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VOL. 128 | NO. 9 | Monday, January 14, 2013

Daily Digest

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Foreclosure Notice Filed on Jamesbridge Apartments

A first-run foreclosure notice has been filed against the owner of the 432-unit Jamesbridge apartments at 3689 James Road in Raleigh.

The notice can be found in the Jan. 14 print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

Jamesbridge Group LLC, the owner of the sprawling property, defaulted on a $13.5 million loan through Lehman Brothers Bank FSB dated Sept. 21, 2006. The deed is now owned by LaSalle Bank NA.

This is the second foreclosure notice filed on the property for the same loan. Then-deed holder Bank of America brought foreclosure proceedings against Jamesbridge Group in 2009.

Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.

The Jamesbridge sits on 29.76 acres on the south side of James Road in Raleigh. Its addresses are listed as either 3689 James Road or 3815 Advantage Way Drive, between Jackson Avenue and Highland Road.

The complex contains 351,020 square feet and is dotted with lakes and pedestrian bridges. Its 2012 appraised value is $6.4 million, according to the Shelby County Assessor of Property.

Built in 1986, the complex has 24 three-story buildings, each with 18 one- and two-bedroom units. It also has a clubhouse/office building and swimming pool.

Jamesbridge Group bought the property in 2006 for $15.7 million from Jamesbridge Associates LP, financing it with the loan now in default.

The lender on Jan. 10 appointed R. Spencer Clift of the law firm Baker, Donelson, Bearman, Caldwell & Berkowitz PC as substitute trustee. Clift will conduct the substitute trustee’s sale Feb. 15 at noon on the steps of the Shelby County Courthouse.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Boyle Investment Co. Promotes Seven Executives

Boyle Investment Co. has promoted seven senior level executives.

Paul Boyle has been promoted to president, replacing Henry Morgan, who served as Boyle’s president from 1985 to 2012, and will now serve as co-chairman with Bayard Boyle Jr. This marks a major change for Boyle, as Paul Boyle represents the third generation of the family taking over as president, where he will oversee all company operations.

Mark Halperin has been promoted to executive vice president and chief operating officer. Halperin will continue to lead the Boyle Memphis office leasing, development and sales team, and as chief operating officer, will help direct company operations, including strategy and personnel.

Bayard Morgan, Henry Morgan Jr. and Cary Whitehead have been promoted to executive vice president. Bayard Morgan and Henry Morgan will continue to serve on Boyle’s executive committee and board of directors, work directly with senior department managers and approve strategic direction and major decisions of the company. Whitehead has both development and financial responsibilities heading Boyle’s retail development for the Memphis office and also mortgage finance.

Phil Fawcett has been promoted to chief manager of the Nashville office and will be responsible for overseeing all Nashville-based developments and personnel policies.

– Sarah Baker

School Closings Meetings Move to Orleans Elementary

Memphis City Schools officials host the next in a series of meetings on proposed school closings Tuesday Jan. 15 at Orleans Elementary School, 1400 McMillan St., from 5:30 p.m. to 7 p.m.

Orleans is one of four elementary schools the countywide school board is considering closing. Its 169 students would be transferred to Lincoln Elementary School starting with the next school year.

The other three elementary schools proposed for closing next school year are Coro Lake, White’s Chapel and Norris Elementary – none with more than 200 students attending them.

The board is scheduled to vote on the recommendation in March.

Meanwhile, the board has already approved the closing of Humes Middle School at the end of the current school year to reopen in August as a new optional school for the musical arts.

The board voted Thursday, Jan. 10, to rename the North Memphis school Bravo Academy.

– Bill Dries

Memphis Habitat Promotes Super Bowl Fundraisers

Habitat for Humanity of Greater Memphis invites Memphians to participate in the ninth annual MX Sales Coach “Home Team Huddle” fundraising event Feb. 3 during the Super Bowl.

Participants are asked to host a “Super Sunday” party and collect donations for Memphis Habitat during halftime. All proceeds go directly to the local affiliate and help further its mission of eliminating substandard housing in the Memphis community.

Memphis Habitat’s 2013 Home Team Huddle goal is to raise $15,000.

All party guests and hosts are eligible to win the grand prize getaway – two tickets to an NFL game of their choice from MX Sales Coach, two Delta SkyMiles vouchers and a two-night stay at a Hilton hotel.

Party hosts who sign up by Jan. 30 will get a Home Team Party Pack to help promote and build excitement around the parties.

For more information or to sign up to host a party, visit www.memphishabitat.com or contact Amy Paul at 322-3517 or apaul@memphishabitat.com.

– Andy Meek

US Budget Deficit Grows by $260 Million

The U.S. annual budget deficit is on track to reach $1 trillion for a fifth straight year, though government revenue jumped last month as people paid some taxes early to avoid higher rates in 2013.

The Treasury Department said Friday that the federal deficit grew just $260 million in December. But for the first three months of the budget year, the deficit widened to $292 billion.

In December, tax revenue rose 12 percent to $270 billion. Spending fell 17 percent to nearly the same amount.

The budget year begins on Oct. 1. The size of the annual deficit will hinge, in part, on how Congress and the White House resolve a debate over raising the nation’s borrowing limit. Republicans are demanding deep spending cuts in return for any increase.

The deficit, in simplest terms, is the amount of money the government has to borrow when revenues fall short of expenses. The monthly figures are volatile and can be affected by calendar quirks that shift payments from one month to another.

– The Associated Press

Tennessee Flu Season Hitting its Stride

Flu season is hitting its stride but it’s not too late to get vaccinated. Many county health clinics are even offering the vaccine for free.

Dr. Kelly Moore, the medical director of the Tennessee Immunization Program, said flu season usually peaks in January or February.

“The south-central and southeastern U.S. are seeing a lot of flu right now,” she said. “This is the area of the country that is hardest hit right now.”

The flu season can even extend into April or beyond. In 2009, the health department continued to see flu throughout the summer.

“One of the challenges is that there’s a real drop-off of people getting flu vaccines after Thanksgiving,” Moore said. Although there may be many reasons for the drop off, Moore said one of those is that “people often, in their minds, think it’s too late.”

The vaccine is especially important for people who run a high risk of developing serious complications. That includes pregnant women, children under 2 years old and adults aged 65 or older. The last group accounts for 90 percent of the deaths from seasonal flu each year, Moore said.

And Moore warned that unvaccinated people who already experienced flu-like symptoms this year should not assume they are out of danger. They may have had a bad cold or some other illness. Even if it really was the flu, Moore said, “the vaccine is not going to hurt you.”

And for those who are afraid of needles, a nasal spray is available for healthy children and adults between ages 2 and 49. For anyone 18-64, there’s also a vaccine that can be given with a short needle that goes just under the skin.

– The Associated Press

PROPERTY SALES 72 72 3,149
MORTGAGES 62 62 2,162
BUILDING PERMITS 476 476 7,527
BANKRUPTCIES 30 30 1,772