A foreclosure complaint has been filed against a real estate investment trust that held a $2.1 million loan secured by more than 2,200 acres of land in Randolph County.
Southwest Georgia Farm Credit ACA of Bainbridge, Georgia, said in a lawsuit filed in Randolph County Circuit Court that Rad Diversified REIT Inc. borrowed $2.1 million in November 2022.
Rad, of Tampa, Florida, was supposed to repay the loan in 239 monthly installments of $18,317.
“RAD has failed to make the payments required by the note,” and has allegedly defaulted on the loan, according to the lawsuit filed by attorney Ralph Waddell of the Waddell Cole & Jones firm in Jonesboro.
As of Sept. 30, Rad owed $2.1 million plus interest of 8.25% per year until the date it’s paid.
Southwest Georgia Farm Credit wants a judgment against Rad for the amount and if that’s not paid “within a reasonable time” that a sale be held for the 2,282 acres that secured the loan. That land is a mixture of cropland and timber along Black River southeast of Pocahontas.
Southwest Georgia said on its website that it’s “proud to provide financial support to agriculture and rural America.”
Rad didn’t immediately return a call or email for comment. But on its website it said that it is nontraded.
“Since we are not publicly traded, the value of our shares is completely unaffected by the day-to-day fluctuations of the stock market,” Rad said.
It also said that it offers investors the “opportunity to invest in income producing farms and cash-flowing properties like residential & multi-family with substantial value-add opportunities.”
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