VOL. 127 | NO. 18 | Friday, January 27, 2012
Foreclosure Notice Filed for University Cabana
University Cabana Apartments in North Memphis might be headed for a foreclosure auction. An affiliate of Miami-based loan servicer LNR Partners LLC has run a first-run foreclosure notice for the apartment complex at 2059 Vollintine Ave., owned by University Apartment Associates LLC.
The full notice can be read in the foreclosures section of the Friday, Jan. 27, Daily News print edition and at www.memphisdailynews.com.
The foreclosure process began after University Apartment Associates defaulted on 2002 loan for $7 million through UBS Warburg Real Estate Investments Inc., according to the notice. That loan was transferred three times, most recently in December to LBUBS 2002-C4 Cabana Circle LLC.
University Cabana Apartments is a 488-unit Class C complex built in 1965. It sits on 26 acres north of Vollintine Avenue east of University Street in Vollentine Park subdivision.
It uses the address 2059 N. Cabana Circle, and the Shelby County Assessor’s 2011 appraisal is $4.4 million.
LNR Partners is a subsidiary of LNR Property LLC, the world’s largest commercial mortgage special servicer. Throughout 2011, LNR was involved in a number of high-dollar Memphis property acquisitions and dispositions.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Nucor Memphis Plant Part of 2-Year Expansion
The Memphis Nucor Corp. steel plant will be part of a two-year, $290 million effort by the Charlotte-based company to expand its production of special bar quality and wire rod.
The company is increasing its capacity to produce both at its plants in Memphis, Norfolk, Neb., and Darlington, S.C., citing its belief that the SBQ market will continue to grow in the coming years.
The expansion plans also include upgraded quality inspections capabilities. Nucor’s goal is to complete each of the projects by the end of 2013.
– Bill Dries
Former French Quarter Hotel to Become Comfort Suites
The site of the abandoned French Quarter Suites Hotel is under contract to be purchased by a different ownership group than the one that recently planned to develop an upscale five-star hotel there. The Memphis Regional Design Center announced the news to its members via email and Facebook Wednesday, Jan. 25.
Built in 1984, the 77,866-square-foot hotel at the northeast corner of Cooper Street and Madison Avenue closed its doors in July 2008. There are five owners, including local attorney Donald Pemberton.
“I don’t really know what (the new owners’) plans are for the site,” Pemberton said. “We have a contract with them, I can’t tell you their names. It’s two individuals whose family is in the hotel business, and it’s my understanding they’re going to convert it into a Comfort Suites, and that’s basically all I know at this point.”
Ron Kirkpatrick, another one of French Quarter’s owners, vowed in December to redevelop the vacant building into “a four- or five-star hotel and day spa,” contingent upon Memphis City Council’s approval of $16 million in city funds for a parking garage and detention pond in Overton Square. He said the $10 million to $12 million project would create 125 jobs.
Save Overton Square and the Midtown Action Coalition have asked for a public meeting to meet the new owners and hear the plans for the site. The new prospective buyers have agreed to meet at Memphis Heritage’s Howard Hall, 2282 Madison Ave., on Wednesday, Feb. 1, at 6 p.m.
– Sarah Baker
Law Institute Will Examine Scandals Involving Children
The 25th annual Rhodes Institute on the Profession of Law this year will discuss “Beyond the Church and Penn State Scandals: Protecting our clients while protecting our children.”
The program will provide an overview of the civil liability faced by organizations when child sexual abuse accusations surface. It will examine recent cases involving religious groups, educational institutions and businesses. The program will also look at when allegations rise to the level requiring attention from law enforcement, among other issues.
Panelists include Shelby County District Attorney GeneralAmy Weirich; Robert Schnack, a partner with the Sacramento office of Jackson Lewis LLP; James Stock, partner with the Memphis office of Jackson Lewis; Dr. Catherine Collins, director of Clinical Services for The Exchange Club Family Center; and FBI Special Agent Stephen Lies, who also serves on the Shelby Country Crimes Against Children Joint Task Force.
The event is sponsored by Burch, Porter & Johnson PLLC; Commercial Bank and Trust; and Jackson Lewis.
– Andy Meek
Memphis Orgs in Running for National Arts Grants
Three Memphis organizations have been named finalists for ArtPlace’s Creative Placemaking Grant.
Ballet Memphis, Memphis Symphony Orchestra and Community L.I.F.T./Memphis Music Magnet are in the running for funding from ArtPlace – a Chicago-based, private-public collaborative that expects to distribute $15 million in grants this year.
ArtPlace is comprised of nine of the nation’s top foundations, six of the largest banks and eight federal agencies, including the National Endowment for the Arts. The collaborative, whose president is former Memphian Carol Coletta, supports creative place-making with grants and loans, research and advocacy.
The selected projects are chosen from more than 2,000 applications from across the country based on their potential to have a transformative impact on community vibrancy.
Proposed projects include temporary art spaces, permanent performance venues, music festivals, art walks, streetscaping and artist residencies.
Grant recipients will be announced in May. Last year, 34 organizations together received $11.5 million for their projects.
The full list of finalists can be found at www.artplaceamerica.org/2012finalists.
– Aisling Maki
Stax, Grizzlies Pair for Online Auction
The Soulsville Foundation and the Memphis Grizzlies will hold its second annual online Staxtacular auction to benefit the Stax Music Academy Wednesday, Feb 1.
The auction will include items from the music, sports and entertainment worlds. Some of the items will be reserved for the live auction.
Auction items can be found at www.biddingforgood.com/staxtacular.
The online auction will lead up to the foundation’s annual fundraiser, Staxtacular, which will be held Feb. 11 at 7 p.m. at the Stax Museum of American Soul Music, 926 E. McLemore Ave.
The fundraiser will include live and silent auctions, music by the DMP Band, food and drinks and will feature Grizzlies players Marc Gasol and Mike Conely, Zach Randolph and Rudy Gay.
Last year, the Staxtacular auction raised more than $20,000.
– Taylor Shoptaw
Report: Taxpayers Still Owed $133B From Bailout
Companies that were bailed out during the financial crisis still owe U.S. taxpayers nearly $133 billion. Treasury’s plans to recoup that money have been slowed by the volatile stock market and weakness among smaller banks.
Some of the money will never be recovered.
That’s the conclusion of the acting inspector general for the government’s financial bailout. Some bailout programs, like the effort to reduce home foreclosures, will last as late as 2017, the inspector general said. Those programs could cost an additional $50 billion or more.
Among the largest bailed-out companies, American International Group Inc. still owes taxpayers around $50 billion, General Motors Co. owes about $25 billion and Ally Financial Inc. about $12 billion.
The 371 banks that still owe money include Regions Financial Corp., which owes $3.5 billion.
After the 2008 financial crisis, Congress authorized $700 billion for the bailout of financial companies and automakers, called the Troubled Asset Relief Program, or TARP. About $413 billion was lent. So far, the government has recovered about $318 billion, or about 77 percent of it.
– The Associated Press