LR Developer Clary Facing $17 Million In Defaults; Shackleford Crossings Not in Jeopardy

by Mark Hengel  on Monday, Jun. 15, 2009 12:00 am  

Shackleford Crossings shopping center in west Little Rock is being developed by Steve Clary?s Clary Development Corp. of Little Rock.

Steve and Cynthia Clary also signed on June 30 for a $4.3 million loan from Banc of America Leasing & Capital LLC of San Francisco. The Clarys signed on behalf of Destination Adventures LLC of Missoula, Mont. The loan was for six motor coaches, according to filings in the U.S. District Court for the Eastern District of Arkansas. The high-end coaches were purchased for leasing to people in the entertainment industry, Clary said.

Banc of America received a judgment Jan. 5 against Clary for $3.8 million. Court documents do not state when Clary defaulted on the loan, and Banc of America's attorney, Valerie Nation of the Mitchell Williams firm in Little Rock, declined to comment.

The only case in which a lawyer has filed objections on Clary's behalf was BancFirst's successful foreclosure on the 80-acre commercial site in Oklahoma City.

The court auctioned the property in April. BancFirst entered the successful bid of $5.3 million, which Clary's attorney, Leif Swedlow of Oklahoma City's Andrews Davis Law Firm, called a "shockingly low amount for a property that BancFirst itself valued at over $12,800,000.00 approximately three years ago," according to Canadian County court filings.



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