Cazassa Crossing Sold Back to Bank

The Cazassa Crossing apartment complex at 3539 Cazassa Road in Whitehaven has been sold back to the lender, New Jersey-based MFC Funding LLC, following a foreclosure. The bank on April 30 bought the 248-unit complex for $1.4 million on the courthouse steps in a substitute trustee’s deed.

The property was foreclosed earlier this year after Linda Louis Gober-Harris, CEO of Logic Suites LLC, defaulted on a $1.6 million loan dated July 26, 2007, through Metro Funding Corp.

Built in 1974, the 200,000-square-foot complex sits on 9.88 acres at the southwest corner of Winchester and Cazassa roads. The Shelby County Assessor of Property’s 2009 appraisal of the apartment complex is $1.5 million.

The property formerly was sold by substitute trustees Mark E. Beutelschies and J. Clay Cole of the Memphis law firm Farris Bobango PLC.

Logic Suites bought the apartment complex in 2007 for $2 million.

Source: The Daily News Online & Chandler Reports

DRB to Discuss Plans For Mud Island Apartments

On the agenda for today’s Center City Commission Design Review Board meeting are plans for Grand Island Apartments, a proposed apartment development on Mud Island. The DRB will look at the proposed design of the project, which calls for five three-story buildings with 204 apartments.

There will also be a one-story clubhouse and three one-story garage buildings with 49 private garages. Construction on the project is expected to begin in November and have wrapped up by November 2011.

The DRB meeting will be at 5 p.m. at the CCC office, 114 N. Main St.

Medtronic Launches Two New Products

The Memphis-based spinal and biologics division of Medtronic Inc. on Monday announced the launch of two products in the U.S.

One, the Peek Prevail, is for neck surgery. The other, the Vertex Select, is for the fusion of a skull muscle with the upper spine.

The Peek Prevail is designed to provide stability during spinal fusion. More than 200,000 such procedures are performed each year to relieve compression on the spinal cord or nerve roots. Surgeons have traditionally used a plate and four screws in this process.

The Peek Prevail eliminates the need for a plate and attaches with only two screws. This device is made of polyetheretherketone, which is invisible in X-rays, allowing surgeons to better assess the results of spinal fusions.

The Vertex Select Occipitocervical Module contains implants and comes with an instrument set necessary for fusing the base of the skull (occiput) with the neck (cervical spine). This is a complex surgery and must be performed from the back of the spine. About 10 percent of the nearly 40,000 posterior cervical fusions performed each year also require a fusion with the skull bone, the company said.

This new module offers adjustability through multiple plate designs, rods, screws and hooks that give surgeons more flexibility during surgery.

Tenet Healthcare Swings to Q1 Profit

Hospital operator Tenet Healthcare Inc., the owner of Saint Francis Hospital in Memphis and Bartlett, reported Tuesday a first-quarter profit on a gain from a debt swap and higher overall revenue, despite a slight drop in same-hospital admissions caused by the weak economy.

Dallas-based Tenet said it earned $178 million, or 37 cents per share, compared with a loss of $31 million, or 6 cents per share, during the same period a year ago. Revenue rose 5 percent to $2.28 billion.

Excluding a one-time gain, the company earned 8 cents per share.

Tenet, which struggled with falling admissions before last year, saw same-hospital admissions drop less than 1 percent in the first quarter compared with the same quarter last year, which had an extra day due to leap year. Company officials reported the weak economy affected patient volumes.

First-quarter results include a $134 million gain on Tenet’s exchange of debt.

Tenet also bumped up its full-year outlook. It said Tuesday it expects net income attributable to shareholders to range between a loss of $50 million and an $80 million profit.

ULI Memphis to Discuss ‘Lost Decade of Growth’

The Memphis chapter of the Urban Land Institute on Thursday will host Doug Poutasse, executive director of the National Council of Real Estate Investment Fiduciaries, for a speech at the University of Memphis.

Poutasse’s address is titled “America’s Lost Decade of Growth: How We Got Here, Where We Stand and What May Come Next.” Poutasse will discuss the challenge of making sense of the U.S. economy’s bumpy ride over the past decade.

He also will explore how a housing bubble was transmitted into the financial system, how to rebuild the U.S. financial system “on the fly” and how commercial real estate became infected, as well as what has been learned from previous financial crises and what 2010 and beyond has in store.

This event will be Thursday from 9 a.m. to 11 a.m. at the U of M’s FedEx Institute of Technology. The speech is open to the public and registration begins at 8:30 a.m.

More information, including registration fees, is available at the Web site, memphis.uli.org, or by calling ULI’s customer service at 1-800-321-5011 or ULI Memphis coordinator Andrew Trippel at 568-4423.

Tax Lien Filed Against Schaefer Sash & Door

The Tennessee Department of Revenue has placed a state tax lien against Cordova-based Schaefer Sash & Door Co.

The business was closed on Monday, and attempts to contact representatives of the company were not successful by press time. Schaefer Sash & Door Co. is a defendant in separate lawsuits filed by Vision Products Industries Ltd. in April and by Hood Industries Inc. in March, according to The Daily News Online, www.memphisdailynews.com.

The company also had a judgment filed against it in March on behalf of Interstate Plywood Co.

Gold Strike Parent Releases Q1 Earnings

The two Mississippi casinos owned and operated by MGM Mirage, Gold Strike in Tunica and Beau Rivage in Biloxi, had net revenues of $123.8 million for first quarter 2009, compared to $134.2 million for the same period a year ago.

The casinos’ parent company released its earnings report on Monday after the markets closed. The company earned $105.2 million compared to $118.3 million during the first quarter a year ago.

The results for the first quarter included a one-time gain from selling the Treasure Island hotel and casino in Las Vegas. The company, which is burdened by debt, also has its Mississippi and Michigan properties on the market, according to published information.

The company reported it is close to announcing how it will be restructured to improve its balance sheet. Jim Murren, the company’s chairman, said those details could be announced later this month or in early June.

MEM Unveils $8 a Day Economy Parking

Memphis International Airport has officially converted its west parking lot into an “economy lot” featuring $8-a-day rates.

The west lot is to the right of the airport roadway just before motorists drive to the terminal for drop-off or pick-up. The lot had been used as a long-term, full-price parking lot. The west economy lot features airport security and shuttle service to and from the terminal every six to 10 minutes. The lot accepts credit cards only.

“In today’s fast-paced environment, air travelers need services to be as convenient as possible,” said Larry Cox, president and CEO of the Memphis-Shelby County Airport Authority, in a statement. “With the conversion of our west lot into an $8 lot, travelers can now experience the convenience and safety of on-airport parking, at a price point that they have only seen on distant off-airport shuttle lots in the past.”

The new economy lot was designed to enhance convenience at the airport. Other examples include the cell phone lot, which gives anyone picking up passengers a place to wait without parking or circling the airport.

Senate Sponsor Halts Wine in Supermarkets Bill

The Senate sponsor of a proposal to allow supermarkets in Tennessee to sell wine has formally withdrawn the bill from consideration for the year.

State Sen. Bill Ketron said the proposal had drawn strong support among consumers, but also had strong opposition. The Murfreesboro Republican said he planned to bring the bill back up in next year’s session.

Ketron said a special joint House and Senate committee will study ways to improve the legislation after this session ends.

Opponents have raised concerns about the impact on existing liquor store owners or expanding the availability of alcohol.

Under current state law, grocery stores can’t sell wine and liquor stores can’t sell beer.

Ten Memphis Advertising Cos. Rack Up ADDY Awards

Ten Memphis advertising companies were awarded ADDY Awards at the American Advertising Federation District 7 ADDY Awards show in Baton Rouge, La.

Red Deluxe won a Special Judges Award, two Gold ADDYs and a Silver ADDY. CS2 Advertising and archer>malmo each won multiple Gold and Silver ADDYs.

Gold ADDY winners also included ODEN, Tactical Magic, Combustion and Tom Martin Design. Silver ADDY winners included Counterpart Communications, Gary Golightly and Harvest.

The District awards will be handed out at the Memphis Ad Fed luncheon May 21 at the Holiday Inn-University of Memphis.

The award winners are eligible to compete in the AAF National ADDY Awards competition, which will be judged in May. The winners of the national competition will be announced June 6 at a gala in Washington.