Former Orion Partner Files Chapter 7
by March 23, 2009 12:00 am 89 views
H. Brandon Rogers, the former managing partner with the former Orion Real Estate Services, has filed for chapter 7 bankruptcy.
Orion is probably best known as the one-time exclusive listing firm for the gated Clear Creek subdivision in Johnson and its development of Clear Creek Tower I and the Clear Creek Apartments adjacent to the tower.
Rogers lists assets of $5.59 million and liabilities of $21.3 million. He maintains one-third ownership in the Southside Shopping Center and the Madison Shopping Center both in Springdale and both valued at $2.7 million (his part).
Creditors holding secured claims include Chambers Bank, Regions Bank and Mathias Properties Inc.
Creditors holding unsecured claims include the Internal Revenue Service, The Bank of Fayetteville and Bassett Mix & Associates of Fayetteville.
In August 2005, Orion started purchasing under-utilized retail centers and apartment complexes in Washington County, including places like the Evelyn Hills Shopping Center in Fayetteville and Johnson Switch Townhomes in Johnson. Much of the property was previously owned by Sam Mathias.
Many of the properties were acquired with traditional bank debt, then re-financed by an option that gave the group a fixed interest rate for 10 years. The financing was tied to a 10-year treasury bond.
A principal investor in Orion was John Flake. In April of 2007, Flake & Kelley of Little Rock began to manage Orion’s properties, in a move that was called a partnership. It’s not clear to us when Orion officially closed shop.
Rogers is listed as a resident of Pulaski County.