VOL. 125 | NO. 46 | Tuesday, March 9, 2010
ALCO Refinances Loan On Frayser Apartments
Memphis-based ALCO Properties Inc. has taken out a $4.7 million loan on the Greenbriar Apartments at 3131 Madewell Street in Frayser.
The company, operating the transaction as ALCO Greenbriar Partners LP, filed the loan March 3 through Love Funding Corp. It is a refinance of an existing loan used to rehabilitate the property in 2007.
Robert Hyde signed the trust deed as senior vice president of ALCO, a “privately held real estate firm specializing in the development, financing and management of conventional and government-assisted apartment communities,” according to the company’s Web site.
Through its property and management arms, ALCO currently owns or manages more than 8,000 apartments at 74 locations in nine southeastern states.
The company told The Daily News it was overhauling Greenbriar with new fencing to control access, new roofs, windows, exterior siding and resurfacing of the parking lot.
The interiors of the apartment units also received new floors and upgrades to bathrooms and kitchens.
Additionally, the renovations called for updated office space, a new maintenance building and the creation of workspace for the Memphis-based nonprofit Neighborhood Christian Centers Inc.
Source: The Daily News Online & Chandler Reports
CCRFC to Consider PILOT, Fielder Square Refinance
The Center City Revenue Finance Corp. this morning will meet to discuss the details of financing packages for a pair of existing Downtown developments.
The board will consider the request of Memphis Housing LLC to approve an extension of the PILOT (payment-in-lieu-of-taxes) lease connected to property at 607 Monroe Ave.
The board also will consider the request of Forum Residential Partners LLC regarding a refinancing associated with the Fielder Square development on the east side of AutoZone Park.
The CCRFC meets at 9 a.m. today at the CCC office, 114 N. Main St.
– Andy Meek
MAAR’s January Sales Show Decline
Memphis-area home sales dropped by almost a quarter in January, according to the latest data from the Memphis Area Association of Realtors.
The area notched just 737 home sales in the month, down 23.9 percent from 968 home sales in January 2009.
The average sales price of $109,920 marked a 3.7 percent drop-off from $113,443 the same month a year ago, while last month’s total dollar volume of $80.5 million was down 26.7 percent from 109.8 million in January 2009.
However, pending sales showed improvement, with a 14.3 percent increase from December 2009 to 1,582 units. That is an increase of 8.6 percent from a year ago. Inventory stood at 9,045 units listed for sale, up 3.1 percent from December 2009 but still near four-year lows.
– Eric Smith
Alliance Medical To Distribute VeinViewer
Memphis-based Luminetx, a subsidiary of Christie Medical Holdings Inc., has reached a national sales distribution agreement for its VeinViewer product with New Alliance of Independent Medical Distributors Inc.
Alliance Medical has a sales force of more than 70 representatives around the country.
Chris Schnee, vice president of sales and marketing for Christie Medical Holdings, said the agreement allows for the expansion of VeinViewer’s domestic reach. The VeinViewer is already available in more than 40 countries.
The VeinViewer is a mobile vascular imaging system that allows health care professionals to easily see blood vessels.
Christie Medical Holdings is a subsidiary of Japan-based Ushio Inc. The company acquired Luminetx in December.
– Tom Wilemon
Shelby Co. Lawyer Suspended Temporarily
The Tennessee Supreme Court Board of Professional Responsibility issued an order Feb. 17 temporarily suspending the license of James H. Hoots, after finding Hoots had misused a client’s money.
The suspension went into effect immediately and Hoots can’t take any new cases and must stop representing current clients by March 19.
Hoots, 56, is a Bartlett attorney who specializes in Probate Court work. He was charged in early February with stealing approximately $76,000 from a children’s trust fund and using the money to gamble at casinos.
He has been charged with theft of property over $60,000, which carries a sentence of eight to 12 years. Hoots allegedly admitted to the estate’s administrator that he has a gambling problem, and in November gave her a promissory note pledging to repay the money plus interest.
Hoots’ license suspension is effective until the Supreme Court decides to dissolve or modify it.
– Rebekah Hearn
Tight Budgets Crimp Prosecutor Pay, Recruiting
For years, Tennessee prosecutors have relied on the promise of pay raises to recruit new assistants, but tight state budgets in recent times endanger that lure.
“It’s hard to attract prosecutors because of pay,” said Bill Cox, Hamilton County district attorney general. He said that is increasingly true, even among young lawyers with a strong sense of public duty.
Cox said the starting pay of $42,900 per year is less than half of what young attorneys could earn in private practice. In the past, he could promise annual service credits of about $2,600.
Faced with a down economy, however, the Legislature is preparing to remove service credits from the state budget for the third time in seven years, Cox said.
– The Associated Press