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VOL. 128 | NO. 85 | Wednesday, May 01, 2013

Daily Digest

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Gardens of Germantown Owner Files $8.3 Million Loan

The owner of Gardens of Germantown assisted living community at 3179 Professional Plaza Drive in Germantown has filed an $8.3 million loan on the property.

The Gardens of Germantown LLC filed the deed of trust on the 31,065-square-foot facility April 29 through Walker & Dunlop LLC, an affiliate of the Bethesda, Md.-based commercial real estate finance company Walker & Dunlop Inc.

Michael G. Alexander signed the trust deed as president of The Gardens of Germantown, which is affiliated with Alexander’s namesake company, Gardens developer Alexander Enterprises.

Built in 2011, the nursing home sits on 2.3 acres on the west side of Professional Plaza Drive, between Poplar Avenue and Old Poplar Pike.

The Shelby County Assessor of Property’s 2013 appraisal of the property is $3.5 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Thai Executives Visit Memphis This Week

The Mid-South Quality Productivity Center is playing host this week to one of its international partners, the Federal Thailand Productivity Institute.

The Federal Thailand Productivity Institute is visiting Memphis to help the center celebrate its 25th anniversary and to include Memphis as part of a “Global Best Practices” tour in the U.S.

The Federal Thailand Productivity Institute group includes 10 C-level Thai executives who will interact with 50 Memphis business executives on their tour at several Memphis companies and organizations.

The group will tour Memphis organizations including FedEx Corp., St. Jude Children’s Research Hospital and Elvis Presley Enterprises, among others.

– Andy Meek

Bank of Fayette County Repays TARP Funds

The Bank of Fayette County has finished paying back the slightly more than $6 million it got from the federal government as part of the Troubled Asset Relief Program, or TARP, initiative.

The Bank of Fayette County is the dominant bank in the county, with almost 40 percent of Fayette’s customer deposit share.

It, like financial institutions around the state and the rest of the country, was encouraged to participate a few years ago in TARP, a widespread bank industry rescue by the federal government that injected capital into banks that needed it as well as banks that didn’t.

Other large area financial institutions that also got TARP investments, such as Memphis-based First Horizon National Corp. and Magna Bank, also have paid back their TARP funds and likewise exited the program.

– Andy Meek

Methodist Le Bonheur Names Fernandez Chief Technology Officer

Eugenio Fernandez has been named vice president and chief technology officer at Methodist Le Bonheur Healthcare.

As chief technology officer, Fernandez will develop and oversee information technology strategy, including for security and smart devices.

He also will grow and support Methodist Le Bonheur information technology teams.

Prior to joining Methodist Le Bonheur, Fernandez was chief information officer at L.A. Care Health Plan in Los Angeles, where he was responsible for providing leadership in the development, implementation and governance of the organization’s information systems and technology infrastructure.

– Jennifer Johnson Backer

RedRover Adds New Faces, Workshops

RedRover Sales & Marketing has some new faces on staff – and something new to offer the business community and civic groups.

The company’s sales trainer, Ty Skinner, has been promoted to director of client service on the sales side of the house, and she’s also taking RedRover’s portfolio to a new level by offering a series of sales training workshops for businesses and community organizations.

The workshops are a first for RedRover, which for now will have one in May and one in June.

Skinner moved to Memphis from Denver last year to join RedRover.

Meanwhile, RedRover also recently added account executive Catherine “Kitty” Keller to its team. Keller came to RedRover from the U.S. Chamber of Commerce, where she worked as communications director for one of the chamber’s divisions.

Keller is RedRover’s lead PR strategist and also serves clients’ executive communications and marketing needs.

– Andy Meek

Tennessee Shutting Down Layoff Response Team

Tennessee is shutting down a rapid response team that has been sent to aid workers in mass layoffs.

According to The Tennessean, elimination of the unit comes over the objection of some members of a state workforce advisory board.

The team, which is federally funded, has helped when at least 50 people have been thrown out of work by an employer’s decision. The workers could be those subject to recall or those who were terminated.

The unit has been in operation for about a decade. It provided quick assistance to people whose jobs suddenly ended.

Jeff Hentschel, a spokesman for the Department of Labor and Workforce Development, said some of the seven members of the team have been given layoff notices and the others would be told shortly. All of the team will be laid off by June 18.

Hentschel said the change does not violate the federal notice requirements. He said the state has the right to amend its annual plan prior to submission to the U.S. Department of Labor.

Guy Derryberry, who is on the executive committee of the state Workforce Development Board, said elimination of the rapid response team was inserted into the state’s annual plan only two days before it was approved. Derryberry said the draft minutes of the Sept. 13, 2012, meeting incorrectly stated that the panel approved the revised plan when, in fact, members expressly refused to act on the change.

– The Associated Press

Obama: Health Care Law Mostly in Place

President Barack Obama argues that his signature health care law is already benefiting most Americans even if they don’t know it.

The president says despite what he calls “sky is falling” predictions, the Affordable Care Act’s provisions are already in place for those with health insurance.

He says what’s left is to help those Americans who don’t have health care coverage to obtain it. He acknowledged that is “a big undertaking” and predicted there could still be some glitches as the details are worked out.

Obama was speaking at a news conference Tuesday at the White House.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 215 4,981
MORTGAGES 96 322 6,548
FORECLOSURE NOTICES 13 38 1,517
BUILDING PERMITS 223 541 11,800
BANKRUPTCIES 84 203 5,162
BUSINESS LICENSES 19 65 2,001
UTILITY CONNECTIONS 124 351 6,815
MARRIAGE LICENSES 21 65 1,406

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