VOL. 125 | NO. 22 | Wednesday, February 3, 2010
New Apartment Owner Files Loan on Property
The new owner of the Hunter’s Ridge Apartments at 3108 New Allen Road in Raleigh has filed a $1.2 million deed of trust, assignment of leases and rents and security agreement through Texas Capital Bank. The loan closed Jan. 7 but wasn’t recorded with the Shelby County Register of Deeds until last week.
The borrower, Hunters Ridge Property Holder LLC, is an entity related to the property’s original lender, USAM I FUND LLC. Hunters Ridge Property Holder bought the 141-unit complex for $1.2 million Oct. 30 on the Shelby County Courthouse steps following a foreclosure.
The previous owner, Decatur, Ga.-based Phineas Group LLC, had defaulted on a $1.7 million loan through USA Mortgage Funding LLC dated July 1, 2008. Phineas Group bought the property for $1.6 million from U.S. Bank NA.
Built in 1972, the Class D, 128,097-square-foot multifamily property sits on 6.35 acres on the east side of New Allen Road, south of its intersection with New Frayser-Raleigh Road and about a mile north of Interstate 40. The Shelby County Assessor of Property’s 2009 appraisal was $1.7 million.
Stewart G. Austin Jr. and A. James Reed of Glankler Brown PLLC served as successor trustees.
Prior to the Phineas Group foreclosure, U.S. Bank bought the complex in 2005 in a substitute trustee’s deed after foreclosing on the property’s previous owner, Divinity Properties LLC. That company had defaulted on a $2.3 million trust deed dated December 2000.
Source: The Daily News Online & Chandler Reports
– Eric Smith
Tennessee St. Renovation On Tap for DRB
The Center City Commission’s Design Review Board is scheduled to take action today on design plans for Phil Woodard’s proposed renovation of a historic warehouse at 456 Tennessee St.
He plans to revamp the one-story, 12,136-square-foot building to accommodate office use as well as a reception area and catering functions. The Center City Development Corp. approved a $90,000 development loan for the $983,500 project in June.
The meeting will begin at 5 p.m. at the CCC office, 114 N. Main St.
– Andy Meek
Morgan Keegan Tops For Stock-Picking
Memphis-based Morgan Keegan & Co. Inc. has scored a No. 1 rank for its stock-picking among 13 national and regional brokerage firms, according to Zacks Investment Research Inc.
The firm’s focus list of stocks posted a 28.5 percent return for the five years ended Dec. 31, and it’s the third consecutive time the firm’s focus list has landed in the top spot for the five-year period.
Zacks Investment Research tracks the stock picks of 13 major brokerage firms.
– Andy Meek
US Home Contracts Rise in December
The number of people preparing to buy a home rose slightly in December, a positive sign heading into the spring homebuying season.
The National Association of Realtors reported Tuesday its seasonally adjusted index of sales agreements rose 1 percent from November to December to a reading of 96.6. That was a bit lower than the 97.1 level analysts expected, according to Thomson Reuters.
The index has risen for nine out of the past 10 months as buyers work to take advantage of an $8,000 first-time homebuyer tax credit.
The credit had been set to expire Nov. 30 before Congress extended it to April 30. Lawmakers also added a $6,500 credit for current homeowners.
The pending home sales index fell 16 percent from October to November, as activity temporarily died down after the first-time buyer credit was extended. The index is up nearly 11 percent from December 2008.
“These swings are masking the underlying trend, which is a broad improvement over year-ago levels,” said Lawrence Yun, the Realtors’ group chief economist.
– The Associated Press
Florist Raises Money For Transplant Group
The National Foundation for Transplants and Pugh’s Flowers have partnered to raise funds and awareness for the nonprofit organization.
Pugh’s Flowers has launched a page on its Web site dedicated to raising money for NFT. Pugh’s will donate $5 to NFT when any flower arrangement, balloon bouquet or fruit basket is purchased from the page.
To make a purchase, visit www.pughs.com and click “Benefit Bouquets” to see the selections or visit www.transplants.org and click “Flowers and Gifts” under the “How You Can Help” section.
The National Foundation for Transplants is based in Memphis and helps transplant patients raise money to pay for their medical expenses including the transplant itself, medications, follow-up care, insurance premiums, co-pays and travel expenses.
– Taylor Shoptaw