VOL. 121 | NO. 87 | Monday, April 24, 2006
Camden Grove Phase Three Financed for $15 Million
Camden Grove LLC has financed phase three of Camden Grove Apartments at 1571 Houston Levee Road through 1st Trust Bank for Savings for $15 million. Built in 2004, the complex sits on 22.71 acres and contains 248 one-bedroom units in 12 buildings and 128 two-bedroom units in 19 buildings. Camden Grove LLC received the property when Camden Grove 2 LLC released its interest by quitclaim deed. The Shelby County Assessor's 2006 appraisal was $16.4 million.
50 IFCO Workers Arrested After Homeland Security Raid
A federal investigation that began at the New York office of IFCO Systems North America Inc. has rippled all the way to the Memphis area with the arrests of nearly 50 people.
Workers at the crate and pallet manufacturing company were seen ripping up W-2 tax forms in New York after a manager explained they had fake Social Security cards and would not be filing tax returns.
Immigration and customs enforcement agents, who are part of the U.S. Department of Homeland Security, arrested seven current and former IFCO managers and executed search warrants at more than 40 IFCO plants in 26 states, resulting in 1,187 arrests of employees suspected of being illegal immigrants.
Nearly 50 arrests were made in the Memphis area at the company’s sites in South Memphis and Horn Lake. A release issued by ICE last week said the nearly 1,200 arrests were of employees who were illegal immigrants at the Amsterdam-based company’s branches.
However, a federal spokesman told the Commercial Appeal he was unsure how many of those arrested in Memphis actually were found to be illegal immigrants.
State Unemployment Rate Takes Incremental Nosedive
Tennessee’s unemployment rate dropped 0.1 percent from February to March, according to the Tennessee Department of Labor and Workforce Development.
The state’s unemployment rate was 5.1 percent in March, compared to February’s 5.2 percent.
The national unemployment rate for March was 4.7 percent, down from 4.8 percent in February.
Morris Signs On As Regions Real Estate Exec
Regions Financial Corp. has named S. Andrew “Andy” Morris its commercial real estate executive.
Morris, who has more than 30 years of experience in commercial real estate banking, joins Regions from Wachovia Corp.
With Morris’s appointment, Regions is developing a more defined strategy and structure for its commercial real estate lending business, according to a company statement.