VOL. 129 | NO. 88 | Tuesday, May 6, 2014
Owner Files Loan on Fairway Townhomes
The Utah-based owner of the 59-unit Fairway Townhomes and Apartments at 5150 Tulane Road has filed a $2.2 million loan on the property.
Fairway Apartments Utah LLC filed the multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing April 28 through Arbor Commercial Funding LLC.
Paul D. Montgomery signed this latest trust deed as president of the borrowing entity.
Built in 1968, the Class D apartment complex sits on close to five acres at the northeast corner of Tulane and East Holmes roads. The Shelby County Assessor of Property’s 2013 appraisal was $1.7 million.
Fairway Apartments Utah, an affiliate of Property Asset Management Inc., bought the multifamily property in May 2005 for $1.3 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
ServiceMaster Reports First-Quarter Revenue Increase
The ServiceMaster Co. LLC reported a 4 percent increase in revenues for the first quarter of 2014 compared to the same period a year ago.
The $533 million in revenue came with an $18 million loss from continuing operations in the first quarter attributed to the Memphis-based company’s decision to drop a new operating system at its American Home Shield division.
ServiceMaster took a $48 million non-cash impairment charge in the first three months of 2014 because of the decision to move away from the new system.
During the quarter, ServiceMaster completed the spinoff of its TruGreen lawn care business with a separation of TruGreen’s assets and some of its liabilities through a tax-free pro-rata dividend to stockholders.
The spinoff also came with a pre-tax, non-cash trade name impairment charge of $139 million.
– Bill Dries
‘Titans’ of Commercial Real Estate Speaking
Listen up, commercial real estate professionals.
This week you’ll get the opportunity to interact with some of the most prolific commercial real estate practitioners in the Mid-South.
On Thursday, May 8, from 4 p.m. to 6 p.m. at the Clark Opera House, CCIM Memphis is hosting the “Titans of Real Estate” roundtable discussion, featuring Leonard Lurie, president of Lurie & Associates; Dan Wilkinson, past chairman of Colliers International Memphis; and Rick Wood, executive vice president of Financial Federal.
“It is unique opportunity to hear from the three honored titans about how the Memphis community developed and how they played a part in our city commercial real estate community, from Memphis International Airport Center to Laurelwood shopping center and beyond,” said 2014 CCIM President Shawn Massey.
The Memphis Daily News is one of the sponsors of the event.
For more information on attending, call 748-8889 or email CCIMMemphis@gmail.com.
– Amos Maki
Brewery Untapped Beer Garden Supports Nonprofits
The organizers and sponsors of Tennessee Brewery Untapped have announced the event’s second Beer Garden with Benefits on May 4 yielded more than $1,200 in contributions to five Memphis-area nonprofits: Knowledge Quest, Ballet Memphis, Broad Avenue Arts District, Urban Bicycle Ministry and Church Health Center.
A select group of nonprofits will be featured each Sunday of Untapped from noon to 6 p.m. During that time, $1 from each beer sale will be refunded back to customers in the form of a token, which is to be deposited in a bucket bearing the name of a nonprofit. Untapped’s sponsors match the nonprofit getting the most tokens.
Untapped kicks off its third week May 8 at 11 a.m.
– Andy Meek
Madonna Learning Center to Break Ground May 14
The Madonna Learning Center, a school for children and young adults with special needs, will have a groundbreaking ceremony May 14 at the school’s grounds, 7007 Poplar Ave.
Festivities will kick off with a 9:30 a.m. chapel service, to be followed by a 10:30 a.m. program. The ceremony will officially launch the public phase of the school’s $10 million capital campaign, called “Transforming Lives. Building a Brighter Future. The Campaign for Madonna Learning Center.”
The campaign’s public phase follows a nine-month quiet campaign, during which $5.6 million was raised.
The school expects to begin construction in late May, and will wrap up in summer of 2015, in time for the new academic year. Construction will allow the school to double the student population and add a new preschool, an adult program building with capacity for up to 80 program participants and a new gymnasium/performing arts building.
– Don Wade
Court Rules for Government in Mortgage Fraud Case
The Supreme Court has clarified how restitution must be computed in mortgage fraud cases.
The justices in a unanimous decision Monday said that restitution to a bank that has been defrauded must be calculated based on the value of property when it is actually sold, and not the earlier date on which the bank forecloses on the property.
The case involved a fraudulent loan application for the purchase of two houses in Wisconsin for $470,000. The two banks foreclosed on the mortgages in 2006, but only sold the homes later for $280,000 after the real estate market collapsed.
The high court ruled that the amount of restitution is offset by the sale price the banks received, and not the higher price they were worth when the banks foreclosed.
– The Associated Press
Service Firms Grow at Fastest Pace Since August
U.S. service firms grew last month at the fastest pace since August as new orders and sales grew, adding to evidence that the economy is picking up after a slow start to the year.
The Institute for Supply Management said Monday that its service-sector index rose to 55.2 from 53.1 in March. Any reading above 50 indicates expansion. The ISM is a trade group of purchasing executives.
The figures come after a healthy jobs report on Friday also fueled hopes for an improving economy. The government said employers added 288,000 jobs in April, the most in 2 1/2 years, and the unemployment rate fell to 6.3 percent.
The jobs report wasn't all positive, however. The rate fell mostly because fewer people began looking for work. The government doesn't count people as unemployed unless they are actively searching for a job. And the jobs figures showed that wages were flat last month.
Still, the better services and hiring data represent a turnaround after the government said last week that the economy barely expanded in the first three months of the year. Harsh winter weather kept shoppers away from the malls and dragged down home and auto sales. But spending and hiring has rebounded as the weather has improved.
– The Associated Press