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VOL. 129 | NO. 167 | Wednesday, August 27, 2014

Daily Digest

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Germantown Plaza Sells for $925,000

The 14,400-square-foot Germantown Plaza strip retail center at 3695 Riverdale Road in Hickory Hill has sold for the second time in about five months.

An entity called Mountain Top General Partnership bought the property for $925,000 in an Aug. 12 special warranty deed from 3695-3723 Riverdale Road Holdings LLC.

The seller, an affiliate of Bethesda, Md.-based special servicer CWCapital Asset Management LLC, had acquired the property in March for $1.1 million from successor trustee Joseph R. Prochaska, shareholder with the Nashville law firm Prochaska Quinn & Ferraro PC, following a foreclosure.

The center’s Florida-based previous owner, Germantown Plaza LLC, entered into foreclosure earlier this year after defaulting on $1.4 million loan through Column Financial Inc. dated June 13, 2003. The owner had assumed the loan from the property’s previous owner, Germantown Plaza GP, during a 2008 sale.

Built in 1984, the Class C retail center sits on 1.6 acres on the west side of Riverdale Road just south of its intersection with Winchester Road. The Shelby County Assessor of Property’s 2014 appraisal is $726,500.

Source: The Daily News Online & Chandler Reports

– Daily News staff

United Housing Receives High State Rankings

United Housing Inc., a nonprofit affordable housing agency that serves families in Memphis, Shelby County and West Tennessee, has received recognition for high state rankings.

During the Tennessee Housing Development Agency Homebuyer Education Initiative Peer Session, the Memphis-based organization was ranked as a top five agency in three categories for its homebuyer education impact.

Hosted by THDA and NeighborWorks America in Nashville, the Homebuyer Education Initiative Peer Session gathers housing industry leaders from across the state together for two days of training. During the event, THDA and NeighborWorks America recognized community development corporations, including United Housing, in various categories for their homebuyer education accomplishments during fiscal year 2014.

United Housing was fourth in the state in the Total Urban Loan Production category, with 72 customers served and $6 million total loans funded. United Housing also finished fourth in the state in Total Loan Production, with 112 customers served and $10.8 million in total loans funded. United Housing was fifth in the state in Total Rural Loan Production, with 40 customers served and $4.8 million total loans funded.

– Amos Maki

15 Apply to Fill Chancery Court Vacancy

A field of 15 Memphis attorneys applied to become the newest Chancery Court judge as Chancellor Kenny Armstrong moves to a seat on the state appeals court in a week.

The deadline for candidates to apply to the Governor’s Commission for Judicial Appointments was Monday, Aug. 25.

Of the 15 attorneys who applied, nine were candidates in the August judicial elections in Shelby County for other judgeships.

Armstrong ran unopposed in August for re-election to Chancery Court. After the deadline to withdraw from the August ballot had passed but before election day, Tennessee Gov. Bill Haslam appointed Armstrong to the state court of appeals effective Sept. 1, creating the Chancery Court vacancy.

The attorneys to be considered by the commission are: Mischelle Alexander Best, Kenneth Raymond Besser, Matthew G. Buyer, Julie Ann Dichtel Byrd, Oscar C. Carr III, Lee Ann Pafford Dobson, Charles W. McDonald, Kimbrough Brown Mullins, James Robert Newsom III, Howard Rex Peppel, David L. Pool, Kevin E. Reed, William Michael Richards, Dennis J. Sossaman and David Michael Waldrop.

The commission will meet Sept. 10 in Memphis to interview the contenders and make a list of three finalists to be submitted to Haslam for his decision.

– Bill Dries

Paragon Bank Adds VP to Commercial Team

Paragon Bank has added Richard Harris as vice president of commercial banking.

Harris will work primarily at Paragon’s Fountain Place banking center. In his new role, he’ll be responsible for providing Paragon’s suite of business banking services to companies in and around Memphis.

In a statement about Harris’ arrival, Paragon CEO Robert Shaw praised Harris’ “expert knowledge” and “extensive background” in banking as reasons for adding him to the bank’s commercial team.

– Andy Meek

Trezevant Updates Signs to Go With New Name

New signs went up at the entrances of Trezevant this week with one simple word on them: Trezevant. A continuing care retirement community in Memphis, Trezevant has undergone a $120 million renovation and expansion which doubled the size of its campus. Prior to the expansion, the community was referred to as the name of its 11-story tower, Trezevant Manor.

The expansion brought together multiple buildings, living options and services, all of which are now branded under the Trezevant name.

“Trezevant Manor is a vital part of our community and our history,” Trezevant CEO John Webb said in a statement. “However, over the years, our campus has grown to include other independent living options such as our apartments at Trezevant Place and our Garden Homes.”

The new signs can be seen throughout the Trezevant community, most visibly at the corner of Highland Street and Waynoka Avenue or at the community’s entrance on Waynoka.

– Don Wade

Consumer Confidence Near a 7-Year High

U.S. consumer confidence this month reached its highest point in nearly seven years, boosted by strong job gains.

The Conference Board said Tuesday that its confidence index rose for a fourth straight month to 92.4 from 90.3 in July. The August reading is the highest since October 2007, two months before the Great Recession officially began.

The optimism suggests that Americans will be more likely to spend in the months ahead, an important boost to the economy. Consumer spending drives about 70 percent of U.S. economic activity.

"Enthusiastic households are more likely to open their wallets in the coming months and support solid output growth in the second half of the year," said Gregory Daco, an economist at Oxford Economics.

The survey found that Americans' outlook on the job market brightened considerably. The percentage of respondents who said jobs were "plentiful" rose to 18.2 percent from 15.6 percent in July. That's the highest level since 2008. Consumers' perceptions generally track the unemployment rate over time.

The "substantial improvement in August points to another strong employment report next week," said Ted Wieseman, an economist at Morgan Stanley.

The government's jobs report for August, to be released next week, will show whether hiring was strong for a seventh straight month.

– The Associated Press

PROPERTY SALES 67 67 16,128
MORTGAGES 81 81 18,637
BUILDING PERMITS 213 213 33,603
BANKRUPTCIES 52 52 10,366