University Cabana Sells for $2.9M in Foreclosure

The 488-unit University Cabana Apartments in North Memphis has been bought back by its most recent lender, an affiliate of Miami-based loan servicer LNR Partners LLC, after going into default last year.

LBUBS 2002-C4 Cabana Circle LLC’s $2.9 million buyback occurred this spring, but documents weren’t filed with the Shelby County Register of Deeds until late last week.

University Cabana, a Class C complex built in 1965, is on 26 acres at 2059 Vollintine Ave., north of Vollintine Avenue and east of University Street in Vollentine Park subdivision. It uses the address 2059 N. Cabana Circle.

The Shelby County Assessor of Property’s 2012 appraisal is $4.4 million, unchanged from the property’s 2011 appraisal.

The foreclosure process began after owner University Apartment Associates LLC 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 LNR’s LBUBS affiliate. Foreclosure notices ran in The Daily News in January and February, but the sale was postponed to the next month.

LNR Partners is a subsidiary of LNR Property LLC, the world’s largest commercial mortgage special servicer. The company has been involved in a number of high-dollar property acquisitions and dispositions in the Memphis area.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Electrolux Inks Deal With Integrated Solutions

Memphis-based Integrated Solutions will provide the equipment for the assembly line and conveyance systems at the new Electrolux plant in southwest Memphis.

Electrolux announced the equipment contract Monday, June 11.

The Integrated Solutions contract is worth $5 million and Integrated Solutions will work with Hytrol Conveyors and IAC on the project. Work on the five assembly lines begins immediately.

– Bill Dries

Bradley Law Firm Gets a New Home

The Bradley Law Firm PLLC has moved its office from East Memphis to Germantown.

The firm has moved to the Bradley Law Building at Corporate Gardens, 3107 E. Corporate Edge Drive in Germantown. It replaces the firm’s old digs at 606 South Mendenhall Road in the Collier Insurance Building.

Areas of the firm’s practice include wills and trusts, probate, VA pension planning, corporate law and real estate.

J. Anthony Bradley is a VA-accredited attorney in the area of aid and attendance pension improvement for veterans of World War II, the Korean War, and the Vietnam War who are more than 65 years old or their surviving spouses.

– Andy Meek

Verso Says Minnesota Mill Down for Months

Memphis-based Verso Paper Corp. will be working in the coming months with alternate suppliers to make up for the loss of 5,000 tons of finished paper as well as other inventory destroyed in a May 28 fire at its mill in Sartell, Minn.

One person died and four others were injured in the blaze that heavily damaged the warehouse for the mill, the electrical system and other inventory.

In its first statement on the damage Thursday, June 7, Verso executives said the mill’s paper machine did not appear to be damaged. But they are examining the machine and other infrastructure as well as investigating the cause of the fire.

The complete assessment of the equipment is expected to take several months and Verso will then make a decision on the future on the mill.

Verso produces coated papers, including coated groundwood and coated freesheet, as well as specialty products for the North American market.

– Bill Dries

Commercial Advisors Hires, Promotes Associates at Firm

Cushman & Wakefield/Commercial Advisors Asset Services LLC has promoted Phil Dagastino to senior vice president of office leasing. Dagastino has been with the firm since January 2008.

Commercial Advisors Asset Services also recently hired Patrick Walton as vice president, responsible for leasing Willow Lake and Corporate Park, a portfolio that consists of 1.5 million square feet. Walton also oversees leasing and management of 5461 Davidson Road, the 900,000-square-foot space in Southeast Memphis that was vacated by Hamilton Beach Brands Inc. in July 2011.

Also joining Commercial Advisors Asset Services is Anna Tranum as senior associate. Tranum, who was formerly with CB Richard Ellis Memphis, is working on the firm’s new leasing assignment of In-Rel Properties Inc.’s Memphis office portfolio, which totals more than 1.3 million square feet.

And Elizabeth Humphreys has joined Commercial Advisors Business Services as senior associate. Humphreys had stints with Ernst and Young, Henry Turley Co. and owning her own full-service interior design firm before joining Commercial Advisors to work on local and multi-market accounts with principal Kemp Conrad.

– Sarah Baker

Isom Sentenced in Chancery Court Embezzlement Case

The outside man in a Chancery Court embezzlement scheme has been sentenced to three years and 10 months in federal prison for his part.

Correy Isom was sentenced Friday, June 8, by U.S. District Court Judge Jon P. McCalla on one count each of conspiracy, theft of federal funds and money laundering. Isom pleaded guilty to the three counts in late 2011.

In addition to the prison time, Isom was ordered to pay more than $1 million in restitution.

The scheme involving Isom and Brandon Gunn, an accounting technician in the Chancery Court Clerk’s office, netted them more than $1 million. Gunn was stealing money from the sale of delinquent tax property by the county that was due to the owners of the property once their back taxes had been paid.

Gunn would funnel the money from accounts in the clerk’s office to businesses and he and Isom set up. From there the money went directly to Gunn and Isom.

Gunn pleaded guilty to charges in October and was sentenced to four years in prison.

– Bill Dries

Methodist Launches Diabetes Alert Program for Drivers

Methodist Germantown, Methodist University and Le Bonheur Children’s Hospital are participating in a new community program designed to help law enforcement officers identify drivers who may be experiencing diabetes-related symptoms.

The program was designed to educate officers about diabetes-related symptoms, which often resemble intoxication. The program will help officers distinguish between the two.

To participate, patients with diabetes must first obtain a prescription form from their physician identifying them as having diabetes. The prescription can then be submitted to a designated Methodist diabetes treatment center for a special vehicle “Diabetes Alert” sticker to be placed on the inside left corner of the driver’s side rear window.

A copy of the prescription will be returned to the patient to be kept in the vehicle at all times to be presented to law enforcement officers as needed.

Through the program, health officials will also provide area law enforcement officers additional information about diabetes, including information cards that not only clearly identify diabetes-related symptoms but also detail appropriate actions to better protect the health of the individual.

– Aisling Maki

US Internet Advertising Spending Hits $8.4B in Q1

An advertising industry group says revenue from Internet advertising in the U.S. hit $8.4 billion in the first three months of the year.

That’s the highest for the first quarter, up 15 percent from $7.3 billion in the same period last year.

The record for any quarter is $9 billion in the final three months of 2011.

Record-setting numbers are a common occurrence, as more advertisers turn to websites and mobile apps, where they can target their pitches more precisely than traditional channels.

– The Associated Press