Mansfield faces foreclosure on local apartments
Posted on Monday, July 21, 2008
One of Fayetteville's largest owners of apartment units, Steve Mansfield, faces foreclosure of apartment complexes and other buildings near the University of Arkansas campus.
Chambers Bank of North Arkansas filed a notice of "lis pendens," or suit pending, on July 7 seeking foreclosure on these properties • Center Street Apartments at 650 W. Center • Campus Corner at 700 N. Garland Ave.
• Garden Park Apartments at 1225 Mt. Comfort Road • A residence at 904 N. Garland • A residence at 920 N. Garland • Mansfield's office at 932 N. Garland.
The bank is also foreclosing any remaining interest Mansfield may have in Sunshine Place, which was sold to Fadil Bayyari in January.
The bank's lawsuit also seeks Mansfield's interest in two retail outlets in Branson - Beanery of Branson and Lickity Landings - as well as Mansfield's interests in the Hob Nob Cafe and Java Junkie.
Two banks and an investment group are named as defendants because they may have loans outstanding or an interest in the properties facing foreclosure. A foreclosure sale date has not yet bee set by the court.
Bank officials refused to comment for publication. Mansfield was out of the office Friday and could not be reached for comment.
His ex-wife, Rexanne Mansfield, is not named in the lawsuit, but her company, Mansfield Property Management, is named. The couple's divorce was granted in January 2007.
She said Center Street Apartments are owned by her, not her ex-husband. She's been making the loan payments and was unaware of any pending foreclosure proceedings, she said. She confirmed that the slowing real estate market and glut of available housing is hurting the rental market in Northwest Arkansas.
"Our rents are down... compared to this time last year," Rexanne Mansfield said. "Several big players with multiple properties are telling me the same thing."
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