Israel, Mansfield File for Bankruptcy
by October 20, 2008 12:00 am 133 views
Ben Israel, who filed Chapter 11 bankruptcy both as an individual and for his Dixie Development & Management on Sept. 29, filed another Chapter 11 for his Commerce Park II LLC on Oct. 14.
The $11.5 million, four-story building at Joyce Boulevard and Old Missouri Road in Fayetteville was scheduled for a foreclosure sale on Oct. 15. The Commerce Park filing indicates 50 to 99 creditors for the LLC and both assets and liabilities of between $10 million and $50 million.
Steve Mansfield, who was foreclosed upon by Chambers Bank of North Arkansas on July 7 for multiple properties including the Garden Park Apartments.
Chambers didn’t loan Mansfield money for Garden Park — Metropolitan National Bank gave him $4.6 million — but it held an unsecured $2.4 million claim.
On Oct. 8, Mansfield filed for Chapter 11 bankruptcy.
Mansfield reported a $7.8 million debt to The Bank of Fayetteville, a $5.9 million debt to John Hancock L.I. Co. for Creekside Apartments, $3 million to First Federal Bank for the old Train Depot in Fayetteville and another $3 million to the FDIC as receiver for the now-defunct ANB Financial NA.
Mansfield even holds some of that nasty debt messing up the books at Fannie Mae with a $1.64 million loan to his Greenleaf Townhomes LLC.