Foreclosure filed against Terminella
Posted on Thursday, May 31, 2007
BENTON COUNTY — Metropolitan National Bank filed a petition for foreclosure involving Terminella and Associates with the Circuit Court of Benton County on Wednesday.
According to the petition, Terminella Inc., Thomas A. Terminella, Bentonville USA Development and Mark Foster have failed to pay the principal balance of $ 4, 908, 865, plus interest, late charges and more. The loan involves 20. 37 acres in Benton County, in addition to two lots included in the Cornerstone Ridge development along Arkansas Highway 12 in Bentonville.
Terminella’s attorney, Robert Ginnaven, told The Daily Record he had not yet reviewed the petition for foreclosure and could not clarify what property was involved. Larry Olson, president and chief credit officer for the Washington County division of Metropolitan National Bank, and attorney Charles S. Trantham, who filed the petition on behalf of Metropolitan National Bank, were not available for comment.
Thomas Terminella did not return The Daily Record’s call.
Terminella and Associates, headquartered in Fayetteville, has deep roots in the northwest Arkansas business community, with more than 20 years of local real-estate experience. Terminella is one of the region’s most prolific companies, developing commercial and residential projects in both Benton and Washington counties.
The company is involved in several large residential subdivisions in northwest Arkansas, including Cornerstone Ridge in Bentonville, Creekwood in Rogers and a five-part series of subdivisions called Grand Valley in Springdale. Most homes in these subdivisions fall in the $ 250, 000 to $ 400, 000 price range, which has been hardest hit by the recent slowdown in residential real estate.
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