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VOL. 131 | NO. 112 | Monday, June 6, 2016

Daily Digest

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Collierville Apartments Sell for $34.3 Million

Collierville’s 324-unit Madison at Schilling Farms apartment community has changed hands in the largest multifamily sale in Shelby County over the past year.

New Jersey-based private equity firm Spyglass Capital Partners LLC, working as Spyglass-Collierville LLC, paid $34.3 million, or $105,864 per unit, for the Class A property. The seller, Arenda Capital Management affiliate Madison 324 LLC, had purchased the community four years ago for $32 million.

Located at 160 Madison Farms Drive, Madison at Schilling Farms was developed in 2000 and is situated on a 21.5-acre, L-shaped parcel with frontage on the east side of Schilling Boulevard and the north side of East Winchester Boulevard. The Shelby County Assessor of Property’s 2016 appraisal is $28 million.

In conjunction with the purchase, Fannie Mae agreed to allow Spyglass to assume Arenda’s multifamily loan, which totaled $25.7 million when it was taken out four years ago.

The assumption agreement states the note has an unpaid principal balance of $25.3 million “and prior to default currently bears interest at the rate of … 3.91% per annum.”

Spyglass Capital focuses solely on multifamily investments, specifically “stable but undermanaged properties that could benefit from modest repairs and strategic operational improvements,” according to firm’s website.

– Kate Simone

The Memphis News Garners Green Eyeshade Honors

The Memphis News took first-place honors for editorials and sports commentary in the 66th annual Green Eyeshade Awards, announced Thursday, June 2.

The awards are given by the Society of Professional Journalists region covering 11 southern states, including Tennessee..

The editorials that took first place in the competition category for non-daily newspapers covered government’s role in economic development, the city’s violent crime problem, police violence in Memphis and other cities, and redevelopment of the Mid-South Fairgrounds.

Reporter Don Wade took first-place honors for his sports commentary pieces on a variety of topics including the evolution of the Memphis Grizzlies grit ‘n’ grind persona, the exit of University of Memphis football coach Justin Fuente and the university’s decision to honor former Tigers basketball coach John Calipari that was later called off.

Wade also finished second in the non-dailies sports reporting category for his reporting on the Grizzlies’ “Dream Season” in the 2015 NBA playoffs, the arrival of new Tigers football coach Mike Norvell, Redbirds broadcaster Steve Selby and local country clubs offering more family activities.

Reporter Bill Dries took second-place honors for non-daily political reporting for his coverage of the 2015 city elections, including the role of business leaders in the campaigns for Memphis Mayor and City Council.

– Daily News staff

‘On Stage at the Halloran Centre’ Series Unveiled

Details of the inaugural “On Stage at the Halloran Centre” series lineup have been announced.

Ten music acts are slated to appear over 2016-2017 inside the Halloran Centre’s 361-seat auditorium starting in September, for a concert series that offers everything from a slice of Americana to Grammy winners.

This year’s series includes four-time Grammy-winning soul artist Booker T. Jones, ‘American Idol’ winner Taylor Hicks, Grand Ole Opry member Pam Tillis, Grammy-nominated saxophonist Mindi Abair and more. The Nitty Gritty Dirt Band is making a stop in Memphis on their 50th Anniversary Tour. Memphis songstress Marcella Simien will open for her two-time Grammy-winning father, Terrance Simien and his Zydeco Experience band, in March, and three-time Grammy-nominated Afro-Caribbean music group Tiempo Libre will close out the series in April with their fusion of jazz, contemporary and Latin rhythms.

Individual tickets are $25 or $35 and vary based on performer. Individuals can mix and match five or more of the shows to save $5 per ticket, equivalent to one free show.

The Halloran Centre for Performing Arts & Education is located at 225 S. Main St., next door to the historic Orpheum Theatre.

– Andy Meek

West Nile Virus Detected in Shelby County

The first mosquito pool of the year positive for West Nile Virus has been found in the Whitehaven ZIP code, according to the Shelby County Health Department.

The Health Department confirmed the presence Friday, June 3.

In response, the health department has scheduled truck mounted spraying of EPA-approved insecticides across several ZIP code areas.

The Vector Control program of the health department has been applying larvicides to standing bodies of water since March.

– Bill Dries

U of M Philosophy Department Leads US in Female Doctorates

The University of Memphis Department of Philosophy graduates the highest percentage of women Ph.D.s in the country, according to a recent study.

From 2004 to 2014, 64 percent of philosophy doctorates earned at the U of M were awarded to women.

The study was conducted by Carolyn Dicey Jennings, assistant professor of philosophy and cognitive science at the University of California-Merced, and published online at New APPS. Jennings studied data from 86 graduate programs in philosophy.

Other schools that graduated more women than men during this period were Massachusetts Institute of Technology, California Institute of Integral Studies, University of Oregon, University of New Mexico and University of Minnesota.

The U of M Department of Philosophy also was recognized for its efforts to help diversify the field of philosophy in 2014. A study that year published in the journal Critical Philosophies of Race found that the U of M graduated more African-American Ph.D.s than any other graduate program in the U.S.

U of M has been committed to attracting and graduating a more diverse group of students as well as faculty.

“We work hard to create an intellectual environment in which all voices are heard and respected, and this effort is reflected in the demographic profile and scholarly interests of faculty and students alike,” said Stephan Blatti, chair and associate professor of philosophy. “We strive for diversity in areas of inquiry that are systematically underrepresented and understudied, including issues of race and gender.”

– Daily News staff

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149