VOL. 126 | NO. 16 | Tuesday, January 25, 2011
Multiple Industrial Sites Slated for Foreclosure Sale
U.S. Bank N.A. has filed a first-run foreclosure notice for several Memphis properties. The substitute trustee’s notice can be read in the print and online editions of The Daily News.
The foreclosure is being pursued because borrowers Willow Lake Property LLC, JES Willow Lake LLC, Willow Lake Tenn LLC, MSP Willow Lake LLC and RES Willow Lake LLC defaulted on a $67 million loan through Countrywide Commercial Real Estate Finance Inc. dated Dec. 28, 2006.
That loan was later assigned to LaSalle Bank NA, as trustee for the registered holders of ML-CFC Commercial Mortgage Trust 2005-7, commercial mortgage pass-through certificates 2007-5, and then assigned to U.S. Bank NA.
The property includes multiple addresses on Raines Road, Willow Lake Boulevard, Knight Road, South Perkins Road and Cromwell Cove.
Included property descriptions list parcels in Willow Lake Business Park, Chickasaw Cession, Corporate Park and Hickory Hill Industrial Park .
Per newspaper policy, The Daily News cannot contact parties related to the foreclosure until the notice runs.
Sale of the property is scheduled for Friday, Feb. 18, at noon at the Shelby County Courthouse. For details, see today’s print foreclosures section or the Public Notices section at www.memphisdailynews.com.
Source: The Daily News Online & Chandler Reports
– Kate Simone
$25M Loan Arranged for Eastgate Shopping Center
The Dallas office of Holliday Fenoglio Fowler L.P. has arranged a $25 million loan for Eastgate Shopping Center.
Eastgate is situated on more than 32 acres at 5048 Park Avenue in East Memphis.
The 91 percent leased center includes 356,020 square feet of retail space plus 89,887 square feet of office space. Retail tenants include Burlington Coat Factory, Stein Mart, Walgreens, TJ Maxx, Michael’s and Fresh Market.
The office component is primarily leased to Peabody Hotel Group.
HFF worked exclusively on behalf of Arrow Retail to secure the 10-year fixed-rate loans through BofA Merrill Lynch. The HFF team that represented Arrow Retail was led by senior managing director Trey Morsbach.
– Sarah Baker
UTHSC Awarded Nearly $3M Grant for Patient Safety
BlueCross BlueShield of Tennessee Health Foundation has awarded the University of Tennessee Health Science Center a nearly $3 million grant to fund its Promoting Patient Safety Through Teamwork-Focused Interdisciplinary Simulations Program.
The grant, which runs through 2013, will support the purchase of new medical simulators, computers and software for training students from all five UTHSC colleges.
The simulators will enable students from different colleges to work together as an interdisciplinary team and respond to simulated patient care crises and address real-world health problems.
The grant will also support the recruitment of three staff members to administer the program and will fund the installation of equipment and software to record, analyze and evaluate the performance of the teams.
“This grant will be a tremendous asset in educating future generations of health care professionals from a wide variety of disciplines,” said UTHSC Chancellor Steve Schwab.
“Today’s health care students and trainees must learn to consistently work as teams, to trust each other’s judgment, and to maintain a constant, shared focus on patient safety. The grant will allow us to move ahead with this collaborative training methodology at a much faster pace. We will be able to bring together students with a range of health care specialties in simulations where they can practice listening, learning and pooling their knowledge and resources to better serve patients.”
– Aisling Maki
First Horizon CEO Talks About Q4 on CNBC
After his company reported a quarterly loss Friday, the CEO of First Tennessee Bank’s parent company went on “Mad Money,” the show hosted by CNBC personality Jim Cramer.
Cramer kicked off the segment on First Tennessee parent First Horizon National Corp. by asking viewers a question – “How do you tell the difference between a company with a broken stock and a company that’s just plain broken? How long should you wait for a turnaround to happen?”
Cramer said that’s the question facing Memphis-based First Horizon, which reported a fourth quarter net loss of $49 million Friday.
Yet Cramer saw a silver lining in the cloudy numbers.
The year was peppered with positive indicators, such as First Horizon deep-sixing its Troubled Asset Relief Program funds, returning to profitability, continuing to improve credit quality and restoring a cash dividend.
“We view (the turnaround) as a marathon, not a sprint,” First Horizon CEO Bryan Jordan told Cramer. “We knew when we started this process … that it wouldn’t be a straight line.”
“I didn’t think the quarter was that bad,” Cramer told Jordan. “I think the market doesn’t get it. I think they’re looking at the earnings per share numbers and making a decision based on that. That’s not how you pick stocks. I think you’ve got a good story.”
After bidding Jordan farewell, Cramer addressed his viewing audience and referenced First Horizon’s stock price, which closed at $11.79 Friday.
“People are going to look back and say, ‘Why didn’t I get into one of these (stocks) at $11? What was I thinking? What was I thinking? OK, here: (First Horizon) is at $11. You should be thinking, ‘Pull the trigger.’”
– Andy Meek
Hemline Creative Receives Three MarCom Awards
Memphis-based communications firm, Hemline Creative Marketing LLC, received three MarCom Awards on Jan. 20, which were presented by the Association of Marketing and Communications Professionals.
Hemline received two Platinum awards for Ballet Memphis, a nationally acclaimed dance company in its 24th season, and Bella Vita, a chic gift and home décor shop in Collierville.
Hemline also won a Gold award for www.readyshelby.org, a website created by the municipal mayors of Shelby County that promotes emergency awareness to county residents.
MarCom Awards is an international competition for marketing and communications professionals involved in writing and design of marketing and communications programs and print, visual, and audio materials.
Founded in 2004 by Kelley Morice and Cynthia Saatkamp, Hemline Creative Marketing LLC specializes in resourceful, strategic and fresh ideas in marketing management. Hemline has more than 20 years of experience in advertising, public relations and marketing for profit and nonprofit clientele, and predicts that hemlines rise and fall with economic prosperity. Hemline believes inspired communications and advertising allow clients to evolve in ways that do not sacrifice the core fabric of a client’s brand.
– Allison Buckley
EmergeMemphis Announces Board of Directors
EmergeMemphis has announced new officers selected to serve on the board of directors for the 2011-2012 term.
Andrew Seamons will serve as chairman. Seamons is managing partner of PittCo Capital Partners and chairman of the board at LaneScan.
Amy Howell will serve as chair-elect. Howell is chief executive officer of Howell Marketing Strategies LLC.
Joe Fracchia will serve as treasurer. Fracchia is a partner at VACO.
Joseph E. Dudek Jr. will serve as secretary. Dudek is an attorney at Butler, Snow, O’Mara, Stevens & Cannada PLLC.
Jay Keegan will serve as immediate past chairman. Keegan is president, chief executive officer and director of both Bodock Inc. and Adams Keegan.
– Taylor Shoptaw
Brentwood Funeral Buys Clarksdale Funeral Home
Memphis-based Brentwood Funeral Services LLC has bought National Funeral Home in Clarksdale, Miss.
Brentwood President Brent Taylor and his wife, Kimberly, bought the family business from Bobby and Linda Rawlinson for an undisclosed price. The family has owned and operated National since 1896.
The Taylors own four other funeral homes in the area. With National Funeral Home, the company becomes the fourth largest funeral provider in the region with more than 600 funerals a year.
– Bill Dries