Circuit Judge Rules for Banks in Henry Management, Valley Heights Foreclosure

by Arkansas Business Staff  on Monday, Apr. 1, 2013 12:00 am  

A circuit judge has ruled in favor of the banks in the foreclosure suit on Henry Management Inc.’s blighted Valley Heights Apartments in Little Rock.

The decree was filed by Pulaski County Circuit Judge Jay Moody at the end of February. Regions Bank of Birmingham, Ala., and Centennial Bank of Conway both sued to foreclose on the loans backing the apartments at 6900 Cantrell Road in December. Each bank holds a mortgage for a portion of the 198-unit apartment complex. 

Henry Management took out a $4.4 million loan in 2004 from Centennial for one part of the apartments; it defaulted on the mortgage in October of last year. As of Feb. 15, the decree states, Henry Management owed $4.3 million.

The decree ruled in favor of Centennial’s allegations and noted that several other parties — Regions, the Pulaski County Public Facilities Board, the city of Little Rock, the Arkansas Development Finance Authority and Network Multi-Family Security Corp. — may lay claim to some of the property. 

Oh, and as for Henry Management, the Little Rock firm long-beleaguered with lawsuits, foreclosures and claims of mismanagement: Its website has disappeared, and no one is answering the phones.



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