Centennial Bank of Conway has backed off of a foreclosure action against Blackwood Properties LLC, led by realty exec Steven Blackwood.
The dispute is linked to a loan on an outstanding balance of $378,000, secured by 12 lots in the Wellington Place neighborhood of Cabot’s Greystone Country Club development. The original loan dated back to 2002 and totaled $1.3 million.
In December 2012, the loan terms were modified to reduce the interest rate from 8 percent to 6 percent. The bank also noted that Blackwood had not paid property taxes in 2009, 2010, 2011 or 2012.
Attorney Clint McGue said the bank had decided to not continue with the foreclosure action after reaching a settlement with Blackwood. The terms of the settlement were not disclosed, but McGue said it involved Blackwood surrendering some of the collateral property in the loan.
Blackwood and his attorney did not return phone calls seeking comment.
Sign up for Daily E-news
