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VOL. 126 | NO. 92 | Wednesday, May 11, 2011

Daily Digest

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Faronia Square Townhouses Financed for $4.4 Million

Memphis Partners LP has financed Faronia Square Townhouses at 1350 S. Faronia Square through CBRE Multifamily Capital Inc. for $4.4 million.

The property, which the Shelby County Assessor of Property lists at 1328 Finley Road, is a 204-unit townhouse apartment complex built in 1969. It sits on 10.9 acres at the northeast corner of Finley Road and Faronia Road.

Faronia Square Limited sold the property to Memphis Partners LP in December 1985 for $6.1 million. Freeman Webb Investments Inc. is the general partner of Memphis Partners LP.

The assessor’s 2010 appraisal was $4.7 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Magna Applies to Repay More TARP Funds

Magna Bank has filed an application to pay back another 25 percent of the nearly $14 million Troubled Asset Relief Program investment the Memphis bank got from the federal government a few years ago, when the banking crisis and recession were still in full swing.

Magna already has repaid a little more than $3 million of the government’s TARP funds, which were part of a program designed to broadly shore up the banking system with enough capital to maintain the flow of lending and liquidity nationwide.

If Magna Bank is approved to repay another $3 million or so, the bank will have paid back around half of its TARP investment.

That’s an indicator the bank has an optimistic forecast for the near future. Magna officials had been re-evaluating their stance each quarter about whether the time was right to repay another chunk of the TARP funding.

Magna’s first quarter net income was a little less than $690,000.

– Andy Meek

Crye-Leike Signs Alliance with Kemmons Wilson

Kemmons Wilson Cos. has recently built new condo communities in the Memphis area and named Crye-Leike Realtors Inc. as the exclusive real estate company to list and market those properties.

Kemmons Wilson’s ranch-condominium communities are targeted to attract and meet the needs of active “empty nesters” ages 50 and older.

“(Crye-Leike’s) mission is a passionate commitment to unsurpassed service – a mission the Kemmons Wilson Communities is dedicated to offering our customers and constituents on a daily basis,” Kemmons Wilson vice president McLean Wilson said in a statement. “The combination of the expertise of our two businesses will provide our new owners with a seamless transition into a new home and into their new lifestyle.”

Several Crye-Leike agents from the company’s offices will be assisting buyers with all of their real estate needs in three of Kemmons Wilson’s condo communities: The Oaks at Woodchase in Cordova, The Oaks at Parkview in Olive Branch, Miss., and The Village at Schilling in Collierville.

Crye-Leike’s Cordova managing broker Hank Hogue will be the sales coordinator for Crye-Leike’s new partnership with Kemmons Wilson Communities. Crye-Leike’s sales agents will staff the three condo communities every Thursday through Sunday afternoon and other times by appointment.

– Sarah Baker

U.S. Attorney Announces Appointments

U.S. Attorney for West Tennessee Ed Stanton has completed a reorganization of the federal prosecutor’s office that began last year with the establishment of supervisors for criminal and civil appeals as well as the establishment of a civil rights unit.

In the new appointments, Stanton has named veteran federal prosecutor Larry Laurenzi as executive assistant U.S. Attorney.

Laurenzi has served as interim U.S. Attorney several times over the years and most recently was first assistant in the office.

The new first assistant is Michell Kimbril-Parks, who became a federal prosecutor in 2007 after serving as an assistant district attorney general for seven years.

Joe Murphy is the new chief of the criminal division, and Harriett Halmon continues as chief of the civil division of the office.

Jerry Kitchen replaces Murphy as chief of the organized crime and drug enforcement task force unit.

Kevin Ritz, the newly appointed criminal appellate chief, also picks up the job of special counsel to the U.S. Attorney.

And Mary Gruber becomes legal assistant to Stanton.

Stanton also appointed prosecutor Vic Ivy to be branch chief of the Jackson, Tenn., office.

He replaces Leigh Grinalds who retired last year.

– Bill Dries

Fowler to Receive Rhodes Honorary Degree

Dr. Cary Fowler, executive director of the Global Crop Diversity Trust, will receive the Honorary Doctor of Humanities degree at the 162nd Commencement of Rhodes College Saturday.

Fowler is leading a global effort to ensure the genetic diversity of the world’s food crops is preserved for future generations.

Fowler grew up in Memphis and graduated from White Station High School in 1967 before enrolling as a student at Rhodes College.

In the 1990s, he headed the International Conference and Programme on Plant Genetic Resources, which produced the United Nation’s first global assessment of the state of the world’s plant genetic resources.

He served as a Norwegian University of Life Sciences professor and researcher before joining the Global Crop Diversity Trust in 2005.

Based in Rome, the trust oversees the Svalbard Global Seed Vault in Norway, which holds one-third of the world’s seed varieties.

He received the Heinz Award in 2010 for his “vision and efforts in the preservation of the world’s food supply.”

The commencement ceremony will begin at 9:30 a.m. in Fisher Garden on the Rhodes campus.

– Taylor Shoptaw

Gilman Promoted at Mercer Capital

Madeleine Gilman has been promoted to the position of senior financial analyst at Mercer Capital, a national business valuation and financial advisory services firm.

Gilman joined Mercer in 2008 and is a member of the firm’s financial institutions valuation group.

Mercer president Matt Crow said Gilman has demonstrated technical proficiency, determination and the ability to form strong relationships with clients.

– Andy Meek

Kahane Joins Glankler Brown

S. Joshua Kahane has joined Memphis law firm Glankler Brown PLLC as a member.

Kahane is licensed to practice in Tennessee, Mississippi and New York and concentrates his practice mostly in general business litigation, commercial disputes and complex litigation.

His community service includes serving as legal counsel of the Memphis Jewish Community Center board of directors and as a member of the Memphis Jewish Federation’s board of directors.

– Andy Meek

Miss USA Contestants to Visit Madison Hotel

The Madison Hotel, 79 Madison Ave., will host Miss Tennessee USA, Miss Mississippi USA and Miss Arkansas USA May 12 and May 13 for public appearances.

The appearances will include professional photo shoots and special events at the hotel and other Memphis locations in a special send-off celebration.

The contestants are Adamsville, Tenn., native Ashley Elizabeth Durham, Miss Tennessee; Starkville, Miss., native Keeley Patterson, Miss Mississippi; and White Hall, Ark., native Lakynn McBride, Miss Arkansas.

The trio will be honored at the Madison’s rooftop parties beginning at 8:30 p.m. on May 12. The public is invited to attend the events and meet the contestants.

They will visit children in local hospitals May 13 before leaving Memphis for their hometowns in preparation for the Miss USA 2011 pageant held June 19 in Las Vegas.

– Taylor Shoptaw

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 80 401 13,843
MORTGAGES 99 439 16,005
FORECLOSURE NOTICES 19 63 2,202
BUILDING PERMITS 233 998 28,755
BANKRUPTCIES 49 276 8,926
BUSINESS LICENSES 23 136 4,701
UTILITY CONNECTIONS 23 141 5,534
MARRIAGE LICENSES 15 88 2,982

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