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VOL. 127 | NO. 78 | Friday, April 20, 2012

Daily Digest

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Villas at Cordova Sells for $19.3M

Los Angeles-based investment fund QVT Mount Auburn Capital LP, working under the name Memphis Villas LLC, has bought The Villas at Cordova apartments for $19.3 million – $5 million more than the complex sold for in foreclosure last year.

Seller GECMC 2006-C1 Prestine Loop LLC, an affiliate of special service lender LNR Partners LLC, paid $14.2 million in May for the Class A complex at 8546 Prestine Loop.

Built in 2003, the Villas at Cordova – which the Shelby County Assessor of Property lists at 8341 Macon Road – contains 256 units and 345,883 square feet, and sits on 17.29 acres at the intersection of Macon and Cully roads. The assessor’s 2011 appraisal was $18.1 million.

QVT Mount Auburn Capital buys both performing and non-performing loans and assets directly from lenders and equity owners. Once acquisitions are complete, QVT focuses on “intensive management” and holds properties in its portfolio for as long as eight years, according to the company.

LNR Partners is a subsidiary of Miami-based LNR Property LLC, the world’s largest commercial mortgage special servicer. An LNR Partners-related entity sold the 252-unit Colonnade at Germantown apartments for $23.1 million in early April; it bought that complex for $17.1 million in December.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Election Commission Certifies Aug. 2 Ballot

The Shelby County Election Commission has certified the ballot for the Aug. 2 election cycle, which features nonpartisan races for countywide schools board and Millington mayor and aldermen as well as state and congressional primaries.

The vote Wednesday, April 18, confirms five incumbents are effectively elected to new terms because they are unopposed.

The unopposed incumbents are state Reps. Mark White, Karen Camper, Lois DeBerry, Curry Todd and Jim Coley as well as countywide school board chairman Billy Orgel.

Seven of the legislative races will be decided with the August primaries. In those races there are no candidates in the other party’s primary or independent candidates.

All 16 of the state House incumbents in the Shelby County legislative delegation to Nashville are seeking re-election to 14 seats.

Two existing seats were eliminated from the Shelby County delegation in the once-a-decade redistricting process. So was one of the state Senate seats in Shelby County.

– Bill Dries

Sterick Building Gets Upgrades

The Sterick Building at 8 N. Third St. and Madison Avenue is getting some much-needed renovations from its owner.

“They’ve committed to do some repairs and maintenance in the near term and they’re looking at potential long-term development plans,” said Paul Morris, president of the Downtown Memphis Commission.

The Sterick, named after its original owners R.E. Sterling and Wyatt Hedrick, has stood vacant since the 1980s.

The DMC in 2006, then-called Center City Commission, placed the 29-story Sterick Building on its list of “Top Ten Center City Redevelopment Sites,” and bumped it up as the No. 1 priority when it revamped the list in fall 2009. Other properties included were Sears Building at 495 N. Watkins St. and Nylon Net Building at 7 Vance Ave.

The Shelby County Assessor of Property lists the owner as The Sterick LLC – an entity of AXA Equitable Life Insurance Co. – in care of Freeman Real Estate Co. The Assessor’s 2011 appraisal of the Class D, 350,883-square-foot tower was $267,100.

When the Sterick Building opened in 1930, it was the tallest building in the South. The Gothic-style tower is on the National Register of Historic Places.

– Sarah Baker

Bill to Drug Test For Tenn. Welfare Advances

The sponsor of a proposal to drug test people as a condition for receiving welfare says he believes an amended version of his legislation will withstand legal challenges.

The measure sponsored by Republican Sen. Stacey Campfield of Knoxville was approved 8-3 in the Senate Finance Committee on Thursday, April 19.

Campfield’s proposal differs from original legislation that the state’s attorney general opined was constitutionally suspect. That measure would have drug tested applicants who had been convicted of using drugs within five years.

The opinion said that approach would violate the constitutional rights of applicants who have a right not to be drug tested unless there is suspicion that they are taking illicit drugs.

Under the amended version, new applicants would undergo a special screening process. If suspicion is raised after the screening, then the applicant would be drug tested.

“Before there were some questions,” Campfield said. “Now ... it’s all suspicion based, which is what they’ve said is constitutional.”

The state Department of Human Services will be responsible for developing the screening tool. A person who tests positive for drug use after the screening will be given an opportunity for treatment.

If the individual refuses treatment, then he or she will be ineligible for benefits for six months. Recipients who fail the drug test three times will lose their benefits for a year.

The governor’s office had opposed the original bill, but an administrative official told the committee on Thursday that the administration defers to the will of the Legislature on the new version.

State officials said they plan to set up a pilot program next year, and hope to screen and drug test applicants statewide by 2014.

– The Associated Press

Downtown Preps For Bike to Work Day

Downtown Memphis will celebrate national Bike to Work Day May 18 for the third consecutive year.

For the celebration, the Downtown Memphis Commission is partnering with the Shelby County Health Department Pollution Control Section to present the 2012 Bike to Work Championships for the three companies with the highest numbers of registered participants.

Online registration is available at www.downtownmemphis.com/biketowork. Each organization vying for the championship will confirm its participation by posting a group photo to the Bike to Work Downtown Memphis Facebook page by 10:30 a.m. on May 18.

More than 300 Downtown residents and employees participated last year.

– Andy Meek

Vatterott College Enrolling for Medical Programs

Vatterott College is enrolling students for its new Medical Assisting Professional diploma program and the Medical Assistant with Office Management degree at its Memphis campuses, at 2655 Dividend Drive and 6991 Appling Farms.

The Medical Assistant professional diploma program is a 40-week course with training in medical terminology, anatomy and physiology, medical law and ethics, pharmacology, medical billing and coding. The program equips students with the skills for employment in both the administrative and clinical areas of the medical assistant field.

The Medical Assistant Office Management degree program is a 70-week degree course designed to educate in medical assisting with a separate and additional focus on office management. Students will be trained for medical assisting with additional courses in human resources, HIPPA and OSHA regulations, accounting and insurance billing. After graduation, students can expect to work in private medical offices, medical clinics and hospitals.

– Aisling Maki

Cash Withdraws From NC Superintendent Job

Memphis City Schools chief Kriner Cash has withdrawn from consideration for the school superintendent position in Charlotte, N.C.

Memphis City Schools spokesman Quintin Taylor confirmed Thursday that Cash has withdrawn from the race to head Charlotte-Mecklenburg Schools.

Cash’s withdrawal was first reported by the Charlotte Observer. Cash had been a finalist for the position.

Memphis City Schools is in the process of planning its merger with the Shelby County school system in 2013.

– The Associated Press

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047