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VOL. 128 | NO. 24 | Tuesday, February 5, 2013

Daily Digest

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Stonegate Apartments Financed for $3.6 Million

The 208-unit Stonegate Apartments complex in Raleigh has been financed for $3.6 million by its ownership group, an affiliate of New York-based White Eagle Properties.

WE Stonegate LLC filed the five-year loan Jan. 30 for the Class C complex at 4500 Stone Gate Drive, situated on 12.3 acres at the northwest corner of Coleman and Raleigh-Lagrange roads.

The Shelby County Assessor of Property, which lists Stonegate’s address as 2791 Coleman, appraised it at $4.8 million in 2012.

White Eagle Properties acquired Stonegate and Autumnwood Apartments in Southeast Memphis in 2008 for a combined $16 million from The Health, Educational and Housing Facility Board of Shelby County. The county board had acquired both properties earlier in the year after its then-owners claimed bankruptcy.

White Eagle was one of 53 companies vying for the complexes as part of a solicitation of bids held by broker CB Richard Ellis Memphis.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Ardent Film Department Wins Mid-South Emmy Award

Jonathan Pekar, director of Ardent Studios film department, won the 27th Mid-South Emmy award for Best Commercial Spot for creating the animated Memphis Music Foundation commercial.

The project also showcases the talents of painter Lamar Sorrento and singer/songwriter Keia Johnson.

Pekar is presently developing a new television series called Kids of Memphis, set to air in November.

Ardent Studios, founded by John Fry, has been operating for 46 years. The studio began with early classics by Sam & Dave, Led Zeppelin, Isaac Hayes, Leon Russell and The Staples Singers, then scored hits in the 1970s, 1980s and 1990s with such artists as James Taylor, ZZ Top, REM, George Thorogood, The Allman Brothers, Bob Dylan, and Jimmie and Stevie Ray Vaughan.

In the new millennium, Ardent has recorded hits by The White Stripes, Huey Lewis and the News, Cat Power, North Mississippi Allstars, The Raconteurs, and award-winning music for such films as “Hustle and Flow.”

To date, Ardent has amassed more than 70 Gold and Platinum albums and singles.

– Sarah Baker

Haslam May Not Be Given Choice on Medicaid Growth

Given a little time, Gov. Bill Haslam may be able to negotiate beneficial terms for Tennessee to participate in federally-funded Medicaid expansion. But his Republican colleagues in the Legislature may not let him get to that point.

Republican bills before both chambers of the General Assembly would prohibit the governor from pursuing an expansion to TennCare, the state’s expanded Medicaid program.

Haslam told reporters last week that the maneuvering in the Legislature hasn’t stopped him from closely evaluating the prospect of increasing eligibility to 138 percent of poverty.

Haslam said Tennessee could be granted flexibly on benefits for the estimated 145,500 people who would be added to the TennCare rolls that would make the program more affordable in the years after the federal government stops covering 100 percent of the cost.

– The Associated Press

FTN Financial Expands Sales Team

FTN Financial, a subsidiary of First Tennessee Bank, has expanded its sales team.

Sylvia Holt Williams has joined FTN from Stifel Nicolaus, where she served as managing director of MBS trading. Williams will work out of the Kansas City, Mo., FTN office.

Grady Mosay, also of Stifel Nicolaus, has joined FTN in the Philadelphia office. At Stifel Nicolaus, Mosay was a vice presidential and institutional CMO trader.

Both additions will assume the title of senior vice president of sales at FTN.

– Andy Meek

General Shale Launches Mobile App

Brick, stone and concrete block manufacturer General Shale has launched a state-of-the-art tool to help construction professionals and homeowners with designing buildings, choosing products, calculating costs and purchasing materials for their projects.

It’s a mobile app, which can be downloaded free via the iPhone App Store, and it allows users to browse product colors and sizes in brick, thin brick, pavers and do-it-yourself outdoor living kits and then email favorite selections or final cost calculations without leaving the app.

A calculator function enables the user to estimate material costs when building with brick or pavers, based on parameters such as square footage, brick size, labor costs and more. Users of the app can locate the nearest General Shale retail store or distributor from the “Where to Buy” feature, and they also can link to the General Shale or Brick Industry Association websites.

– Andy Meek

Grant to Expand Juvenile Screening, Support

The state has received a $221,000 federal grant that will be used to expand a juvenile court project that screens youth for mental health, substance abuse and family services.

The Tennessee Department of Mental Health and Substance Abuse Services said in a news release that the funding will expand the screening process for youth referred to juvenile courts, provide support services to families and increase the use of evidence-based therapeutic practices for the juvenile justice population.

Between August 2010 and July 2012, more than 2,600 juveniles have been screened across 10 counties, resulting in almost 1,400 referrals for mental health, substance abuse and family services.

The grant will allow expansion of this program into more counties.

– The Associated Press

US Factory Orders Up 1.8 Percent

U.S. factory orders increased in December even though companies trimmed their orders for goods that signal investment plans.

Factory orders rose 1.8 percent in December compared to November, when orders had fallen 0.3 percent, the Commerce Department said Monday.

But demand for core capital goods, a category considered a proxy for business investment plans, dipped 0.3 percent in December following strong gains of 3.3 percent in November and 3 percent in October.

Orders for durable goods, items expected to last at least three years, rose 4.3 percent, slightly below the 4.6 percent estimated in a preliminary report. The increase reflected strong gains for military and civilian aircraft.

Orders for non-durable goods such as petroleum products, chemicals and paper, declined 0.3 percent in December after a 1 percent drop in November. The weakness reflected declines in petroleum products, a drop that was related to declines in energy prices during the month.

For the year, total factory orders rose 3 percent to $5.66 trillion. This reflected a slowing in the manufacturing sector following an 11.8 percent rise in orders in 2011. Demand for investment goods fell 0.3 percent to $759.4 billion.

– The Associated Press

Parking Lot Guns Bill Sponsor Says He Misspoke

The main House sponsor of a bill seeking to guarantee handgun permit holders the right to store firearms in their vehicles says he misspoke when he suggested that he routinely breaks the law.

Republican Rep. Jeremy Faison of Cosby told WPLN-FM that while he’s never obtained a state-issued permit, he’s “carried a gun all (his) life.”

“One day I’ll probably get caught if I don’t get a permit, and I’ll get in trouble,” he told the public radio station.

Faison told The Associated Press on Monday that what he meant to say was that he transports a gun inside his car, which does not require a permit as long as ammunition is stored separately.

“What I was saying is routinely I have a gun in my car, and that’s not illegal in Tennessee,” he said. “It just came out wrong. I have a gun in my car — we weren’t talking about me carrying a gun.”

Faison and Republican Senate Speaker Ron Ramsey of Blountville are the main sponsors of the bill to prohibit businesses from banning people with handgun carry permits from storing weapons in cars parked on company lots.

The proposal is opposed by the business community.

– The Associated Press

PROPERTY SALES 51 333 19,446
MORTGAGES 68 383 22,433
BUILDING PERMITS 138 688 40,004
BANKRUPTCIES 34 238 12,486