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VOL. 129 | NO. 145 | Monday, July 28, 2014

Daily Digest

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Nursing Home Owner Files $9 Million Loan

The owner of the 284-bed Grace Healthcare of Cordova nursing home at 955 N. Germantown Parkway has filed an $8.9 million loan on the property.

Cordova Property Investment LLC – an affiliate of Chattanooga-based nursing care and rehabilitation facility operator Grace Healthcare LLC – filed the deed of trust, assignment of leases and rents, security agreement and fixture filing July 18 through SunTrust Bank.

Grace Healthcare chief credit officer Craig Taylor signed the deed as chief manager of the borrower.

Built in 1979, the nursing home sits on 6.2 acres along the west side of North Germantown Parkway just south of its intersection with Macon Road. The Shelby County Assessor of Property’s 2014 appraisal is $4.4 million.

Grace Healthcare of Cordova “provides skilled nursing care, rehabilitation, and Alzheimer’s and dementia care,” according to its website.

Cordova Property Investment paid $10 million for the property in December 2007 from Louisville, Ky.-based Kindred Healthcare Inc., working as Kindred Development 15 LLC.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Partial Trolley Service on Road to Restoration

The Memphis Area Transit Authority has identified five trolleys that it is repairing and could have back in limited service in three to six months, probably on the Main Street line.

“We’ve identified the five trolleys that we believe are in the best condition to focus on them and go in and do a complete reinspection and begin repair work on those five trolleys with the intent of getting at least limited service in place within three to six months,” said MATA interim president and general manager Tom Fox. “We do believe that we are still on schedule to meet that window of time.”

All trolley service was suspended in June after the transit authority reached the conclusion that the fleet would either have to be completely renovated or replaced.

Fox said Friday, July 25, that no decision has been made on the possible renovation of other trolleys in the fleet.

Some of the trolleys have been in service for the 22 years since the Main Street line began. They were initially restored after being bought from sources in Australia and Portugal where they were originally in service, some as long ago as 80 or 100 years.

– Bill Dries

Midtown Fresh Market to Open in August

The Fresh Market has set an opening date for its new Midtown store.

The new store at 2145 Union Ave. will open Aug. 13 at 8 a.m., and grand opening activities will include chef demonstrations, food sampling throughout the store and drawings for The Fresh Market gift cards. A sample-sized bag of the company’s gourmet coffee and a reusable shopping bag will be free to the first 1,000 customers.

The new store, located at the site of the former Ike’s at Union and Cooper Street, will house over 23,400 square feet of culinary items, including a bakery, a full-service meat counter, a wide selection of ready-to-serve entrées, fresh seafood, imported and domestic cheeses, and produce, including a large organic selection.

The Fresh Market said in a statement that the store would employ around 90 people and that it would partner with Mid-South Food Bank to provide regular donations of food.

The Fresh Market has been hard at work transforming the former Ike’s into one of its upscale stores. Redevelopment plans included removing the existing asphalt drive-thru along the building’s west side and replacing it with sidewalk areas. The grocer also proposed adding more sidewalk space and creating new parking spaces where the gas pumps and canopy once stood and converting the Ike’s drive-thru canopy into retail space.

Meanwhile, Kroger has completed the demolition of the nearby Belvedere Apartments tower to make way for a major expansion and renovation of its existing Union Avenue store.

– Amos Maki

Homebuilders Launch Insurance Program

The West Tennessee Home Builders Association has joined forces with other homebuilder associations in Tennessee and contracted with national employee benefit consulting firm gbac inc. and Memphis-based Shoemaker Financial to launch the Tennessee Construction Industry Health Insurance Program.

Tennessee is the 10th state where a private exchange has been established specifically for National Association of Home Builders’ member associations.

The program offers member employers several benefits, including the ability to offer a defined contribution strategy to employees, an online marketplace where employees select the coverage they need and complete support from Shoemaker Financial. When a member enrolls in the program, Shoemaker will guide the company and its employees through the healthcare selection process.

The marketplace allows employees to choose customized coverage from well-known carriers, including BlueCross BlueShield, United Healthcare, Cigna, Guardian Healthcare Providers, TransAmerica, Unum, Colonial Life and MetLife, among others.

Employers can begin enrolling in the program immediately as long as they are a current member of an NAHB member association in Tennessee.

– Amos Maki

Fortune Honors Ronald McDonald House Board Vice President

Nancy Mills, board vice president for Ronald McDonald House Charities of Memphis, has been named one of Fortune Magazine’s 50 “Heroes of the 500” for 2014 for her philanthropic work on behalf of Ronald McDonald House Charities of Memphis.

Mills’ employer, Cardinal Health, nominated her because of the volunteer work she’s done through Ali’s Way, the non-profit she founded in memory of her daughter, Ali, who passed away in 2005 after a battle with cancer. As Vice President of Health Systems for Cardinal Health, Nancy keeps a busy professional schedule but also still makes time to serve on the Ronald McDonald House Charities of Memphis Board in addition to hands-on volunteer “work” at Ronald McDonald House.

As well as raising more than $400,000 for Ronald McDonald House, Ali’s Way hosts a dinner and breakfast every month at Ronald McDonald House. Ali’s Way also provides support to Ronald McDonald House for special projects throughout the year.

– Andy Meek

2014 Ole Miss Football Guide Now Available

College football season is almost here, but there’s still time to do a little homework.

So, if you’re wondering how the Ole Miss roster will look this fall, there’s time to read up on this year’s team and to reflect on teams past. The 2014 Ole Miss Football Guide is available for purchase at OleMissPublications.com.

The 208-page book contains rosters, bios, statistics on returning players and incoming signees, and a preview of the upcoming season. The guide also provides a detailed look at the university and the history of the Rebel football program.

Online orders of the book are $19.95, plus $8.95 for shipping and handling. The guides will also be sold at the new Rebel Shop temporary location in Oxford, as well as at Meet the Rebels Day (Aug. 16) at the Manning Center.

– Don Wade

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173