On Thursday, a Missouri bank recovered nearly 30 acres of undeveloped land in Jonesboro from developer Bruce Burrow, who defaulted on a $2.7 million loan.
Burrow, through his company WHB LLC, which is also known as Burrow Halsey Holdings LLC, borrowed the money from Focus Bank of Charleston, Mo., in June 2008, according to a lawsuit filed in Craighead County Circuit Court.
The loan was secured by a personal guarantee of Burrow and the land.
The lawsuit didn’t say when Burrow defaulted on the loan. But as of Jan. 3, 2011, he owed $2.79 million in principal and interest.
The commercial land on the western side of Jonesboro had been listed for sale for $4.5 million through NAI Halsey of Jonesboro. That price works out to be $3.50 per SF.
“Great opportunity for retail/restaurant/novelty or retail center,” NAI Halsey said on its website about the property.
The property is next to a Wal-Mart Supercenter, Pizza Hut and Dollar Tree.
Burrow declined to comment last week because the issue was in the process of being worked out.
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