Posted 1/7/2013 12:00 am
Updated 4 months ago
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.