Har-Ber Meadows Debt
by June 2, 1997 12:00 am 61 views
Har-Ber Meadows Development Co. of Springdale renewed a $5 million mortgage from Springdale Bank & Trust and received a second mortgage of $9 million from Jones Investment Co. last month.
The renewal was issued April 4 by Springdale Bank & Trust and signed by Ken Childress, president of Har-Ber Meadows Development. The bank had initially issued the $5 million mortgage to the company Nov. 14, 1996.
The second mortgage of $9 million was issued March 31 and is secured with about 50 acres of land in the Har-Ber Meadows community. The land is along U.S. Highway 412 and is intended for commercial use. The mortgage is secondary to the $5 million mortgage.
Har-Ber Meadows is a 420-acre planned housing development between Springdale and Tontitown. Springdale Bank & Trust holds a first mortgage on all the property in the development.
Jones Investment Co. is owned by Bernice Jones, a Springdale philanthropist who started the development on what had been her family farm.