Gulch Crossing LLC, the developer of the Gulch building of the same name (minus the "LLC" of course) currently under construction on 11th Avenue, has secured from Wells Fargo Bank a loan of $62.9 million, according to documents filed with the Davidson County Register of Deeds. Gulch master developer MarketStreet Enterprises created the LLC for the project and declined to provide additional financial details (including the amount of equity in the project), citing a longstanding policy of not disclosing financials related to its developments.
As things stand, Wells Fargo will not show up in the 2014 proxy statement of Green Hills auto insurer First Acceptance. The banking giant this week filed papers with the Securities and Exchange Commission saying it now owns 4.9 percent of First Acceptance, down from 5.2 percent in the spring. Shares of First Acceptance (Ticker: FAC) are up more than 21 percent this year but down 50 percent since 2008.
Shares of Gaylord Entertainment (Ticker: GET) are bucking the market Monday morning thanks to an upgrade from Wells Fargo analyst Jeff Donnelly. In hiking his rating to 'outperform' from 'market perform' and lifting his target price range into the mid-$40s, Donnelly says shareholders are on track to make more than 30 percent from today if the company's planned sale of its main brand and hotel management rights to Marriott goes through.
Of course, that's a bigger if these days than it was in late May.
Wells Fargo has named Paul Lazar managing director of its Alabama and Tennessee insurance operations. Lazar previously headed up business development across the Southeast for Wells Fargo Insurance.
No disrespect to the fine folks at Wells Fargo, but when one player owns more than a third of a market as large and important as mortgage lending — especially just after a major financial crisis — shouldn't more warning flags be raised? "A little pause" doesn't seem to be enough.