VOL. 125 | NO. 197 | Monday, October 11, 2010
Vineyard Apartments Financed for $12M
Vineyard Apartments Inc. has financed the 200-unit Vineyard Apartments in Germantown through PNC Multifamily Mortgage LLC. The property sits on 27.2 acres at the southwest corner of Wolf River Boulevard and Riverdale Road at 7109 Vineyard Way.
The Vineyards Apartments LLC bought the property in February 1999 for $17.5 million, quitclaiming it to Vineyard Apartments Inc. in December of that year. The Shelby County Assessor of Property’s 2010 appraisal is $16 million.
Vineyard Apartments Inc. is affiliated with New York-based Sentinel Real Estate Corp., which has a Memphis-area office. A call to that office was not returned by press time.
Source: The Daily News Online & Chandler Reports
– Kate Simone
Economic Picture in Memphis is Mixed
The Federal Reserve Bank of St. Louis has released economic data for the Memphis region showing a mixed picture.
Sales reports for the quarter among car dealers were positive, but general retailers reported negative results in July and early August.
Manufacturing activity has improved, with more new job announcements and plant openings than layoffs and closings.
Commercial and residential real estate have not rebounded in the Memphis region.
The Fed data shows lower home sales, and the second quarter industrial vacancy rate increased. However, the Fed data also shows lower suburban and Downtown office vacancy rates.
The Fed’s banking contacts reported that demand for consumer loans remains tepid because consumers appear unwilling to add additional debt to their personal balance sheets. The Fed’s survey also found business lending activity is down.
“Contacts continue to report difficulty in finding quality new loans in this category,” the report reads. “One contact noted that he expects demand for business loans to remain flat through the end of the year.
“Several contacts reported that commercial real estate is still a troubled lending sector. One contact noted that there are very few inquiries for new loans in this sector.”
– Andy Meek
Monogram Food Solutions on Fast-Growing Co. List
Memphis-based Monogram Food Solutions was recognized on Inc. magazine’s annual list of America’s fastest-growing private companies for the second year in a row.
With a three-year sales growth rate of 112 percent, Monogram was ranked number 2,272 on the 2010 Inc. 500|5000 list, according to percentage revenue growth when comparing 2006 to 2009.
Monogram surpassed its $100 million sales goal due to profitable expansions and growth, and is confident it will reach $150 million in sales by the end of the year.
“The leaders of the companies on this year’s Inc. 5000 have figured out how to grow their businesses during the longest recession since the Great Depression,” said Inc. president Bob LaPointe. “The 2010 Inc. 5000 showcases a particularly hardy group of entrepreneurs.”
Karl Schledwitz, chairman and CEO of Monogram, said making the list two years in a row is a testament to the hard work and dedication of the company’s team over the last few years.
“This is a huge honor, and we expect to be even higher next year due to recent, profitable acquisitions and the strategic sales and marketing of those brands,” Schledwitz said.
Other brands featured on this year’s list include Pandora, 7-Eleven, Brooklyn Brewery, and Radio Flyer.
– Sarah Baker
AccessTN Taking Applicants Until Oct. 15
People with pre-existing medical conditions and low incomes who have been denied access to insurance have until Oct. 15 to enroll in AccessTN.
The Tennessee Health Care Campaign has set up a toll free number to help people apply for the state-sponsored program. The number is 1-877-431-7033.
However, applications to the program must be made online at www.covertn.gov/web/access_tn.html.
– Tom Wilemon
Bioimaging Symposium Draws Int'l Experts
Experts from Harvard Medical School, Duke University, GE Medical Systems, Oregon Health & Service University and the UCLA School of Medicine are on the agenda for this year’s Memphis BioImaging Symposium (MemBIS).
The seventh annual MemBIS takes place Nov. 4 and Nov. 5.
The conference is sponsored by the University of Tennessee Health Science Center, Memphis Bioworks Foundation and St. Jude Children’s Research Hospital.
For more information about the agenda and registration, visit www.membis.org.
– Tom Wilemon
Extreme Makeover Accepting TN Applicants
Extreme Makeover: Home Edition is coming to Tennessee, looking for families whose homes need to be rebuilt.
The show, which airs on ABC Sundays at 7 p.m., features a race against time to complete a project that would ordinarily take months, involving a team of designers, contractors and several hundred workers who have just seven days to rebuild an entire property.
“There are a lot of people who are heroes to those around them because of the way they inspire others and quietly serve their communities on a daily basis,” supervising casting director Adam Drucker said in a release. “We want to find deserving people who just don’t have the resources, ability or time to fix those serious issues without our help.”
This season, Extreme Makeover is also looking for families who do not own their own homes, so long as land is available through other sources, a nonprofit, city or county.
Nominations may be submitted by the family or by a member of their community to email@example.com before Oct. 31. For more information on the nomination process, visit the website abc.go.com/shows/extreme-makeover-home-edition/apply.
– Sarah Baker
Burch Porter & Johnson Ranked by U.S. News
Burch, Porter & Johnson PLLC has been ranked as a top-tier law firm in Memphis in U.S. News and World Report’s Best Law Firm rankings.
Burch, Porter & Johnson was recognized in the following practice areas: alternative dispute resolution, bankruptcy and creditor debtor rights/insolvency and reorganization law, corporate law, environmental law, family law, general commercial litigation, intellectual property law, land use and zoning law, mass tort litigation/class actions – defendants, media and first amendment law, municipal law, product liability ligation – defendants, real estate law, securitization and structured finance law, and trusts and estates law.
The rankings are presented in tiers nationally, as well as by metropolitan area and state, and showcase more than 8,000 law firms ranked in 81 major practice areas.
– Taylor Shoptaw