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VOL. 128 | NO. 200 | Monday, October 14, 2013

Daily Digest

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Washington Company Buys Union Applebee’s

An Olympia, Wash.-based company has paid $2.8 million for the Applebee’s Neighborhood Grill and Bar at 2114 Union Ave. in Midtown.

Foothill to Summit Properties IV LLC bought the 4,834-square-foot restaurant in a Sept. 24 special warranty deed from Cole AP Memphis TN LLC. Foothill to Summit Properties IV assumed the lease.

The seller had acquired the property in 2010 for $2.1 million from the entity DBAPPLEF LLC.

Built in 1999, the restaurant sits on slightly less than an acre along the north side of Union near its intersection with South Cooper Street. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.

In conjunction with the purchase, Foothill to Summit Properties IV filed a $1.4 million deed of trust and security agreement through Modern Woodmen of America. Mark R. Hodgson signed the loan as manager of the borrower.

Source: The Daily News Online & Chandler Reports
– Daily News staff

FedEx Breaks Ground On Cold-Storage Facility

FedEx Express broke ground Thursday, Oct. 10, on a new temperature-controlled facility and heavyweight pickup and delivery operation at the FedEx Express SuperHub at Memphis International Airport.

The 88,000-square-foot facility will connect directly with Memphis hub operations, increasing efficiency for shipments throughout the FedEx Express network, while also enhancing handling of customers’ cold chain shipments.

“With our new, world-class cold chain facility, we will be able to better manage health care products and other perishables in the event of unforeseen delays, such as clearance holds or inclement weather, and give our customers the peace of mind they deserve when shipping sensitive goods,” Richard W. Smith, managing director, FedEx Express Life Sciences and Specialty Services, said in a release.

The new facility, which is scheduled to be complete and in operation by the fall of 2014, was designed to ensure shipments will remain within their intended temperature range, including flexible walls that allow precise temperature control and segregation of commodities. It also will have a station where dedicated personnel will monitor cold chain rooms and dry ice replenishment and gel pack exchange capabilities.

– Amos Maki

Mississippi River Mayors Meet on Mud Island

Memphis Mayor A C Wharton Jr. and mayors from 13 other cities on the Mississippi River will meet Thursday, Oct. 17, on Mud Island to preview an economic impact report on the lower river and discuss their work with federal officials to build a container on barge shipping program.

The roll out caps a two-day Mississippi River Economic Summit, Oct. 16 and 17, in Memphis.

The mayors will be joined on Mud Island by U.S. Rep. Stephen Fincher (R-Frog Jump) whose district includes Memphis and other West Tennessee cities and towns along the river. Fincher met with leaders of river-based industries earlier this year on the Memphis riverfront.

The mayors who will be in Memphis are part of the Mississippi River Cities & Towns Initiative that includes the leaders of 59 cities along the river.

– Bill Dries

Metropolitan Bank Raises $5.5 Million in Capital

Metropolitan Bank has wrapped up a capital raise of $5.5 million, bringing the total capital raised by the bank since its inception in 2008 to more than $57 million.

Metropolitan president and CEO Curt Gabardi said the capital will be used to fuel the company’s current and future organic growth over the next several years. Metropolitan has grown steadily since its founding, recently posting its 16th straight quarter of increased earnings.

In the third quarter, the bank brought in pre-tax earnings of about $2 million, up 24 percent from the second quarter. The bank has about $775 million in assets and eight banking offices.

– Andy Meek

Organizations Honored for Homebuyer Education

United Housing Inc. and the Binghampton Development Corp. have been recognized by the state for their role in creating homebuyer education programs.

The Tennessee Housing Development Agency recently awarded the groups THDA’s Founders Award for their efforts in creating the foundation for homebuyer education in Tennessee.

Tim Bolding and Sharon Walker of United Housing and Ruth Gibson of the Binghampton Development Corp. were ground-floor participants in Tennessee’s creation of a statewide homebuyer education program.

Research shows that homebuyers who receive pre-purchase housing counseling and education were one-third less likely to fall behind on their mortgages 90 days or more two years after taking out the loan, compared to homebuyers who didn’t receive similar counseling and education.

The research was done for NeighborWorks America, a national nonprofit affiliated with

United Housing, by Neil Mayer and Associates and Experian, and is based on approximately 75,000 mortgage loans originated in 2007, 2008 and 2009.

“The latest research clearly tells us that we need to help families with their housing issues ahead of time, staving off family stress, financial difficulties and costs that are borne by neighbors and the city,” Bolding said.

During the last fiscal year, United Housing counseled more than 1,000 individuals and families through its programs. The organization also assisted 541 families during the year, helping 284 purchase a home while helping save 257 from foreclosure. Last year, Binghampton Development Corp. assisted 291 clients, including 76 homebuyer clients and 131 foreclosure interventions.

– Amos Maki

Shutdown Puts Businesses, Foreign Workers in Limbo

The partial government shutdown has left high-skilled immigrant workers and the companies that employ them in limbo.

The Labor Department’s Office of Foreign Labor Certification is closed and applications for job changes, new hires or any other adjustments for foreign workers are on hold until the government reopens.

Laura Foote Reiff, a Northern Virginia immigration attorney, said while the Labor Department remains closed any business in the process of hiring foreign workers who already have a valid visa may also be missing various filing deadlines, which could force companies to start the complicated hiring process over again.

The Labor Department said Friday that it could not answer questions about the issue because the shutdown had closed the Office of Foreign Labor Certification.

Reiff said government contractors whose projects are on hold during the shutdown face a dilemma: to furlough or fire foreign workers. Because of the conditions on the high-skilled visas, even furloughed foreign workers have to be paid. If a company decides to fire the worker, that firm is then faced with starting the arduous hiring process over again.

And for the foreign worker, taking a temporary unpaid furlough or losing the job altogether means they are violating the terms of the visa, which could cause problems in the future if they try to renew a visa or change immigration status. There is no grace period for immigrant workers to be unemployed.

U.S. Citizenship and Immigration Services, which processes the immigration paperwork for such workers, said it will evaluate future renewal and status change applications of workers furloughed or fired on a case-by-case basis.

– The Associated Press

States Get $30 Million From Discount Club Marketer

Tennessee is one of a group of states that has won a $30 million settlement against a marketing company the state says used confusing and deceptive business practices.

According to the state attorney general’s office, Affinion and its subsidiaries offer a variety of services, including credit monitoring, roadside assistance and discount travel.

Consumers complained that Affinion charged them for services without their authorization. Some also reported that they had trouble canceling or getting a refund. Other consumers were confused because they thought the services came from Affinion partners, which usually were banks or retailers with which the consumers did business.

Attorney General Bob Cooper says consumers should check their credit card and bank account statements and look for the names of Affinion’s membership programs.

– The Associated Press

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225