Barber Makes First Payment on $14 million Note

Brandon Barber, who took out a $14.47 million loan from Metropolitan National Bank on Sept. 1, 2006, for 30.3 acres at the Bellafont project, has satisfied part of the note according to a Dec. 7 court filing.

The amount paid was not listed, but recent transactions involving lot sales and transfers total $7.64 million.

MNB released the mortgage on lots 1-7, which include the six lots currently under construction as well as a 1.66-acre parcel purchased by Deason set aside for tree preservation.

Barber transferred lots 2-3 and 5-7 from Bellafont Land LLC to Bellafont Retail on June 29 for $4.94 million.

The sum of the released parcels is known as Bellafont Phase 2A. The 1.08-acre lot Hiba purchased from Barber on July 14, 2006, for $959,000 is known as Bellafont Phase I.

The remaining Bellafont acres are on the undisturbed east side of Vantage Drive and, according to the submitted plan, were to have four additional towers of mixed commercial and residential space.

Don’t look for a ground breaking on those any time soon.