Despite a $20.2 million foreclosure filed against the company, LandQuest Community of Arkansas developers Gaetano Rizzo and Dominic Geric, said they want to continue business in Northwest Arkansas.
On Aug. 20 Jonesboro-based Liberty Bank of Arkansas filed three foreclosure suits against Geric and Rizzo in Benton County Circuit Court.
The suits named Geric and Rizzo, both residents of Macomb Township in Michigan, and their Central Park LLC, LandQuest Communities of Arkansas LLC, LandQuest Holdings LLC, Oxford Ridge LLC and Crestmark Homes Inc. and allege Rizzo and Geric defaulted on 16 different loans for a total of $20.2 million in unpaid principal, interest and fees.
In a statement released August 31, Geric, managing member of LandQuest Communities, said the company anticipated Liberty’s actions and are in the process of completing an ownership change and financial recapitalization that will hopefully allow them to continue building homes in the Rogers-Bentonville market.
LandQuest Communities has been part of the residential market for six years and has completed seven residential communities.
Rizzo and Geric are no strangers to money woes. In December 2006, their names were listed on the Benton County delinquent tax list for $118,175 in unpaid taxes through their Central Park LLC, LandQuest Holdings LLC, Oxford Ridge LLC, The Pinnacle Land Group LLC and Pinnacle Woods Creek LLC.