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VOL. 126 | NO. 182 | Monday, September 19, 2011

Daily Digest

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Crescent Place Condos Financed for $1.7M

Cordova-based White Station Partners GP has financed 17 condominiums in Crescent Place at Central Gardens on South McLean Street through First Capital Bank for $1.7 million. The loan matures in August 2014.

The financed units encompass two addresses: 210 S. McLean, units 1-5 and 9-12; and 220 S. McLean, units 13-16 and 20-23. The buildings, built in the early 1960s, are on the east side of South McLean between Union Avenue to the north and Peabody Avenue to the south. The building is on the same block – and north of – infill construction on the site of the former Central Library.

White Station Partners GP received the condos via quitclaim from Collierville-based White Station Partners LLC on the same day as this financing.

White Station Partners LLC bought the property in May 2007 for $950,000.

Source: The Daily News Online & Chandler Reports

– Kate Simone

State Redistricting Info Posted Online

Lt. Gov. and Tennessee Senate speaker Ron Ramsey says the coming redistricting plan to be discussed and approved by the state Senate as well as the state House will include consideration of plans submitted by citizens.

Redrawing the district lines for both chambers of the Tennessee legislature as well as the state’s nine districts in the U.S. House of Representatives is expected to be the first major action of the legislature once it returns to session in January. His goal is to have a plan approved by the first of February.

Primary elections for state legislative seats and U.S. House seats affected by the new lines will be held in August.

Ramsey has set up a website with population information and data as well as maps to be considered in coming up with districts. The website, at www.capitol.tn.gov/senate/redist/redistricting.html, also includes the legal guidelines to be used in setting the new boundaries and allows citizens to submit a plan.

The new district lines are drawn once a decade to reflect population shifts reflected in the once a decade U.S. Census.

“In years past, redistricting was done with only a select few possessing the keys to access the data necessary to draw a map,” Ramsey said in a written statement. “Today’s technology allows anyone to get on a computer and full participate in the process. Armed with the data we are posting online and the appropriate software, individual citizens can draw their own maps and submit them for consideration.”

The plans have to be submitted by Nov. 1.

– Bill Dries

Adams and Reese LLP Recognized for Diversity

Adams and Reese LLP law firm has been named a recipient of the inaugural Corporate Counsel Women of Color Diversity Award of Excellence given by the CCWC.

The award recognizes Adams and Reese’s achievements in commitment to diversity and advancement of women attorneys of color.

The CCWC is an international organization of women of color attorneys who work primarily for Fortune 1000 and Forbes 2000 companies and work to foster diversity in the legal profession.

Adams and Reese is one of four companies to receive the award. The others are the law firm Hughes Hubbard & Reed LLP, Southern California Edison and American Airlines.

Adams and Reese has 13 offices throughout the United States, including one in Memphis.

– Taylor Shoptaw

U of M Arts & Sciences Honors Four Alumni

The University of Memphis College of Arts & Sciences board has named four Outstanding Alumni, including three who still call Memphis home.

The local winners are Kirk Caraway, a partner in the law firm of Allen, Summers, Simpson, Lillie & Gresham PLLC and secretary of the Memphis Bar Association; Stacey Greenberg, community relations coordinator for Memphis Light, Gas and Water Division and founder of Memphis Rock-N-Romp; and Darlene Winters, founder, artistic director and choreographer of Company d, a dance company of young adults with Down syndrome.

The fourth award recipient is Dr. Diane Allen, provost and senior vice president of academic affairs at Salisbury University in Salisbury, Md.

The award recognizes graduates who have achieved success in their profession and whose dedication to their work reflects the overall mission of the college and university.

The awards will be presented at a dinner Oct. 13 at 7 p.m. at the Holiday Inn-University of Memphis, 3700 Central Ave. The event raises money for scholarships for deserving graduate and undergraduate students.

For more information, contact Wendy Sumner-Winter, alumni and constituent relations coordinator, at wsumner1@memphis.edu or 678-1562.

– Andy Meek

Survey: Consumer Confidence Ticks Up in September

U.S. consumers were slightly more confident in the economy in September, but are increasingly worried about the future.

The Thomson Reuters/University of Michigan’s consumer sentiment index inched up to 57.8 in September from 55.7 in August, according to a Reuters report. The August reading was the lowest since November 2008. Friday, Sept. 16’s report is a preliminary reading.

But consumers are more pessimistic about their future prospects. An index tracking consumer expectations fell to its lowest level since May 1980.

Americans are more optimistic about present conditions. That component of the index rose to 74.5 from 68.7.

Consumer confidence plunged in August, after the government said the economy barely grew in the first half of the year, lawmakers fought over raising the nation’s borrowing limit, and Standard & Poor’s downgraded long-term U.S. debt.

– The Associated Press

Foreign Treasury Holdings Fell During Debt Debate

The two biggest foreign buyers of U.S. Treasury securities kept investing during a tense fight in Washington over raising the government’s borrowing limit. But overall foreign holdings fell for only the second time in more than two years, a sign that some investors worried about a possible default.

The Treasury Department’s monthly report issued Friday, Sept. 16, showed that China, the biggest buyer of U.S. Treasury debt, increased its investments for a fourth straight month. Japan, the second-largest buyer, also invested more after cutting holdings the previous month.

But total holdings dipped 0.4 percent to $4.48 trillion in July, the second decline since April 2009. Russia, India and the Caribbean banking centers, which includes the Bahamas and Bermuda, all trimmed their holdings.

Congress and the Obama administration reached a deal on Aug. 2 to increase the nation’s borrowing limit by more than $2 trillion. The agreement was approved just hours before the U.S. faced a potential default on its debt.

Analysts said the near-default rattled some investors, especially those overseas. Days after the deal was reached, Standard & Poor’s downgraded the credit rating on long-term U.S. debt one notch from AAA to AA+.

The biggest investors kept buying. China’s holdings rose 0.7 percent to $1.17 trillion. Japan’s holdings increased 0.4 percent to $914.8 billion.

Net purchases of long-term securities, a category that includes not only U.S. government debt but also bonds sold by U.S. corporations, increased $9.5 billion in July.

Governments account for roughly 72 percent of total foreign holdings of U.S. Treasury debt.

– The Associated Press

AT&T Takes Wraps Off Wireless Data Network

Unbeknownst to most customers, AT&T has fired up a new wireless data network in five cities in the last few months.

On Sunday, the phone company was set to start marketing the network in Atlanta, Chicago, Dallas, Houston and San Antonio. But it won’t be selling a new data plan – use of the new “4G LTE” network will be a perk thrown in with existing plans, AT&T Inc. executive Kris Rinne says.

Rinne says the network will have downloads speeds of 5 megabits to 12 megabits per second.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751