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VOL. 128 | NO. 63 | Monday, April 1, 2013

Daily Digest

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Panther Properties Buys Two Cordova Apartments

Woburn, Mass.-based Panther Properties Investment LLC has bought a pair of Cordova apartment complexes – the Villas at Grays Creek and the Carrington at Houston Levee – for a combined $44.8 million.

Operating as Panther Memphis/Villas LLC, the private equity Class A multifamily investor and developer paid $23.8 million for the 238-unit Villas at Grays Creek at 2350 N. Houston Levee Road.

It bought the property – whose alternate address is 10107 Havanese Lane – March 22 from Houston Levee East LLC.

Built in 2012, the Class A multifamily complex contains 385,881 square feet and sits on 24 acres on the east side of Houston Levee Road. It has a 2013 appraised value of $18.7 million, according to the Shelby County Assessor of Property.

And operating as Panther Memphis/Carrington LLC, the company paid $21 million for the 226-unit Carrington at Houston Levee at 2323 N. Houston Levee Road.

Panther Properties also bought that property – whose alternate address is 10041 Blue Rapid Lane – on March 22, this one from Houston Levee West LLC.

Built in 2009, the Class A multifamily complex contains 307,828 square feet and sits on 25 acres on the west side of Houston Levee Road. It has a 2013 appraised value of $17.9 million, according to the assessor.

In conjunction with the purchases, Panther Properties filed a pair of loans through Redwood Commercial Mortgage Corp. – $18.6 million for the Villas at Grays Creek and $15.3 million for the Carrington at Houston Levee.

Panther Properties partner and co-founder David R. Masse signed both trust deeds.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Trustmark Buys Two Branches From SOUTHBank

Trustmark National Bank has inked a branch purchase and assumption agreement to acquire two branches of SOUTHBank to serve the Oxford, Miss., market.

The agreement reflects the assumption of about $11.8 million in deposit accounts and the purchase of branch offices.

It is subject to regulatory approval and customary closing conditions. It is expected to be completed during the summer.

– Andy Meek

Public Hearing Monday on Renaming Parks

The Memphis City Council ad hoc committee on the renaming of three city parks holds a public hearing Monday, April 1, at 4:30 p.m. at City Hall, 125 N. Main St.

The hearing in the City Council chambers is to hear from the public about plans to rename the three Confederate-themed city parks. The council voted in February to rename Confederate, Forrest and Jefferson Davis Parks in advance of proposed state legislation that would forbid the renaming of military themed parks or parks honoring military figures.

The council approved temporary names for each of the three in lieu of a recommendation from the committee and another vote to come by the council.

– Bill Dries

Stemmler Joins Iberiabank as Branch Manager

Bill Stemmler has joined Iberiabank as vice president and branch manager of the bank’s 4894 Poplar Ave. branch location.

Stemmler has 44 years of banking experience and 27 years working with an emphasis on the federal Community Reinvestment Act. In addition to his branch responsibilities, he will concentrate on community reinvestment for Iberiabank including community development loans, investments, donations and services.

Stemmler previously worked for Cadence Bank and Regions Bank.

– Andy Meek

BankTennessee Adds Controller, Vice President

BankTennessee has added a few new names to its ranks.

Jason McDoniel has joined BankTennessee as controller, and Mark Nance has joined the bank as a vice president in the bank’s treasury management department.

McDoniel has six years of experience in banking as a controller, and he was previously with The Bank of Fayetteville in Arkansas. Nance is a certified treasury professional and has 14 years of experience in the industry.

Most recently, Nance was with Trust One Bank and Paragon National Bank in their treasury management departments.

– Andy Meek

CBIZ Expands Payment Data Security Service

CBIZ Security & Advisory Services LLC has expanded its payment data security service offering by obtaining the Qualified Security Assessor certification from the Payment Card Industry Security Standards Council.

The designation enables CBIZ Security & Advisory Services, which specializes in data security, risk management and consulting services, to assess compliance and validate adherence to the PCI Data Security Standard. The achievement meets marketplace demand for payment card security providers to include a greater range of services. And as a result, CBIZ Security & Advisory Services increases its capability to perform tasks including helping clients with performing self-assessments and performing audits for merchants and service providers.

– Andy Meek

Memphis Jewish Home Names Meadows Director

Bobby Meadows will be the new executive director of Memphis Jewish Home and Rehab beginning on April 3.

Meadows, a licensed nursing home administrator, previously was executive director of Allenbrooke Nursing and Rehabilitation Center.

Originally from southwestern West Virginia, Meadows worked as a coal miner to put himself through college. He attended Marshall University and then the University of Alabama where he earned a business degree in health care management.

– Jennifer Johnson Backer

Lawmakers Seek Takeover of US Senate Nominations

An average of about 686,000 people has voted in the last eight U.S. Senate primaries in Tennessee. Under a Republican proposal advancing in the state Legislature, that number would be driven down to 132.

The bill poised for a state Senate vote on Monday would shift that nominating power from the voters to state lawmakers. Republican Senate Speaker Ron Ramsey said he supports the plan, and puts its chance of becoming law at 50 percent.

Republican state Sen. Frank Niceley of Strawberry Plains says it is aimed at returning the state closer to the system used before 1913, when state lawmakers directly appointed U.S. senators.

– The Associated Press

House GOP Leader Against Resurrecting Wine Bill

House Majority Leader Gerald McCormick says he favors a bill to allow wine to be sold in Tennessee supermarkets and convenience stores, but would oppose efforts to hold a re-vote in a committee where it narrowly failed.

The Chattanooga Republican told reporters that reconsidering the vote in the House Local Government Committee would set a bad precedent for other measures that suffer a narrow defeat.

McCormick and House Speaker Beth Harwell indicated they would prefer starting afresh next legislative session in hopes changing the state’s liquor laws that currently restrict the sale of anything stronger than beer to liquor stores.

– The Associated Press

UPS Pays $40 Million to End Online Pharmacies Probe

Shipping company UPS has agreed to pay $40 million to end a federal criminal probe connected to its work for online pharmacies.

The U.S. Department of Justice announced Friday that the Atlanta-based company would also “take steps” to block illicit online drug dealers from using their delivery service. The DOJ says the amount is the money UPS collected from suspect online pharmacies.

UPS won’t be charged with any crimes. Its biggest rival, FedEx Corp., has also been a target of the federal investigation.

The investigation of the two companies stems from a global campaign to shutter illicit online pharmacies launched in 2005. Since then, dozens of arrests have been made and thousands of websites closed worldwide as investigators continue to broaden the probe beyond the operators.

– The Associated Press

PROPERTY SALES 51 223 1,152
MORTGAGES 55 189 861
BUILDING PERMITS 149 541 2,593