New Lofts Life

Sources familiar with the deal tell Whispers that Ted Belden soon will own The Lofts at Underwood Plaza, on Dickson Street in Fayetteville, outright. He’ll also assume all debt on the property.

The change for the troubled, nine-story condominium tower that also contains office and retail space is being made possible by Belden’s fellow developers – Rob Merry-Ship, Richard Alexander and the Underwood family – agreeing to undisclosed settlements that allow them to untangle themselves from the property, we’re told.

The property has been in receivership for some time, and Arvest Bank of Fayetteville filed a complaint against its developers in October. The suit sought more than $21.6 million in principal and more than $350,000 in interest and late charges.

Sources also indicated Belden plans to convert unused space on the top floor into a bar. Other space never built in might be converted into extended stay-style condos and/or a 16-room hotel, sources said. The latter operations would be run by the group that owns and manages the Inn at Carnall Hall.