Villas at Cordova Apartments Owner Files $17.9 Million Loan
The owner of the 256-unit Villas at Cordova apartment complex at 8341 Macon Road has filed a $17.9 million loan on the property.
Memphis Villas LLC – an affiliate of Los Angeles-based investment fund QVT Mount Auburn Capital LP – filed the multifamily deed of trust, assignment of leases and rents and security agreement June 1 through KeyCorp Real Estate Capital Markets Inc.
K. Conly Chi, managing principal of QVT Mount Auburn Capital, signed the trust deed as an authorized signatory of Memphis Villas.
Built in 2003, the Class A multifamily property contains 345,883 square feet in about a dozen buildings spread across 17.3 acres. The complex is on the east side of Macon Road where it curves north slightly east of Germantown Parkway.
The Shelby County Assessor of Property’s 2013 appraisal is $20.7 million.
Memphis Villas bought the Villas at Cordova apartments in April 2012 for $19.3 million – $5 million more than the complex sold for in foreclosure the previous year.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Archer-Malmo Wins National Silver ADDY
Memphis ad firm archer-malmo took home a Silver ADDY award at the 2013 National ADDY Awards Show hosted by the American Advertising Federation.
The firm’s Silver ADDY was for its Memphis Redbirds “Poop Car” submission, which featured a parked car Downtown covered in fake bird droppings. It was parked near AutoZone Park with a sign that read, “The Redbirds are in town.”
- Andy Meek
La Paloma Treatment Center to Host Open House
La Paloma Treatment Center is christening the opening of its new outpatient treatment center with an open house.
La Paloma, which provides treatment for people with substance abuse and/or co-occurring mental health disorders, is hosting the event Friday, June, 21, from 2 p.m. to 4 p.m. at its new facility at 1083 W. Rex Road.
The new center is replacing the old facility on Brookhaven Circle and was needed because of the growing demand for outpatient services in Memphis.
“This new location will allow us to expand our ability to serve an even greater number of men, women and families who need access to our services,” said Kyrstan Anderson, director of outpatient services at La Paloma.
- Amos Maki
Dunavant Logistics Awarded for Marketing Campaign
Memphis-based Dunavant Logistics Group has been recognized with an award of merit from the Transportation Marketing and Sales Association.
Memphis firm doug carpenter & associates helped create the winning integrated marketing campaign, which introduced Dunavant’s newly consolidated brand to clients, partners and employees.
The campaign incorporated website development, online and print advertising, and a trade show presence.
Dunavant was recognized this week at the TMSA annual conference in Ponte Vedra Beach, Fla.
- Jennifer Johnson Backer
Start Co. Supporting Two Accelerator Programs
This summer, Memphis startup-focused nonprofit Start Co. is supporting women and minority entrepreneurship with two accelerator programs.
Later this month, the NewME Startup Accelerator three-day pop-up will be held at the FedEx Institute of Technology June 28-30. NewME is a nationally recognized startup accelerator for minorities and women and is partnering with Google for Entrepreneurs and Start Co. on a nationwide tour (for more, see Page 2).
Starting next month, the new Upstart Accelerator will be held that represents the start of a 90-day mentor-driven accelerator for women-led tech startups. Now in its second year, four teams have been awarded $15,000 to get their tech startup-up running.
At the end of the three months the four teams will pitch their ideas to investors at a Demo Day showcase Oct. 17.
- Andy Meek
Countywide School Board Plans to Meet Tuesday
Countywide school board members meet Tuesday, June 18, for a work session agenda that includes a review of charter school applications and lease agreements with charter school operators Promise Academy and KIPP Academy.
On the agenda for discussion and, like the other items, a vote at next week’s voting meeting, is a proposal by school board member Kenneth Whalum Jr. to fund a full-time music instructor at each of the 12 schools the board is reviewing for possible closing in the 2014-2015 school year.
And board member Dr. Jeff Warren has a resolution that would recognize labor unions as the representatives of different groups of employees of the consolidated school district.
The board voted down attempts to add both items to its agenda at a special meeting earlier this month.
- Bill Dries
New Labor Chief Says Job Searches Should Be Easier
The state labor chief says cutting services at state jobless service centers shouldn’t make it harder for out-of-work Tennesseans to find jobs.
According to the Chattanooga Times Free Press (http://bit.ly/13NyR50), Labor and Workforce Development Commissioner Burns Phillips told the legislative Fiscal Review Committee last week that coming changes should make it easier to search for jobs.
Phillips said the ability to post open jobs over the Internet should simplify searches for work. He also said local nonprofit partners across the state are working with the department.
Among those expressing doubts was House Minority Leader Craig Fitzhugh. The Ripley Democrat said shutting down state-run services at 34 centers and firing 125 state employees decimates career centers just as the recession is ending.
Phillips said the Local Workforce Investment Act should improve connections between jobless Tennesseans and companies needing workers.
“After the career centers were reorganized, there was a lot of angst over that (cuts),” the commissioner said. “But in the final analysis what turned out was we wound up with a broader footprint in the state and not a more narrow footprint.”
Rep. Tim Wirgau, R-Buchanan, also was unconvinced. He told Phillips 35 to 38 workers being laid off by the department are in northwest Tennessee.
“You said that we’re making a broader footprint rather than a narrower footprint. How are we doing that? Because in my neck of the woods in Northwest Tennessee, that’s not quite the picture that we see,” Wirgau said.
– The Associated Press
EU, US to Launch Trade Talks Next Month
Talks on a sweeping trade deal between the European Union and the United States, the world’s two largest trading partners, are to get underway in Washington next month, President Barack Obama and top European Union officials said Monday.
“The EU-U.S. relationship is the biggest in the world,” Obama said after meeting with European leaders at the G-8 summit in Enniskillen, Northern Ireland, citing roughly the $1 trillion in trade in goods and services between the two every year.
“This potentially ground-breaking partnership would deepen those ties.”
The head of the EU’s executive arm, European Commission President Jose Manuel Barroso, said a deal could bring “huge economic benefits” to both sides. Summit host British Prime Minister David Cameron said the trade pact could create 2 million jobs and “could be the biggest bilateral trade deal in history.”
The aim of the trans-Atlantic deal would be to promote economic growth by eliminating the import tariffs and changing regulations that keep goods made on one side of the Atlantic from being sold on the other.
When the start of negotiations were first announced by Obama in his State of the Union address in March, it was estimated that a deal could boost each economy by more than a half-percentage point annually and significantly lower the cost of goods and services for consumers.
Officials have said a deal could be reached next year. But securing one will be tricky.
– The Associated Press