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VOL. 126 | NO. 121 | Wednesday, June 22, 2011

Daily Digest

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'Emerald' Apt. Complexes Face Foreclosure Sales

Three apartment complexes that sold in March for $10 million are now facing foreclosure sales, according to first-run foreclosure notices in the Wednesday, June 22, Daily News. Bellevue, Wash.-based Emerald Apartment Group LLC in March bought Emerald Square Apartments at 6100 Knight Arnold Road Extended for $4.1 million, Emerald Pointe Apartments at 3338 Summer Place Lane for $2.6 million and Emerald Park Apartments at 3350 Hickory Hill Road for $3.3 million.

The sellers were three Georgia-based entities.

Emerald Apartment Group – whose managing entity is Wilson Management Inc. – financed the properties through Protective Life Insurance Co. in three March 18 transactions: Emerald Square for $3.7 million, Emerald Pointe for $2.3 million and Emerald Park for $3 million. The loans were scheduled to mature in March 2037.

Now Protective Life is foreclosing on the complexes for defaulting on those loans, according to the foreclosure notices.

Emerald Square Apartments is a 97-unit complex built in 1974. It sits on 11.9 acres on the north side of Knight Arnold west of Ridgeway Road. The Shelby County Assessor’s 2011 appraisal is $4.2 million.

Emerald Pointe Apartments is a 92-unit complex built in 1975. It sits on 7.5 acres on the west side of Hickory Hill Road south of Knight Arnold Road. The complex uses the address 3338 Summer Place Lane, but the assessor lists it at 3315 Hickory Hill Road. Its 2011 appraisal is $3.2 million.

Emerald Park Apartments is a 157-unit complex built in 1973. It sits on 14.9 acres on the east side of Hickory Hill south of Knight Arnold. The assessor’s 2011 appraisal is $3.5 million.

The foreclosure sales are slated for July 15 at noon at the Adams Avenue entrance of the Shelby County Courthouse, 140 Adams Ave.

Read the full text of the foreclosure notices in the Foreclosures section of Wednesday’s Daily News or at www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Kate Simone

McKinley Park Opening to be Held Saturday

A grand opening of the McKinley Park subdivision and the homeownership phase of the 30-home Hope VI development will be held Saturday, June 25, from 11 a.m. to 1 p.m. at the Downtown subdivision, 679 E. Georgia Ave.

Robert Lipscomb, director of the Memphis Division of Housing and Community Development and executive director of the Memphis Housing Authority, will speak at the ceremony.

Following the ceremony, guests can tour two model homes and learn about purchasing homes.

The subdivision was designed by Self Tucker Architects and developed by McCormack Baron Salazar in partnership with Community Capital.

The first 10 homes feature the Georgia Cottage plan and are being complete and currently up for sale.

When completed, the McKinley Park development will consist of 30 three- and four-bedroom homes. Home prices have been reduced, with the help of federal grant money through the Memphis Division of Housing and Community Development, to range from $95,000 to $120,000, and most homes will be between 1,400 square feet and 2,240 square feet.

Additionally, the City of Memphis will provide $10,000 in down-payment assistance for qualified buyers.

For more information, call Charlestine Mitchell of Lawrence Johnson Realtors at 345-1600.

– Taylor Shoptaw

Duncan-Williams Race to Benefit Clean Water Network

Memphis-based investment banking firm Duncan-Williams Inc. will host a Dragon Boat Race on the Mississippi River to benefit the Tennessee Clean Water Network.

The race is scheduled for Sept. 24, but Duncan-Williams will hold a Dragon Boat Demo Day from 2 p.m. to 5 p.m. July 15 at Mud Island River Park. The demo will give Memphians the opportunity to learn about the fast-growing water sport enjoyed by more than 50 million people in 63 countries. Attendees are invited to paddle a dragon boat and learn more about the inaugural benefit race in September.

Teams made up of 20 paddlers, a drummer and a steersperson will race in authentic 46-foot-long dragon boats. All ages and skill levels can participate, making dragon boat racing a team-building sport.

Visit www.memphis.racedragonboats.com to learn more.

– Aisling Maki

XMC Awarded Territories in Chattanooga & N. Georgia

The Xerox Corp. announced that Memphis-based XMC Inc. has been awarded new territories in Chattanooga and North Georgia. With the expansion, XMC will now serve an additional five counties in Southeast Tennessee and a seven-county North Georgia territory.

XMC’s services now stretch from Little Rock to East Tennessee, including key markets in northern Mississippi and Alabama.

XMC began as a subsidiary of an office-supply company serving only Jackson, Tenn., and rural West Tennessee. Today, XMC has grown to be the second-largest Xerox dealer in the United States.

XMC provides sales, leasing, service and supplies, including printers, digital presses, digital copiers and full document-solution systems. Xerox products are designed for both offices and production-printing environments.

XMC has won some of the highest national awards from Xerox, including Premier Plus status, the Gold Award of Excellence, President’s Club and Superior Service Award. Most recently, XMC Inc. was named a Star Seven Top Performer.

– Houston Cofield

'Test Drive' Seats at Orpheum Open House

The Orpheum Theatre will host an open house Thursday, June 23, from 10 a.m. to 6 p.m., where customers have the opportunity to “test drive” seats before they purchase season tickets for the 2011-2012 Broadway Series.

The open house will also offer an exclusive backstage tour, which will begin every hour on the hour. Patrons will receive a behind-the-scenes tour of the star dressing room, orchestra pit, the wall of fame and more.

Those who choose to buy season tickets Thursday will receive six tickets for any movie held at The Orpheum’s 2011 Summer Movie Series.

This Orpheum’s open house is free to attend. For more information on becoming a season ticket holder, please contact the Orpheum box office (525-3000) or the ticket counter at The Booksellers at Laurelwood. For additional information on the Orpheum’s Summer Movie Series, visit The Orpheum Theatre’s website at www.orpheum-memphis.com.

– Houston Cofield

Germantown Athletic Club to Update Fitness Room

The Germantown Athletic Club will begin renovations for its lower-level fitness area beginning Friday, June 24.

The update will include new weight and cardio equipment from FreeMotion Fitness, Nautilus and Precor.

The fitness area will be closed during the renovation and, to allow for as little disruption as possible, equipment will be moved into the gym and available for members beginning Saturday, June 25.

All other areas of the club will operate as usual, with normal business hours throughout the transition.

The fitness area is scheduled to reopen in mid-July.

– Taylor Shoptaw

Interim Restaurant To Host Wine Dinner Thursday

Interim Restaurant & Bar will host a “Tallulah Wine Dinner” Thursday, June 23, at 5040 Sanderlin Ave.

The event begins at 6:30 p.m. and will be a four-course meal from executive chef Jackson Kramer: The first is scallops, second is quail, third is beef culotte and fourth is chocolate mousse with blueberry reduction.

Mike Drash, owner of Tallulah Wines and co-host of the event, is a native Memphian who has since made California his home and fine wine his trade. Tallulah focuses on single-vineyard wines, such as grenache syrah mouvedre and sauvignon blanc, from sustainable and organic vineyards in Northern California and Oregon.

The cost is $65 per person before tax and gratuity. Seating is limited. Reservations can be made by calling 818-0821.

– Sarah Baker

PROPERTY SALES 51 334 9,936
MORTGAGES 41 330 10,946
BUILDING PERMITS 348 1,216 22,173
BANKRUPTCIES 43 348 6,311