Barber agrees to foreclosure of Springdale office building
Posted on Thursday, October 9, 2008
A judge signed a consent judgment and decree of foreclosure Wednesday against Springdale developer Brandon Barber and his company that owns his offices at 2921 Old Missouri Road.
The agreement signed by 4 th Judicial Circuit Judge Kim Smith grants a $ 2. 3 million judgment in favor of Citimortgage Inc., which financed Barber's Old Missouri Office Building LLC. Smith named a receiver in August to manage this 15, 856 square-foot commercial building in Springdale.
In consideration of this agreement, Citimortgage has agreed to release its first lien within 30 days following the sale of the property with full proceeds applied to the balance of its debt. The property is under contract for sale, but the details of the contract were not disclosed in court filings. Barber's attorney did not return telephone messages.
Proceeds of the sale of the property are not expected to pay off the Citimortgage debt, officials said.
Legacy National Bank, which also loaned money secured by the property, got a $ 1. 43 million judgment against Brandon and Keri Barber.
Barber also faces foreclosure of the Legacy Building near Dickson Street, but proceeding have been delayed indefinitely since Lynnkohn, the limited liability company that owns the Legacy Building, filed bankruptcy.
The Bank of Fayetteville foreclosed against SCB Investments LLC and sold several Fayetteville residential properties in June. Barber was named in the lawsuit because he personally guaranteed the debt.
Barber and his companies - Barber Group Inc., Barber Development Inc. and Barber Construction Inc. - also face several other pending lawsuits.
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