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Springdale Contractor Faces ForeclosureLock Icon

2 min read

Arvest Bank of Rogers is seeking more than $1.3 million in a foreclosure suit filed against Springdale contractor James Randall Ball in Washington County Circuit Court.

Arvest alleged in the lawsuit filed in late September that Ball, through his J.R. Ball Contracting Group Inc., took out a $350,000 loan in May 2003. As collateral, Ball put up 4 acres and the 8,000-SF contracting business’ office and warehouse on Ford Avenue in Springdale.

The original loan was modified in subsequent years, concluding with a principal amount of $3 million in May 2011. In 2014, Ball and his JRB Acquisitions LLC signed an assumption agreement in which JRB took over the loan, which then had a principal amount of approximately $1.9 million, and Ball agreed to act as guarantor for the loan.

To modify the loan, Ball’s JRB Acquisitions LLC put up several pieces of property as collateral, including a 4,802-SF home on Cinnamon Way in Fayetteville recently appraised at $361,750.

J.R. Ball Contracting’s headquarters on Ford Avenue was sold in January. BJA Holdings LLC, led by Tammy Edmisten of Huntsville, bought the 4 acres and 8,000-SF building for $495,000; Arvest said in its filing those proceeds have been applied to the outstanding debt.

Arvest alleged that Ball and his subsidiary were in default of the loan with slightly more than $1.3 million remaining in the principal amount. The bank said that Ball and JRB Acquisitions also owe nearly $70,000 in interest, penalties and fees.

Arvest said it had made a $231,000 loan with Ball on the Cinnamon Way property in October 2003, and that loan was still current.

If there was a foreclosure sale on any of the properties, Arvest requested the funds be applied first to that loan’s repayment.

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