Posted 4/15/2013 12:00 am
And speaking of Bruce Burrow, a receiver has been appointed to run one of the properties he was involved with, the Clarion at 925 S. University Ave., while it makes its way through a foreclosure lawsuit.
If you recall, Liberty Bank of Arkansas filed the foreclosure case in Pulaski County Circuit Court in an attempt to recover the property, which until recently was known as the Hilton Medical Center.
The lawsuit said that a $14 million loan Burrow and his business partner, Marty Belz of Memphis, took out through HLR LLC in 2003 is now in default.
The lawsuit said the principal amount of $12.83 million plus another $688,000 in interest is owed on the loan, which is secured by the hotel.
The bank wanted the court to immediately appoint a receiver “to protect and preserve” the value of the hotel, the lawsuit said.
Pulaski County Circuit Judge Alice Gray recently approved appointing David Martin of Hospitality Management Advisors Inc. of Cordova, Tenn., as the temporary receiver.
The appointment will continue until a hearing is held to determine whether to continue with the receivership or terminate it.