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VOL. 126 | NO. 194 | Wednesday, October 5, 2011

Daily Digest

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Foreclosed Medical Bldg. Sells for $1.2 Million

A medical high-rise office building at 220 S. Claybrook St. has been bought at a foreclosure sale by lenders 220 South Claybrook Street LLC and UM Holdings IV LLC for $1.2 million after the property went into default. The original borrower was A. Roy Tyrer Jr.

Tyrer took out a $1.7 million loan through Standard Insurance Co. in August 2004 with a maturity date of October 2014. The loan was assigned in 2004 and 2011 before being assigned to 220 South Claybrook Street LLC and UM Holdings IV LLC.

The building is a 51,667-square-foot, seven-story, class C medical office building built in 1960. It is on 0.8 acres on the northeast corner of South Claybrook Street and Eastmoreland Avenue in Overton Block 9 development.

The building was sold at auction Sept. 2, at which time 220 South Claybrook Street LLC bought a 51 percent interest and UM Holdings IV LLC bought a 49 percent interest. The two lenders share a Hillsboro, Ohio, address.

The Shelby County Assessor of Property’s 2011 appraisal is $953,700.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Baptist Medical Group Acquires 3 Clinics

Baptist Memorial Medical Group, an affiliate of Baptist Memorial Health Care Corp., has acquired three primary-care clinics: Cary M. Finn and Associates, The Light Clinic PC and Memphis Internal Medicine PLLC.

Cary M. Finn and Associates was founded by board-certified internal-medicine physician Dr. Cary Finn, who has practiced medicine in the Memphis area for 25 years. Finn and three family nurse practitioners will continue to practice at the clinic, which is now called Baptist Memorial Medical Group-Finn Medical Associates.

The Light Clinic was founded by Dr. William Light in 2000. The clinic since has added Dr. Kerry Milligan and Dr. Graham Warr, as well as two nurse practitioners. All three physicians are board-certified in internal medicine, and Warr is board-certified in pediatrics.

Memphis Internal Medicine includes Dr. Frederick Pelz, Dr. Mohan Gehi, Dr. William Rawlinson and Dr. David M. Sharfman. Each is board-certified in internal medicine, and Pelz and Gehi are also board-certified in geriatric medicine. The practice’s name is now Baptist Memorial Medical Group-Memphis Internal Medicine.

– Aisling Maki

Memphis Habitat Receives $20K From THA

Habitat for Humanity of Greater Memphis recently received $20,000 from Tennessee Housing Development Agency and Habitat for Humanity of Tennessee’s Coming Back Home Grant.

The grant will be used for home construction this fall in Trinity Park, Memphis Habitat’s neighborhood of 38 eco-friendly homes. The affiliate also received a $20,000 Coming Back Home Grant in March.

Forty-five Habitat for Humanity homes will be built across Tennessee over the next two fiscal years via Coming Back Home Grants.

The project will serve an estimated 165 adults and children. Each of those families will be responsible for paying monthly no-interest mortgage payments to Habitat for Humanity to help build more homes for families in need.

Habitat for Humanity is a nonprofit, ecumenical Christian housing ministry dedicated to eliminating poverty housing. Memphis Habitat has built 377 homes since its founding in 1983.

– John Lintner

City of Memphis Adopts Overgrown Lot Pilot Program

The city of Memphis has a $50-a-lot strategy for mowing vacant lots in eight parts of the city through community development corporations in those parts of town.

The city’s Division of Community Enhancement began working with neighborhood associations across the city this summer to identify more than 300 overgrown lots. Each association identified such lots in a 25-square-block area to clear them in one concentrated effort.

The city now has expanded the strategy to work with eight CDCs in a similar arrangement as with the neighborhood associations. The CDCs will identify lots to be cleared of brush and overgrown grass and Community Enhancement will contract with people or organizations in the neighborhood to get the lots looking presentable at a rate of $50 per lot.

The CDCs working with the city in the pilot program are Riverview-Kansas CDC, Binghampton Development Corp., Frayser CDC, North Memphis CDC, LeMoyne-Owen College CDC, Klondike Smokey City CDC, Jacob’s Ladder CDC in the Beltline area and the Airways Lamar Business Association.

“After this summer’s very active weed season, we are looking at innovative and effective ways to deal with blighted property,” said Johnnie McKay, director of Community Enhancement.

As another part of the campaign, the city began an agreement with Lifeline to Success last week for the Frayser-based program for ex-convicts to clear overgrown lots in Frayser. Lifeline had already been working in the area.

– Bill Dries

Zoo Research Dept. Receives $300K Grant

The Institute of Museum and Library Services has awarded the Memphis Zoo’s Research Department a $300,000 grant under the National Leadership Program.

This grant will fund a conservation initiative to study salamanders and research reproductive techniques that will help increase their population. Some species of salamanders, such as hellbenders, have never bred in captivity despite more than 50 years of captive husbandry.

“This award will help facilitate groundbreaking research in the area of salamander reproduction and conservation,” Memphis Zoo President and CEO Dr. Chuck Brady said in a statement.

Out of 210 applications, IMLS awarded 48 grants totaling $14.7 million. The Memphis Zoo was one of only two zoos to receive a grant.

– Sarah Baker

FedEx Express Begins India Service

FedEx Express announced Tuesday, Oct. 4, it has started a ground delivery service within India.

The day definite express delivery service is available from 116 cities to 262 cities. FedEx services on the continent already include air services to 331 destination cities.

In February, FedEx Express completed its acquisition of AFL Pvt. Ltd. and its subsidiary, Unifreight India Pvt. Ltd., which had existing route structures for express delivery within India and also worked in supply-chain management and logistics.

– Bill Dries

First Horizon Named to InformationWeek 500

First Tennessee’s parent company has been named for the third straight year to the InformationWeek 500 list of the nation’s most innovative users of business technology.

Memphis-based First Horizon National Corp. was recognized for transforming its customer relationship management system. More than a dozen relationship management systems and databases across the company were consolidated with the goal of speeding up and simplifying processes for customers and employees.

Because of the changes, new business opportunities are now more quickly directed to the best customer contact channels, ensuring quicker responses to customer service and sales leads.

– Andy Meek

Literacy Mid-South to Hold Fundraiser

Literacy Mid-South will host its Super Gala Fundraiser Oct. 21 from 7 p.m. to 11 p.m. at its office, 902 S. Cooper St.

The Super Gala will allow supporters to revisit the childhood memories of superheroes while helping further Literacy Mid-South’s mission to produce a fully literate Mid-South.

Guests are encouraged to create their best rendition of childhood superheroes from their favorite comic books and come dressed for action as the event will include a costume contest. The evening also will feature music by DJ Lil’ Eggroll, a silent auction, open bar serving beer and wine, and food catered by Celtic Crossing.

Tickets are $50 a couple and $35 an individual. To purchase tickets, call 327-6000 or visit www.literacymidsouth.org. Guests must be 21 or older to attend.

– Taylor Shoptaw

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