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VOL. 124 | NO. 116 | Tuesday, June 16, 2009

Daily Digest

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Winbranch Apartments Sold After Foreclosure

The 460-unit Winbranch Apartments at 3595 Millbranch Road in Whitehaven sold June 4 for $4 million in a successor trustee’s sale following a foreclosure. The sprawling multifamily complex sold on the Shelby County Courthouse steps to an entity called LBUNS 2004-C4 Millbranch Road LLC, which is a local affiliate of Miami-based LNR Partners Inc.

LBUNS 2004-C4 Millbranch Road LLC held the deed of trust after foreclosing on the property. The previous owner was Winbranch II LLC, a limited liability company related to Miami-based Alterra Capital Group. Alterra in the past couple of years bought and renovated a handful of Memphis multifamily properties.

But Winbranch II LLC defaulted on a $6.8 million loan dated April 30, 2004, through SunTrust Bank. After a series of refinances, the deed wound up with LBUNS 2004-C4 Millbranch Road.

Built in 1973, the 381,738-square-foot Winbranch Apartments sit on 25.55 acres near the intersection of Millbranch and Winchester roads. An alternate address for the property, based on Shelby County Register of Deeds records, is 3551 Dalebranch Road.

Ronald G. Steen Jr. of the Nashville office of Stites & Harbison PLLC acted as successor trustee, or the seller, in the transaction. He was appointed to that position in April.

Representatives from LNR Partners were not available for comment by press time.

Source: The Daily News Online & Chandler Reports

House Hopes to Reach Budget Compromise

Democratic and Republican leaders in the state House say they hope to hammer out a budget agreement with the Senate this week and avoid a conference committee.

Tennessee lawmakers are constitutionally required each year to pass a balanced state budget. They have just more than two weeks to get one passed before the next spending year begins on July 1.

But this year’s budget has been complicated mainly by additional cuts Senate Republicans want to make on top of those already proposed by Democratic Gov. Phil Bredesen.

House members were expected to discuss their budget plan Monday in the House Budget Subcommittee.

Republican House Speaker Kent Williams of Elizabethton said both Democrats and Republicans on the subcommittee oppose the Senate Republican plan, but he’s optimistic a compromise can be reached this week.

Extended Stay Hotels Files Chapter 11 Bankruptcy

Extended Stay Hotels, which operates extended stay hotels in nearly every state – including several in the Memphis area – has filed for Chapter 11 bankruptcy protection.

The chain has more than 650 properties and filed its bankruptcy petition in New York.

In a Chapter 11 filing, businesses usually remain open in an attempt to become profitable again. But all major business decisions must be approved by the bankruptcy court.

Homebuilder Sentiment Index Slips 1 Point in June

The National Association of Home Builders has reported its housing market index slipped by one point in June, reflecting many builders’ uncertainty about when their business prospects might improve.

The Washington-based trade association said Monday the index fell to 15 – the first decline since January, when the index dropped to an all-time low of 8.

Index readings lower than 50 indicate negative sentiment about the market.

The report reflects a survey of 548 residential developers nationwide, tracking builders’ perceptions of market conditions.

The index readings for current sales conditions and traffic by prospective buyers remained unchanged from May. The reading on expectations for sales over the next six months dropped by a point.

Fourth Swine Flu Case Confirmed in Shelby County

The Shelby County Health Department has received confirmation from the Tennessee Department of Health laboratory of the fourth case of H1N1 flu in Shelby County.

The specimen was taken from an adult resident.

The Shelby County Health Department urges people to practice good hygiene, such as frequent hand washing, to prevent the spread of the flu. For more information about the flu, call the department’s flu information line at 544-6969.

Tennessee Honored For Job Creation

A national magazine covering corporate site selection has awarded Tennessee its Gold Shovel Award.

Area Development magazine presents the award annually to the state achieving the most success in terms of job creation and economic impact.

Based on the number of high-value added jobs per capita, amount of investment, number of new facilities and industry diversity, Tennessee achieved the highest weighted overall score.

Volkswagen Group of America’s announcement that it would invest $1 billion in a new Chattanooga plant and employ 2,000 people is the magazine’s Project of the Year.

$1M Gift Helps Mo. Hospital Become St. Jude Affiliate

Brad Pitt and his siblings have given $1 million to help a Missouri hospital open a new pediatric cancer center that will be named for their mother.

Pitt and his siblings’ families, Doug and Lisa Pitt and Rob and Julie Neal, gave the money to St. John’s Hospital in Springfield, Mo., on Saturday in honor of their mother’s passion for children’s issues.

The hospital is opening the Jane Pitt Pediatric Cancer Center this summer in the town where Pitt and his siblings grew up. The donation will pay to hire the only pediatric oncologist and hematologist in the southwest Missouri region.

The new center will make St. John’s one of six affiliates of St. Jude’s Children’s Research Hospital, meaning the center will be able to participate in St. Jude’s clinic research trials.

Vaco Launches New Web Site

Vaco, a local consulting and placement firm, has launched a new Web site, www.vaco.com, which will serve as a tool for anyone seeking or building careers in finance, accounting, technology, operations or administration.

The Web site is designed to assist clients in need of specialized project experience or strategic hires and candidates who are cultivating their ideal professional paths.

The site contains market trends, active engagements, search resources and career counseling.

Nashville-based Web and interactive design firm Centresource built the site.

Vaco is a family of 26 companies throughout the country.

Broadway’s Terron Brooks Guest at Stax Music Camp

Broadway actor Terron Brooks will be the special guest artist at the grand finale of the Stax Music Academy SNAP! Summer Music Camp.

Brooks’ roles have included Simba from “The Lion King” and Eddie Kendricks from NBC’s “The Temptations.” The annual music camp is a mentoring activity of the Soulsville Foundation.

The event is 7 p.m. June 27. The admission fee is $12, but advance tickets can be purchased for $10.

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225