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VOL. 123 | NO. 73 | Monday, April 14, 2008

CM&R Hit By Foreclosure Notices

By Eric Smith

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Cadence Bank NA has filed seven notices of foreclosure against Chamberlain, McCreery & Rice LLC, the company formed by a trio of longtime developers and builders – Phil Chamberlain, Jon McCreery and Hank Rice.

This entity is separate from Chamberlain & McCreery Inc., the homebuilding corporation formed by its namesakes in 1988. When reached by phone, Chamberlain referred all inquiries to McCreery, who did not immediately return a call.

Cadence filed each notice claiming default of the obligation of a trust deed. The dates of the loans range from 2005 to 2006. The first-run foreclosure notices appeared in Friday’s edition of The Daily News.

The properties involved in the notices include condominium units in the company’s City Commons development in the South End. The specific properties, as listed in the notices, are: 146 East Butler Ave.; South End North, Phase 5; 592, 596 and 600 Tennessee Street; 616, 620, 624, 628 and 636 Denmark Dr.; Unit 101-C, 615 Denmark Dr.; 615 Denmark Dr., No. 203; and Units 202-F and 203-F, 621 Denmark Dr.

Chamberlain, McCreery & Rice LLC quitclaimed, or transferred, all properties to PHC Group LLC on April 2. The scheduled sale date for the foreclosure properties is May 2.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 143 381 16,005
MORTGAGES 148 432 18,480
FORECLOSURE NOTICES 14 48 2,453
BUILDING PERMITS 184 635 33,149
BANKRUPTCIES 59 237 10,250
BUSINESS LICENSES 37 110 5,288
UTILITY CONNECTIONS 16 108 6,256
MARRIAGE LICENSES 16 79 3,492