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VOL. 129 | NO. 95 | Thursday, May 15, 2014

Daily Digest

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Ridge Lake Building Sold After Foreclosure

The 38,472-square-foot Ridge Lake Office Building at 756 Ridge Lake Blvd. in East Memphis has sold back to the lender for $2.9 million following a foreclosure.

Life Insurance Co. of the Southwest bought the medical office property in a May 8 successor trustee’s deed from Brooks R. Smith of the Nashville law firm Bradley Arant Boult Cummings LLP.

Ridge Lake Office Building is a Class B, two-story medical office built in 1986. It sits on 2.1 acres at the northeast corner of Ridge Lake Boulevard and Ridge Bend Road. The Shelby County Assessor’s 2013 appraisal of the property was $3.1 million.

The lender filed a first-run foreclosure notice in the Tuesday, April 15, edition of The Daily News after the property’s owners went into default.

The three owners were 756 RL Group I LLC, which had a 78.4 percent interest in the property; 756 RL Private Investor I LLC, which had a 12.1 percent interest; and 756 RL Private Investor II LLC, which had a 9.4 percent interest.

They defaulted on a $3.2 million deed of trust through Life Insurance Co. of the Southwest dated Nov. 16, 2007.

The three owners had purchased bought the property from Saul M. Kaplan LLC for $4.3 million at the same time.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Fitzgerald’s Casino Sale Falls Through

Las Vegas-based Full House Resorts won't buy Fitzgerald's Casino in Tunica from Majestic Star Casino LLC.

The purchase was announced in March.

However, in an earnings report released Wednesday, Full House said it notified Majestic Star on May 7 "of its belief that the company will not likely be successful in obtaining financing for the purchase of Majestic Mississippi. As a result, we have requested Majestic Star consider termination of the agreement."

The purchase price was $62 million, exclusive of working capital and other adjustments, fees and expenses. The agreement was subject to Full House obtaining financing for the acquisition within 90 days of its execution, obtaining regulatory approvals, and other customary closing conditions.

The Fitz Casino has 38,000 square feet of gambling space with 1,100 slot and video poker machines and 20 table games. The property includes a 506-room hotel with 68 suites, a fine dining restaurant, buffet, quick service restaurant, two casino bars and an 8,100-square-foot multi-purpose event center.

Full House Resorts owns, develops and manages gambling facilities.

Full House also owns the Silver Slipper Casino in Hancock County, Mississippi, and casinos in Nevada and Indiana.

– The Associated Press

Memphis Startups Invited to Southland Conference

Three Memphis-based startups have been invited to participate in the Southland conference in Nashville next month.

The trio that heads to Nashville for the conference June 9-11 includes AgSmarts, Influsense and Screwpulp. They were chosen by a panel of investors, entrepreneurs and tech writers from around the country and will have exhibition space in Southland Village.

The entities behind Southland are Launch Tennessee and PandoDaily, a digital news outlet offering tech news, analysis and commentary.

– Andy Meek

Women Attorneys Group to Hold Judicial Forum

The Memphis Chapter of the Association of Women Attorneys will hold a forum for candidates running in all judicial races on the August ballot. The forum is June 26 at 5 p.m. at the Benjamin L. Hooks Central Library, 3030 Poplar Ave.

The forum highlights the set of judicial races that come once every eight years. The nonpartisan races includes races for civil and criminal court judges.

Early voting in advance of the Aug. 7 election day begins July 18.

– Bill Dries

Book on Experiencing Memphis Released

Whether it’s watching workers at St. Blues Guitar Workshop handcraft instruments, strolling along the Mississippi River or touring the Stax Museum of American Soul Music, Memphis has plenty to do that makes the city one of a kind. With that in mind, Memphis writer Samantha Crespo has published her first book, “100 Things to Do in Memphis Before You Die,” which she says is as much for visitors to the city as it is for locals.

Special features in the book include “inside tips” on how to experience some of the city’s favorite festivals and events, freebies and themed itineraries.

It’s available at samanthacrespo.com/buy-online.html, and according to her site, she also can be emailed at samanthacrespo@gmail.com for orders within Memphis for personal delivery or pick-up.

– Andy Meek

Sweet Noshings Adds Ice Cream

Sweet Noshings, the candy store in Overton Square, continues to diversify its offerings.

Equipment was scheduled to be installed this week at the store that would allow it to begin offering ice cream.

Other recent additions include Sweet Noshings-branded T-shirts with phrases such as “Memphis is Sweet.”

Sweet Noshings is at 2113 Madison Ave.

– Andy Meek

Haslam's Free Tuition Plan Viewed as Incentive

Education experts say they believe Tennessee Gov. Bill Haslam's program to cover a full ride at two-year colleges for any high school graduate will be an incentive for students to better prepare for a higher education.

Results released Wednesday on the National Assessment of Education Progress, also known as the Nation's Report Card, show slightly fewer than four out of 10 students nationwide have the math and reading skills needed for entry-level college courses.

David Driscoll is chairman of the governing board that sets policy for NAEP. He told The Associated Press that students aren't always as focused as they should be and that programs like Haslam's provide incentive for them to perform better.

Haslam signed the measure into law on Monday.

– The Associated Press

Pew: Student Loans Often Mean More Overall Debt

Young adults who took out loans for college have significantly more overall debt than those who didn't have to borrow for their education, researchers report.

A Pew Research Center study released Wednesday examined households headed by people under 40 and found those with student loans tend to typically have about $137,010 in overall debt, including mortgages, car loans, and credit cards.

That compares with $73,250 for similar households without student loans to repay.

"Young adults with student loans are behind in building their nest eggs," said the lead author, Pew senior economic Richard Fry.

About 4 in 10 households headed by an adult under 40 currently have some student debt.

The report was based on an analysis of government data from the Survey of Consumer Finances as well as Pew Research survey data.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 206 16,619
MORTGAGES 84 228 21,660
FORECLOSURE NOTICES 21 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 73 222 15,764
BUSINESS LICENSES 23 51 5,542
UTILITY CONNECTIONS 86 287 23,860
MARRIAGE LICENSES 21 72 5,107

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