Posted 4/6/2010 11:17 am
Updated 2 years ago
M&I Marshall & Ilsley Bank of Milwaukee sued Shackleford Crossings LLC on Friday to have a receive appointed.
Roger S. "Steve" Clary, the managing member of Shackleford Crossings and the developer of the shopping center at Interstate 430 and Shackleford Road, agreed to the appointment of a receiver.
"Certain defaults have occurred" with the loans, Clary wrote in his affidavit filed in the lawsuit, which is in Pulaski County Circuit Court.
He supported hiring Timothy Buss, the senior vice president and director of NAI Hiffman's Lender Solutions Group of Oakbrook Terrace, Ill., as the receiver.
Buss "focuses on working with lenders who have commercial loans that require special attention," according to his resume which was filed in the lawsuit.
The lawsuit said that in January 2007, Shackleford Crossings took out a loan of $53.2 million and then in April 2008, it took out another loan for $20.8 million.
The bank started sending Clary default letters in August, the lawsuit said.
"Clary is indebted to several parties other than Lender," the lawsuit said. Arkansas Business reported on Monday that Centennial Bank had filed a $1.6 million foreclosure suit against Clary and his wife, Cynthia.
To avoid having Shackleford Crossings foreclosed upon, Clary agreed on Jan. 25 that a receiver could be appointed to manage and control the shopping center.
A court date hasn't been set yet for the appointment of the receiver.
Clary didn't return a call for comment.