Posted 12/24/2012 12:00 am
Updated 11 months ago
Centennial Bank of Conway has sued for foreclosure of its portion of the Valley Heights complex located at 6900 Cantrell Road in Little Rock.
In a suit filed in Pulaski County, the bank claimed that Henry Management owed more than $4 million on a mortgage issued in April 2004. Henry defaulted on the mortgage in October, the suit reported. Centennial is requesting a court-appointed receiver.
It’s the second foreclosure filed on the complex this year. Regions Bank of Birmingham, Ala., holds a mortgage for 72 of the site’s 198 units, and it filed a foreclosure on them in October.
Centennial owns the rest of the complex. And that’s on top of the city of Little Rock’s June suit filed to declare the property a public nuisance.
To clean up some of that mess, Centennial and Regions filed in late November to consolidate the two suits. Pulaski County Circuit Court has since ruled in favor of the consolidation.
Henry Management has not responded to repeated phone calls to its office.