VOL. 126 | NO. 236 | Monday, December 05, 2011
Winchester Road Apts. Sell for $1.3 Million
Las Vegas-based Forest Creek Townhomes LLC has bought a 470-unit apartment complex at 1340 Winchester Road for $1.25 million from substitute trustee R. Hunter Humphreys after a deal between the LLC and Lloyd’s Acceptance Corp.
Lloyd’s – a former lender on a loan secured by the complex – bought it at a Nov. 16 substitute trustee’s sale for a high bid of $1.25 million, immediately assigning its interest in that bid to Forest Creek Townhomes.
The complex, which has used the names Coventry Village Apartments and Highland Creek Apartments, is on the north side of Winchester east of Elvis Presley Boulevard. It was built in 1967 on 33.2 acres, according to the Shelby County Assessor of Property, whose 2011 appraisal is $5.4 million. The complex uses the address 1305 Turkey Run Lane.
Its two-story buildings are comprised of studio, one- and two-bedroom units; amenities include three pools, two playgrounds, a fitness center and a tennis court.
MPI Coventry Village LLC bought the property in July 2007 for more than $9 million, taking out an $11.9 million loan through Legg Mason Real Estate Capital II Inc. at that time.
In December 2008, the loan was amended, extending the maturity date from August 2010 to September 2011 and modifying the note rate.
That amended loan document includes a note that stated Legg Mason questioned whether MPI had properly and timely classified and reported its expenses and other financial information. The note also stated MPI had failed prior to December 2008 to “punctually perform any covenant, agreement, obligation, term or condition” in any loan document that required payment at the time or within an agreed-upon grace period.
This September, the loan was modified again, changing the lender to Lloyd’s Acceptance Corp. at MPI’s request. Lloyd’s then bought the property at the Nov. 16 substitute trustee’s sale and assigned the bid to Forest Creek Townhomes.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Former MAAR Director Wade Joins Prudential Collins-Maury
Jules Wade has joined as manager of Prudential Collins-Maury Inc. Realtors’ East Memphis office, according to Doug Collins, owner and president of the realty company.
Wade will be responsible for sales management and growing the office’s business, which concentrates on residential real estate sales in East Memphis.
Wade announced his resignation as executive director of the Memphis Area Association of Realtors in May, after 30 years with the local trade organization for real estate professionals. His term there concluded Wednesday, Nov. 30.
“Wade shares our company’s commitment to quality and service,” Collins said in a statement. “He is exactly the kind of manager we are seeking as we continue to grow the company and increase our presence in the community.”
Founded in 1987, Prudential Collins-Maury is a full-service real estate firm serving the Greater Memphis and North Mississippi areas. It is independently owned and operated with offices in Collierville, Germantown, East Memphis and Mississippi.
“Prudential Collins-Maury has a strong value proposition with a variety of unique tools to assist our sales professionals and our clients,” Wade said. “I have the opportunity to help them use them to their benefit and our clients’ benefit.”
Prudential Collins-Maury is a franchise of Prudential Real Estate, one of the largest real estate brokerage franchise networks in North America.
– Sarah Baker
Regions Financial Appoints Execs
Regions Financial Corp. has appointed two company and industry veterans to new positions within the bank’s business services group.
Also, Regions has promoted two bankers to lead the company’s health care and restaurant specialty lending groups.
Mike Allen has been named commercial and industrial executive, and John Barton has been named specialized industries executive. Both will report to John Asbury, head of business services for Regions.
Allen has been named commercial and industrial executive, with responsibility for commercial and industrial business operations. He joined Regions Bank in 1981.
Barton has been named specialized industries executive, with responsibility for Regions’ health care, transportation, restaurant and technology and defense industry groups. Barton joined Regions in 2009 and has more than 30 years of experience in corporate, investment and health care banking.
The bankers appointed to lead Regions’ health care and restaurant groups will both report to Barton.
Brooks Hubbard has been named head of the health care banking group. Hubbard is based in Nashville, where he will lead Regions Bank’s health care strategy, which is built around skilled nursing/nonprofit hospital finance, private equity/corporate finance and medical office building finance.
Dan Holland has been named head of the restaurant banking group. He and the restaurant banking team are based in Atlanta.
– Andy Meek
MAA Announces Dividend Increase
Memphis-based MAA – formerly Mid-America Apartment Communities – announced Thursday, Dec. 1, its board of directors voted to increase the quarterly common dividend by 5.2 percent to a quarterly payment of $0.66 per share, or $2.64 per share on an annual basis.
The quarterly common dividend of $0.66 per share is payable Jan. 31 to shareholders of record on Jan. 13.
As established in prior quarters, the company is declaring its quarterly common dividend in advance of its earnings, which it expects to make on Feb. 2.
MAA is a self-administered, self-managed apartment-only real estate investment trust that owns or has ownership interest in 48,927 apartment units throughout the Sunbelt region of the U.S.
– Sarah Baker
Mobile Letterpress Studio to Visit Memphis
Moveable Type, a project by Kyle Durrie of Power & Light Press in Portland, Ore., will make a stop in Memphis Monday, Dec. 5, from 5 p.m. to 7 p.m. for an evening of demonstrations open to the public.
In partnership with Crosstown Arts, Durrie will set up her Moveable Type Truck, a 1982 Chevrolet step van that has been converted to a letterpress studio, in the Sears Crosstown Building parking lot at Cleveland Avenue and North Watkins Street. She will invite visitors into the truck for a tour and a chance to print their own letterpress art.
The Fuel Café food truck, the America Photo Booth and the Live From Memphis mobile music machine will be on site, too.
For more information about Durrie, her work and her cross-country journey, visit www.powerandlightpress.com or www.type-truck.com.
– Taylor Shoptaw
Memphis Symphony, Orphanos Hold Sixth 'Messiah' Concert
The Memphis Symphony Orchestra will hold the sixth annual “Messiah” benefit concert Friday, Dec. 9, at 8 p.m. at the Cannon Center for the Performing Arts, 255 N. Main St.
Proceeds from MSO’s performance of Handel’s “Messiah” will benefit the Orphanos Foundation, funding three special performances for more than 5,000 fourth- and fifth-graders from inner-city and jubilee schools.
The Orphanos Foundation is a Memphis-based nonprofit that focuses on children at risk.
“Messiah” will be conducted by Dr. William Skoog, Rhodes College’s Elizabeth Daughdrill Fine Arts Chair of the Department of Music and director of choral. The Rhodes MasterSingers Chorale will join the MSO.
Ticket prices are between $15 and $25.
– Taylor Shoptaw
Huey's Employees to Give to Hope House Families
Employees of Huey’s Restaurants will provide Christmas gifts for the children and families of Hope House Daycare.
Hope House, at 15 S. Idlewild St., is the only facility of its kind in Tennessee, designed to meet the needs of children affected by HIV. Founded in 1995, the nonprofit focuses on children whose parents or caregivers are HIV-positive or have died from an AIDS-related illness.
Each Huey’s location has adopted a family and will provide gifts, which will be delivered to Hope House Dec. 7.
– Aisling Maki