More Bruce Burrow Properties Fall Under Foreclosure

by Arkansas Business Staff  on Monday, Jan. 7, 2013 12:00 am  

A 13,800-SF Rocky Mountain manor, corporate jet and Brandon House project in Little Rock are all linked to troubled IberiaBank debt carried by Bruce Burrow and his partner Marty Belz.

Another commercial property linked with the bankruptcy of Jonesboro developer Bruce Burrow has entered the foreclosure zone.

IberiaBank of Lafayette, La., foreclosed on a $4.3 million loan secured by the 130,000-SF Brandon House project at 1100 S. University Ave. in midtown Little Rock.

The debt associated with the 8.7-acre development was part of a July 5, 2011, forbearance and settlement agreement that bought MBC Holdings Worldwide LLC some more time from a potential foreclosure.

Burrow and his business partner, Marty Belz of Memphis, allegedly defaulted on that deal, which brought additional collateral into play.

The list includes a $2.5 million interest in Belz-owned residential property: a 13,800-SF, six-bedroom, six-bath manor in Mountain Village, Colo., just west of Teluride. List price: $12.5 million.

Other collateral included a Burrow Family Trust investment account held by Crews & Associates of Little Rock.

The forbearance agreement also notes that IberiaBank also holds a $2.2 million mortgage secured by a 1991 Beechjet 400A. The aircraft is owned in the name of BYB Southwest LLC, led by Burrow. List price: $675,000.

 

 

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