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VOL. 125 | NO. 186 | Friday, September 24, 2010

Daily Digest

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Legends Park West LP Files $7.7M in Loans

Legends Park West LP, an entity affiliated with Legends Park West developer McCormack Baron Salazar, has filed two loans related to the property’s development on the former Dixie Homes housing project site. A $6.3 million construction loan was filed through U.S. Bank NA, while a $1.4 million delivery recourse loan was filed through Enterprise Mortgage Investments Inc.

The loans cover the three lots in phase four of Legends Park West, bounded by Delmar Avenue to the north, Ayers Street to the west, Poplar Avenue to the south, and North Pauline Street/Red Sox Lane to the east.

A call to McCormick Baron Salazar was not returned by press time.

The St. Louis-based company also developed Legends Park East, as well as University Place on the site on the former Lamar Terrace public housing project at Lamar Avenue and I-240.

McCormack Baron Salazar filed a $12.5 million master permit for Legends Park West with the city-county Office of Construction Code Enforcement in June. For details, see the June 28 issue of The Daily News or visit memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Trustmark-Cadence Merger Shows Different Outcomes

The merger of Trustmark National Bank and Cadence Bank offers a reminder of the arguably scattershot approach with which the federal government implemented the Troubled Asset Relief Program.

Cobbled together as a broad emergency plan for the banking system in the wake of the 2008 financial crisis, TARP capital injections were given to strong banks, struggling banks and those in between. Its purpose was alternately described as making sure enough money was in the pipeline to keep credit and loans flowing and restoring confidence in the system.

Trustmark raised money by issuing shares to repay its $215 million in TARP funds last year. Cadence, on the other hand, got approval in January 2009 for $44 million in TARP funds after the Office of the Comptroller of the Currency had examined the bank and found areas of concern only three months before that.

And a little more than a year and a half after getting the TARP aid, Cadence found itself with few options to strengthen the bank but to sell it. The merger includes Trustmark paying for Cadence’s preferred shares issued to the government under TARP.

The government invested TARP funds in plenty of other banks that were even worse off. One example: Commercial lender CIT Group Inc. filed for bankruptcy after getting its TARP injection.

Andy Meek

Robertson Leaves CAO Post at CCC

The Chief Administrative Officer of the Center City Commission, Eric Robertson, is leaving to become project leader of the Greater Memphis Neighborhoods (GMN) organization. The group is a coalition of local financial institutions, nonprofits, government agencies and community development corporations.

Robertson will oversee the GMN “Blueprint for Revitalization,” a comprehensive plan for neighborhood revitalization the group has been working on for two years. The plan has a five-year timeline with 51 goals in five general areas.

It has an overall goal of winning public, private and nonprofit backing for a single plan for neighborhood revitalization.

The national Bank of America Foundation has already contributed money to making the plan a reality.

Robertson joined the CCC three years ago after leading housing and economic development programs at the Lemoyne-Owen College CDC.

Robertson said the plan “is a great blend of all the things I care deeply about – city building through community, economic and human capital development.”

– Bill Dries

Musculoskeletal Conference Names Speakers

Speakers at the eighth annual Musculoskeletal New Ventures Conference Oct. 26-27 at the FedEx Institute of Technology have been announced.

They include the chief executive officers and founders of several orthopedics companies, including Active Implants, Anulex Technologies Inc., Ascention Orthopedics Inc., AxioMed Spine Corp., Benevenue Medical Inc., BioSET, Cerapedics Inc., Dallen Medical, DGIMed Ortho Inc., IlluminOss Medical, MedShape Solutions, OrthAlign Inc., Orthopediatrics, Simpirica Spine Inc. and others.

To register or learn more about the conference, visit www.mnvc.org.

Tom Wilemon

Memphis Discount Store Features Prepaid Card

A leading prepaid card provider has recently announced the launch of a $3 reloadable credit card, available at Fred’s Hometown Discount Stores across the Southeast and Midwest United States.

nFinanSe’s Reloadable Prepaid Discover Card looks like a bank debit card or credit card but functions more like a portable bank account.

The financial service company believes the card to be the best overall pricing in the marketplace at this time.

Memphis-based Fred’s Inc. operates 674 discount general merchandise stores, including 24 franchised stores in the southeastern United States.

“We provide Fred’s and our other retail partners a terrific reloadable card product with consumer fees actually lower than Walmart,” Jerry R. Welch, chairman and chief executive officer of nFinanSe said in a statement.

The cards sell for $3 like Walmart’s, but the reload fee and monthly maintenance fee are $2.95.

The ATM withdrawal fee is also an industry low of $0.99, and the online bill pay is $0.44.

The account is FDIC-protected and contains no overdraft fees.

NFinanSe also offers free direct deposit, live customer service and text-messaging alerts for transactions.

Sarah Baker

Doing Business Celebrates 20 years

The publishers of Doing Business in Memphis are celebrating the 20th anniversary of the database this month.

The business produces information on over 9,000 local companies that can be delivered as either a database or an e-book. The information is beneficial as a sales leads source to businesses and a corporate fundraising tool for nonprofits.

Deborah Camp, the company’s owner and founder, said the delivery of the information evolved from a hard company directory to today’s easy-to-use database. Michael Correll, the company’s vice president, developed the first e-book version of the information.

– Tom Wilemon

Memphis Film Premieres at Studio on the Square

The MTV New Media horror film “Savage County” will premiere Sept. 30 at Studio on the Square, 2105 Court Ave.

Filmed in Memphis last summer, “Savage County” was produced by Craig Brewer and Erin Hagee and is a BR2 Production.

The cast includes Jimmy Crosthwait, Ivy McLemore, Patrick Cox and Jeff Pope. Memphis acts Al Kapone, Lord T and Eloise, El Dorado and the Ruckus, and Jung Shin contributed to the soundtrack.

Director David Harris will attend the premiere with special guests.

The film will be screened at 7 p.m., 7:30 p.m. and 9:30 p.m.

Tickets are on sale and cost $12 per person for general admission and $10 per person for Indie Memphis members. To purchase tickets, visit www.indiememphis.com.

The premiere is co-presented by Malco Theatres and the Memphis & Shelby County Film and Television Commission.

In addition to the premiere, “Savage County” will air on MTV2 Oct. 7 at 10 p.m.

– Taylor Shoptaw

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107
FORECLOSURE NOTICES 8 14 204
BUILDING PERMITS 92 209 3,265
BANKRUPTCIES 42 84 837
BUSINESS LICENSES 21 23 352
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0