Posted 1/14/2013 12:00 am
Last week, we reported that IberiaBank of Lafayette, La., had foreclosed on a $4.3 million loan secured by the 130,000-SF Brandon House project at 1100 S. University Ave. in Little Rock.
Jonesboro developer Bruce Burrow and his business partner, Marty Belz of Memphis, allegedly defaulted on that deal. Burrow filed for Chapter 11 bankruptcy in August.
Turtle Creek Partners LLC, a private partnership that included Marty Belz and Bruce Burrow, sold the Mall at Turtle Creek in Jonesboro on Jan. 2 for $96.3 million.
Since then, we’ve talked to Marty Belz. So what’s his take on the efforts to untangle Burrow’s money troubles from the investment properties they share?
“He’s got financial issues that he has to deal with his various lenders and, you know, I try to support and work with Bruce on what those issues are as relates to our partnerships,” Belz said. “But, you know, I try to maintain our businesses and keep doing what we need to be doing."