.

47. Multifamily Owner Defaults On $19.5M Loan -

In what has become a common theme in the multifamily industry, another pair of large apartment complexes will be sold on the courthouse steps.

The Waterford Pointe Apartments at 5045 Airways Blvd. in Whitehaven and the Carrington Manor Apartments at 4805 Winchester Road in Oakhaven have been foreclosed, according to a first-run notice in today’s print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

48. Tricky Market -

Because loan defaults are a common occurrence in this difficult financial climate, last week’s news that the 306-unit Preserve at Southwind Apartments had been foreclosed could easily be chalked up to a case of “another one bites the dust.”

49. Highland Hip -

The Highland strip is growing a skyline. The Stratum on Highland Street, a five-story apartment complex, was the first new structure west of the University of Memphis to sprout last August on the storied commercial strip itself.

50. There Goes the Neighborhood: New hope emerges in one of Memphis’ roughest areas -

Hope and despair have co-existed for a long time along the stretch of Poplar Avenue between Danny Thomas Boulevard and Decatur Street. And for the past two years, the area has seen more change than just about any other inner-city avenue in Memphis.

51. Commercial Sales: Nowhere to Go But Up -

Shelby County’s commercial lending landscape remained bleak in April as activity fell for the fifth time in the past six months.

Just 24 commercial loans were made last month, a 36.8 percent decline from 38 loans in April 2008 and a 22.6 percent decline from 31 loans in March, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. (Data for this report include only commercial mortgages taken at the time of sale and not refinancings.)

52. Archived Article: Daily Digest - Winchester, Riverdale Land

Winchester, Riverdale Land

Financed for $27.5 Million

Michael A. Lightman Sr. has financed 38.78 acres near Winchester and Riverdale roads for $27.5 million, according to The Daily News Public Records Database, ww...

53. Archived Article: Real Recap - Kohner Refinances The Villages at Harrison Creek

Kohner Refinances The Villages at Harrison Creek

3855 Jackson Ave.

Memphis, TN 38128

Cost: $7.3 million

Borrower: Harrison Creek LLC

Lender: Mortgage Electronic Registration Systems ...

54. Archived Article: Real Recap - Construction Set to Begin on Kress Building

Construction Set to Begin on Kress Building

Three parcels

near Main Street

Cost: $4 million

Borrower: THG Main LLC

Lender: First Tennessee Bank NA

Trustee: Thomas F. Baker IV

Proper...

55. Archived Article: Calendar - May 17 May 17 East Memphis Business and Professional Women will meet at 6 p.m. at Park Palace Apartments, 5400 Park Ave. The speaker will be Marie Draper of Drapers Coaching, Motivation and Empowerment Network. The cost is $17. For reservations, cal...

56. Archived Article: Salem Manor Chg - By CAMILLE H Salem Missionary Baptist Church to renovate apartments Church borrows $2.35 million from First Tennessee Bank to finance construction By CAMILLE H. GAMBLE The Daily News New Salem Missionary Baptist Church has borrowed $2.35 million fro...