Underwood Plaza Developers Target of Arvest Bank Complaint
by October 18, 2010 12:00 am 87 views
Arvest Bank of Fayetteville has filed a complaint against developers of the Lofts at Underwood Plaza. The suit is seeking more than $21.6 million in principal and more than $350,000 in interest and late charges.
The bank claims partners on the project failed to make payments on a loan modification that matured in July, and it has called the note.
The Lofts, located on Dickson Street across from the University of Arkansas’ campus, is a nine-story mixed-use development with 54 condos on the top six floors.
West Dickson Street Development LLC is the development group. Partners include Bill and LeAnn Underwood and Craig and Laura Underwood, family owners of Underwood’s Fine Jewelers in Fayetteville; Richard and Jennifer Alexander; Rob and Kathy Merry-Ship; and Ted and Leslie Belden.
One of the original partners, John Nock, sold his interest in the project.
The group’s original debt, from August 2006, was $23 million, according to the suit.
According to Washington County property records, 10 of the condos have been sold for a total of $4.32 million, the sell prices ranged from $175,000 for a 679-SF unit to $973,0000 for a 1,805-SF unit.