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VOL. 125 | NO. 100 | Monday, May 24, 2010

Daily Digest

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Gardenwood Apartments Fetch $2.9M From NY Buyer

New York-based Besyata Corp. has paid $2.9 million for the 152-unit Gardenwood Apartments at 4795 Hoover Drive in Raleigh.

The sale closed May 17 but hasn’t yet been recorded by the Shelby County Register of Deeds.

Built in 1983, the Gardenwood complex contains 139,096 square feet and sits on 10.11 acres at the intersection of Hoover Drive and Raleigh-LaGrange Road.

The Shelby County Assessor of Property’s 2010 appraisal is $2.2 million.

Blake Pera and Tommy Bronson III with CB Richard Ellis Memphis’ multifamily division represented the special servicer in the sale.

Gardenwood “enjoys a strong location in the Raleigh/Bartlett submarket” with good access to Interstate 240, a CBRE release stated.

The complex consists of one-, two- and three-bedroom units averaging 961 square feet and $591 per month. Amenities include washer/dryer connections, spacious walk-in closets, patio/balconies, a swimming pool and tennis court.

“Gardenwood was one of the market’s better located and performing REO (real estate owned) properties available to date,” CBRE senior vice president Pera said in a release. “There was a great amount of interest in the asset, and this group should do very well with the property in the coming years.”

The complex had been sold back to the lender, Bank of America NA, last September in a successor trustees’ sale for $2.4 million following a foreclosure.

The complex’s previous owner, TVO Gardenwood LLC, had defaulted on a $4.4 million loan through Column Financial Inc. dated July 1, 1999.

Source: The Daily News Online & Chandler Reports

First Tennessee Renovating Ron Terry Center

First Tennessee Bank is renovating its Ron Terry Center by the Oak Court Mall, at 4385 Poplar Ave. The building is in the process of getting new paint, wallpaper, carpet and furniture. Work will be finished by November.

First Tennessee has private client, trust, commercial banking, treasury management and business banking groups currently at the Ron Terry Center, which houses 87 First Tennessee employees.

Changes to the building include the addition of a market-level retail group at the Ron Terry Center, which will house 118 employees when the renovations are finished.

Andy Meek

MALS Receives Grant For Senior Assistance

Memphis Area Legal Services Inc. announced Thursday it is a recipient of a $13,180 grant from the HW Durham Foundation.

The grant will fund a monthly program called “Peace of Mind for Seniors Seminars,” which aims to provide important legal services to senior citizens. The program will focus particularly on the neighborhoods near the University of Memphis, Binghamton and Sherwood Forest, Graceland and Scenic Hills in Raleigh.

“These areas were chosen to help prevent neighborhood destabilization,” said MALS director of pro bono projects Linda Warren Seely in an e-mail. “These formerly flourishing neighborhoods boast significant senior citizen homeowners who are apt to have not made provisions for maintenance of and passage of property in the event of disability and the inevitability of death.”

The grant includes small monthly stipends to third-year law students, who will be designated as “Durham Scholars.” The students will provide advice, counsel services and some document preparation at the senior centers under the supervision of a licensed attorney.

Money from the grant also will be used to purchase laptops, portable printers and air cards, as one of the anticipated needs will be to check seniors’ property tax records.

Seely said MALS also will provide some online resources for those unable to attend a “Peace of Mind” session.

“We are currently working on recruiting Durham Scholars and scheduling site visits,” Seely said.

Rebekah Hearn

UTHSC Prof Receives Grant to Study Ethanol Effects

Dr. Alejandro M. Dopico, professor of pharmacology at the University of Tennessee Health Science Center, has been awarded a $1.7 million award from the National Institute on Alcohol Abuse and Alcoholism.

The five-year grant runs though June 2014 and will support Dopico’s ongoing study of how ethanol acts on potassium channels in excitable brain cells.

The funding comes from a Method to Extend Research in Time (MERIT) Award. Researchers cannot apply for MERIT Awards. They are distributed on the basis of a research investigator’s demonstrated competence and productivity.

Only three other UTHSC researchers hold MERIT Awards.

Tom Wilemon

House Democrats Stress Flood Victim Help in Budget

House Democratic leaders say they’re working to give more support to Tennessee flood victims.

House Democratic Caucus Chairman Mike Turner of Nashville said Thursday that their budget plan is similar to Gov. Phil Bredesen’s proposal and makes flood victims a top priority.

State Finance Commissioner Dave Goetz said last week that about $17 million has been identified in the governor’s budget that can be pulled from different types of funds for emergency use.

Turner said Democrats are looking to increase that by possibly finding more money and through legislation.

For instance, House Minority Leader Gary Odom of Nashville is sponsoring a measure that would give a sales tax break to flood victims who are qualified under the Federal Emergency Management Agency to purchase building materials and major appliances.

– The Associated Press

Tennessee Takes Advantage of Federal Job Training

Tennessee labor officials say the state ranks in the top 11 percent nationally in the job retention rate of those who received training under a 1998 federal law.

According to the Tennessee Department of Labor and Workforce Development, 92 percent retained their jobs for six months in 2009 after registering for training under the Workforce Investment Act.

This law uses federal job training funds to help adults, dislocated workers and youth.

Tennessee has won more than $7 million in incentive awards since the inception of the program.

More than 9,100 in Tennessee registered for training under the act last year.

– The Associated Press

Tennessee Becoming More Bicycle-Friendly

Tennessee is becoming a more bicycle-friendly state.

The League of American Bicyclists says Tennessee jumped 19 spots to 24th in the group’s annual rankings.

Officials attributed the new rating to better collaboration among the Tennessee Department of Transportation and regional and municipal planners, and other factors.

Chattanooga has been recognized as a top bicycle-friendly community by the league since 2003.

Outdoor Chattanooga bicycle coordinator Philip Pugliese said bicyclists using roads and trails are increasing both locally and statewide.

He said such recognition through the ranking helps attract businesses.

– The Associated Press

Lower Bailout Assumes Higher Stock Prices

The U.S. Treasury Department indicated Friday it expects taxpayers will lose billions less from the financial bailouts than earlier estimated. The problem is, its revised forecast assumes Treasury's shares of bailed-out companies are gaining value despite the plunge in stock prices.

Treasury predicts the bailouts will cost taxpayers $105.4 billion, according to a letter to lawmakers from Assistant Secretary Herb Allison. That's down $11.4 billion from a February projection.

Most of the expected cost savings depend on Treasury's ability to profit once it sells its stakes in Citigroup Inc., General Motors and Chrysler, Allison wrote. Treasury received those investments in exchange for pumping billions into the companies to rescue them.

Treasury's analysis is based on market conditions as of March 31. That was weeks before a European debt crisis roiled global markets.

If Treasury sold all its shares at Thursday's price, its estimate would undercount the cost of the bailouts by $924 million.

– The Associated Press

PROPERTY SALES 57 57 1,266
MORTGAGES 48 48 964