Barber, Partners Hit With Foreclosure

by Andrew Jensen  on Thursday, Jul. 17, 2008 11:37 am  

First Federal Bank of Harrison hit Northwest Arkansas developer Brandon Barber and his Dream Team LLC with a $2.8 million foreclosure on July 15.

Barber and Dream Team partners Seth Kaffka and John Russell Meeks were named as guarantors in the foreclosure of a 2005 loan initially totaling $5.18 million for the purchase and development of the Belclaire subdivision in west Fayetteville.

The action seeks an unpaid principal balance of $2.8 million plus more than $163,000 in interest. Meeks was also recently named as a defendant in a $2.7 million federal lawsuit brought by Florida investors against several Northwest Arkansas developers and Chambers Bank of North Arkansas.

Meeks, a loan officer at Chambers Bank, is the nephew of Chambers Bank president and CEO John Ed Chambers III, who is also father-in-law to both Barber and Kaffka.

Barber and his various entities have been foreclosed upon for more than $25 million in loan defaults so far in 2008. On Jan. 2, Legacy National Bank and The Bank of Fayetteville filed foreclosures for $18.1 million and $933,000, against Barber's Lynnkohn LLC and SCB Investments LLC, respectively.

The Legacy National Bank foreclosure was on the 37-condo Legacy Building in downtown Fayetteville while the BOF action was for the balance of a $3.25 million loan for a subdivision development off Happy Hollow Road in east Fayetteville.

On June 17, Parkway Bank of Rogers filed a $1.13 million foreclosure claim against Barber's BLB Holdings LLC after financing his October 2007 purchase of property in Bethel Heights.

In April, LaSalle Mortgage of Illinois filed a foreclosure action seeking $2.23 million in unpaid principal and interest for a $1.75 million loan against The Barber Group's headquarters on Old Missouri Road in Springdale.

 

 

Please read our comments policy before commenting.