VOL. 121 | NO. 71 | Thursday, March 30, 2006
Downtown Hotel Financed For $8.4 Million
Moody National Memphis RI S LLC and Moody National Memphis RI H LLC have financed the Residence Inn at 110 Monroe Ave. through Mortgage Electronic Registration Systems Inc. for $8.4 million. The 89-unit hotel was built in 1930. It is owned by Memphis Center City Revenue Finance Corp., which leased the property to Main/Monroe Partners in 2003. The borrowers assumed the lease March 24.
Blue Monkey to Rise From Ashes Soon
The day after the Blue Monkey's 529 S. Front St. location burned down last fall, its owners were promising to rebuild. And judging by their plans that will go before the Center City Commission's Design Review Board next week, they're getting close. Glenn Delashmit, a partner with Blue Monkey owner Mike Johnson, said the rebuilt space will have a basement and rooftop area for parties. If ground is broken within a month, the first floor of the spot could be open within the next year, he said.
Labor Study Under Way In Tri-State Region
The Memphis Regional Chamber and the Memphis Regional Economic Development Council are conducting a labor market study in 52 counties in Tennessee, Arkansas and Mississippi. The information will be used to determine future economic development programs. The study wraps up Friday.
Medtronic Gives Grant For Ortho Research
Medtronic Inc. has given a $250,000 research grant to the national Orthopedic Trauma Association in Rosemont, Ill., to fund a study of a bone protein the company sells as INFUSE Bone Graft. The protein is added to a sponge that is absorbed by the body after being grafted onto damaged bones.