Somerset Apartments Owner Files $2 Million Loan on Property
A Hollywood, Fla.-based entity called Investments Australia LLC has filed a $2 million loan on the 496-unit Somerset Park Apartment Homes in Oakhaven.
The company filed the loan Oct. 5 through Denver lender Alan Kwan. The Shelby County Register of Deeds lists the address as 3425 Winchester Park Drive, but the apartment complex’s four parcels are 3443 Winchester Road, 3474 Winchester Road, 3649 Lake Park Drive and 6431 Arrowbrook, according to the Shelby County Assessor of Property.
Investments Australia bought the property near Memphis International Airport last year for $1.1 million from CMPTC Series 2005-C6 Somerset Park LLC.
Built in 1972, the Class D complex contains more than 500,000 square feet and sits on 24.45 acres on the south side of Winchester Road, just east of its intersection with Tchulahoma Road. It has a combined 2012 appraised value of $2.2 million, according to the assessor.
The complex’s largest parcel is 6431 Arrowbrook, a 196-unit, 200,400-square-foot building that sits on 10.92 acres and has an appraised value of $924,000. Next is the 3649 Lake Park Drive parcel, which sits on 7.17 acres, has 160 units and 179,980 square feet with an appraised value of $651,000.
The 3443 Winchester Road parcel sits on 3.9 acres, has 72 units and 70,200 square feet with an appraised value of $347,100. And the 3474 Winchester Road property sits on 2.46 acres, has 44 units and 40,396 square feet with an appraised value of $252,000.
Geoffrey Edelsten signed the trust deed as manager/member of Investments Australia.
Source: The Daily News Online & Chandler Reports
– Daily News staff
James Haslam Retires From First Horizon Board
James “Jimmy” Haslam has retired as a member of the board of directors of First Tennessee Bank’s parent company.
Haslam retired at this week’s board meeting of Memphis-based First Horizon National Corp. so he can devote more time to his new role as owner of the Cleveland Browns. He’s also chairman of Pilot Flying J of Knoxville, the largest operator of travel centers and truck stops in North America, the CEO of Maxum Petroleum and the brother of Tennessee Gov. Bill Haslam.
First Horizon chairman and CEO Bryan Jordan said the company will miss Haslam’s expertise and experience he’s shared during 16 years with First Horizon.
– Andy Meek
AutoZone Announces Changes to Board of Directors
Enderson Guimaraes, CEO of PepsiCo Europe, has been elected to the AutoZone board of directors.
AutoZone also has announced that two of its current board members, William Crowley and Robert Grusky, are not standing for re-election at the company’s annual meeting Dec. 12.
Guimaraes assumed his role at PepsiCo Europe in September, and he’s responsible for PepsiCo’s food and beverage businesses in continental Europe as well as the United Kingdom and in sub-Sahara Africa.
– Andy Meek
LeMoyne-Owen Announces 'Unprecedented' Gift
Officials of LeMoyne-Owen College will announce Friday, Oct. 18, a new gift to the city’s only historically black college from a revocable trust fund of a 1940 alumni of the school.
Wylodine Taylor Patton of San Francisco established the trust fund in 2001 and granted LeMoyne-Owen College 75 percent of her estate. She died in 2009 and the college received a $500,000 gift from the trust. Since then the estate has sold several properties Patton owned in the San Francisco area.
The gift from the estate to be announced Friday on the South Memphis campus is described by school officials in a Thursday press release as “unprecedented” and one that “far surpasses the initial one.”
College president Johnnie B. Watson and board of trustees chairman Robert Lipscomb will announce the exact amount at a Friday 9 a.m. press conference.
– Bill Dries
Back Yard Burgers Files Chapter 11
Following the announcement that it’s closing several Memphis-area stores, Back Yard Burgers Inc. has filed for Chapter 11 bankruptcy protection.
The Nashville-based burger chain is trying to right-size the ship, even as burgers and fries apparently are no match for a still lackluster economy. The chain is trying to reorganize and improve its cost structure. Part of that includes closing underperforming stores.
The chain has closed six company-owned stores in Memphis. Those locations are 3659 Hickory Hill Road, 3799 E. Shelby Drive, 3288 Austin Peay Highway, 3183 Poplar Ave., 4471 Summer Ave. and 8251 U.S. 51 N. in Millington.
Seventeen company-owned locations remain open in Memphis, as do three franchise-owned stores.
– Andy Meek
Bar Louie Moves Forward in Overton Square
Addison, Texas-based Bar Louie is one step closer to its new Memphis space at 2125 Madison Ave. in Overton Square, Midtown’s once thriving entertainment district being redeveloped by Loeb Properties Inc.
R & R General Contractors Inc. filed a $423,286 building permit application with the city-county Office of Construction Code Enforcement for “interior take of existing restaurant and bar, including kitchen with new storefront” for Memphis Louie LLC.
Bar Louie is known for casual dining, specialty handcrafted martinis, an extensive beer and wine selection and creating an atmosphere at each location reflective of the local culture. The store will be Bar Louie’s 11th franchised location and will be operated by Tony De Salvo and partners.
Bar Louie will occupy 5,982 square feet of the curved building on the southwest corner of Madison and Cooper Street. The space originally housed Playhouse on the Square in the 1970s. It has since included several incarnations of a comedy club and a dance club called Vortex.
Bar Louie is the second new restaurant to sign on for Overton Square, behind Local Gastropub, which is nearing completion of its build out at the northwest corner of Madison and Cooper in the old Yosemite Sam’s space.
– Sarah Baker
Vintage Homes Wins Bronze in National Housing Awards
Vintage Homes has received a Bronze in the 2013 National Housing Quality Awards.
The 33-year-old homebuilder was recognized for facing challenges to its business model and revamping itself successfully. Vintage Homes also received credit for its marketing strategy, Opportunity for Improvement program and implementation of business technology tools.
The NHQ Award represents the housing industry’s highest recognition for achievements in total quality management. Award categories include: leadership, strategic planning, process management, customer satisfaction, human resources, construction quality, trade relationships, and business results.
Founded in 1979, Vintage Homes builds homes in the Memphis metro area and northern Mississippi.
– Sarah Baker
Report Details Tennessee's Infrastructure Needs
A report released by a state commission says Tennessee needs $38 billion by 2015 to improve public infrastructure.
The report, released by the Tennessee Advisory Commission on Intergovernmental Relations, shows what type of improvements are needed, from repairing roads and bridges to adding additional water lines and sewers.
The Tennessean reports that the study is designed to help local officials with short- and long-term planning, match limited funding with critical needs and increase public awareness in cities about their public infrastructure networks.
Transportation projects are the biggest need. There are nearly 4,000 transportation and utility projects needed across Tennessee, totaling $19.1 billion.
Schools, and health, safety and welfare projects, also are needed statewide.
For schools, $8 billion in new construction or renovations are needed by 2015 in Tennessee. The $8 billion is a 4.3 percent increase from last year’s report.
Nearly two-thirds of the projects in the inventory are not fully funded, the report found.
– The Associated Press