The future of Wild River Country in North Little Rock is in doubt following a foreclosure action by Waco. Texas-based JTS Capital Group against owners of the waterpark. The owners, JTS alleges, have defaulted on about $2 million in loans.
JTS assumed the debt of Wild River Country on Aug. 31, 2019, from Centennial Bank. Centennial acquired what are called “Halcyon” and “Aquapark” mortgages when it acquired Community Bank. The Halcyon and Aquapark notes were acquired by Aquapark Holdings LLC, Michael Slattery, and Slattery Holdings, LLC – all listed as defendants by JTS. Little Rock-based Quattlebaum, Grooms & Tull is representing JTS in the foreclosure action.
Community Bank provided the waterpark owners a $400,000 loan in March 2000, That was followed by a $3 million loan in January 2003. In March 2015, the waterpark owners received a $750,000 loan from Centennial Bank.
The loans were secured with the property on which the waterpark is located. The 26-acre park, located at 6820 Crystal Hill Road in North Little Rock, now features 13 attractions, party decks, three pavilions and a volleyball court.
In a Jan. 6 filing with the Pulaski County Circuit Court, JTS alleges that the defendants defaulted on the notes “by failing to make payments on time and in the amount due.”
“As of December 16, 2019, there remains due and payable under the Halcyon Loan Documents the entire amount of indebtedness, including principal in the amount of $1,399,676.70, accrued interest, which continues to accrue at the contract rate, in the amount of $26,513.75, and miscellaneous fees and charges allowable under the Halcyon Loan Documents in the amount of $44,638.83, minus an unapplied balance of $265.00, together with attorneys’ fees and costs. Despite demand, the Defendants have failed and refused to pay and perform the obligations due under the Halcyon Loan Documents,” JTS noted in the filing.
Also, JTS seeks relief on Aquapark Loan Documents in which $599,539.80 is owed by the waterpark owners.
JTS is asking the court to require payment of the loans or to foreclose on the property and sell to the highest bidder. JTS seeks “a decree that if said judgments are not wholly satisfied within a time specified by the Court, the real property described herein shall be foreclosed and sold by a commissioner to be appointed by the Court in accordance with the laws of the State of Arkansas, after having advertised the same in accordance with the laws of the State of Arkansas and the orders of the Court.”
As of Jan. 17, the defendants have not filed a response to the JTS action. The lawsuit was assigned to Pulaski County Circuit Court Judge Mackie Pierce.