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VOL. 127 | NO. 142 | Monday, July 23, 2012

Daily Digest

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Nursing Home Owner Files $13M Loan

The owner of the Highlands of Memphis senior nursing facility at 3549 Norriswood Ave. near the University of Memphis has filed a $13 million loan on the property.

FC Highlands LLC, a single-purpose entity related to Alpharetta, Ga.-based Formation Capital, secured the loan July 13 through Midcap Funding VII LLC.

The company bought the 280-bed facility for $7.3 million in May 2009 from Wesley Highland Nursing Homes Inc.

Built in 1977, the 56,913-square-foot facility sits on 1.37 acres at the southeast corner of South Highland Street and Norriswood Avenue, just west of the University of Memphis campus. The Shelby County Assessor of Property’s 2012 appraisal is $3.6 million.

Christina K. Firth signed the trust deed as manager of FC Highlands.

Formation Capital executive Michael Jones told The Daily News at the time of the purchase in 2009 that the 30-year-old building, which underwent some renovations in 2005, was in good shape, although some improvements were planned.

“We’re excited to have closed on the property,” he said at the time. “We think it’s a wonderful building and it’s a nice addition to our portfolio.”

The transaction also included an assignment of leases and rents from FC Highlands to Midcap Funding.

Source: The Daily News Online & Chandler Reports

– Daily News staff

ABC24, CW30 to Get New Owner

Memphis television stations ABC24 and CW30 will soon have new owners.

Irving, Texas-based Nexstar Broadcasting Group Inc. plans to acquire 12 TV stations and associated digital sub-channels in eight markets, including Memphis, for $285.5 million.

The seller is Providence Equity Partners LLC, parent company of privately-held Newport Television LLC. The deal is part of a 22-station portfolio sale from Providence Equity Partners in three separate deals for $1 billion.

Nexstar will acquire 10 stations, as well as Newport’s Inergize Digital media operations. Its partner, Mission Broadcasting Inc., will acquire two stations in Little Rock, Ark.

The transaction is expected to increase Nexstar’s footprint to 67 stations in 40 markets, reaching about 11.4 percent of U.S. television households.

– Sarah Baker

Frist Calls for State Health Insurance Exchanges

Former Senate Majority Leader and heart surgeon Bill Frist is calling on states to get going on their health insurance exchanges.

The exchanges are part of the Affordable Care Act and some Republican governors who oppose the law are refusing to set them up.

The Tennessee Republican writes in an opinion piece for The Week magazine that the idea for state exchanges originated with the GOP. He calls them innovative and market-driven.

Frist says that the exchanges will insure more people, who will then be more likely to seek life-saving health care.

He notes that some GOP governors are refusing to set up exchanges. Frist argues that states are better off to design their own exchanges rather than default to the one-size-fits-all approach the federal government will design.

– The Associated Press

Green Line Marketing Adds Team Members

Green Line Marketing has hired Rachel Carpenter as the agency’s chief operating officer and Lindsey Graeber as an account manager.

Carpenter, who began working with Green Line Marketing as a finance consultant in May 2011, brought with her experience from Electrolux Major Appliances and Fortune 50 company Medco Health Solutions. Carpenter holds a Bachelor of Business Administration degree in finance from Middle Tennessee State University.

Meanwhile, Graeber is responsible for providing comprehensive marketing services to her client accounts, which consists entirely of small-business owners. Originally from Jackson, Miss., she previously interned for Green Line Marketing while completing her Bachelor of Arts in Business degree at Rhodes College, where she graduated with honors.

Founded in 2009 by Meghan Heimke, Memphis-based Green Line Marketing is a full-service marketing firm with services including advertising and public relations; email and social media marketing; graphic and Web design; photography; and event planning.

– Sarah Baker

Bank of America Reps to Meet With Customers

Representatives from Bank of America Corp. will be at the Hilton Memphis, 939 Ridge Lake Blvd., Monday, July 23, and Tuesday, July 24, to meet with local customers, according to the office of U.S. Rep. Steve Cohen, D-Memphis.

The visits, from 8 a.m. to 8 p.m. each day, are to help provide local customers the opportunity to meet with specialists who can provide counsel, review files and review options for loan modifications and other alternatives to foreclosures.

Bank of America mortgage customers can schedule an appointment as part of the visit at bankofamerica.com/homeownerevent or by calling 855-201-7426.

– Andy Meek

Clinical Simulation Center in Memphis Touted

Health care officials say a new clinical simulation center at the University of Tennessee Health Science Center in Memphis will be an important tool.

A ribbon cutting and open house at the center was Friday, July 20. It is to be used for professional degree programs and residency training.

BlueCross BlueShield of Tennessee Health Foundation awarded a $2.9 million grant in January 2011 for the project. Vicky Gregg, CEO of BlueCross, said the need for additional clinical expertise in the medical field is more important than ever.

– The Associated Press

State Grant to Help Children of People in Jail

State prison officials awarded a $250,000 grant Friday, July 20, in Nashville to the Big Brothers Big Sisters Amachi initiative.

The program works to provide mentors for the children of incarcerated parents. According to a news release from the Tennessee Department of Correction, the initiative is designed to break the intergenerational cycle of crime and incarceration and gives an often forgotten group of children the chance to reach their highest potential.

The money was included in the state budget. Correction Commissioner Derrick D. Schofield said the funds will help children become productive citizens.

The program in the state was created in 2004. Big Brothers Big Sisters has agencies in Nashville, Memphis, Knoxville, Chattanooga and Clarksville.

– The Associated Press

Unemployment Rates Rose in 27 US States in June

Unemployment rates rose in 27 U.S. states last month, the most in almost a year and a reflection of weaker hiring.

The Labor Department said Friday unemployment rates fell in 11 states and Washington, D.C. – the fewest since August. Rates were unchanged in 12 states.

Nationwide, employers added only 80,000 jobs last month, the third straight month of weak job growth. The national unemployment rate stayed at 8.2 percent.

Still, 29 states added jobs in June, up from 27 in May. Unemployment rates can rise even if more jobs are created if more of those out of work start looking for jobs. The number of Americans searching for jobs nationwide increased last month.

Nevada recorded the highest unemployment rate, at 11.6 percent, the same as the previous month. It was followed by Rhode Island at 10.9 percent and California at 10.7 percent

North Dakota had the lowest unemployment rate at 2.9 percent. It was followed by Nebraska at 3.8 percent.

Several states reported big increases in unemployment. Rates rose 0.4 percentage points in Alabama and New Jersey, to 7.8 percent and 9.6 percent, respectively.

Some states kept hiring at a healthy pace in June. California added 38,300 jobs and Ohio added 18,400, after similar gains in both states in May. And North Carolina rebounded after losing jobs in May, adding 16,900 jobs last month.

Still others lost jobs. Wisconsin shed 13,200 positions, the most of any state. It was followed by Tennessee, where employers cut 12,100 jobs.

– The Associated Press

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426