Simmons First National Bank has filed suit to foreclose on property in an office park owned by developer Casey Bachrodt and his company – a second time.
The bank filed suit last week seeking $1.1 million in principal, interest and fees on property in the Executive at Waterfront office park. The office park sits inside the upscale Waterfront development at 13th and Webb and now contains eight office buildings and several vacant lots.
The Executive at Waterfront Owners Association, which represents the property owners in the office park, and the Waterfront Office and Commercial Association, which represents all property owners in the Waterfront, are also named as defendants in the suit because they may have claims against Bachrodt, according to the suit.
The loan in dispute was taken out by Bachrodt’s Waterfront Office Park Development and guaranteed by him individually.
In the suit, the bank says the company failed to make a payment on the loan in October and November.
Simmons filed a nearly identical suit against Waterfront Office Park Development and Bachrodt on the same property in September of 2011, according to court records, but Simmons agreed to dismiss it in June 2012 after a series of $12,491-a-month payments were made.
According to attorney Jeff Kennedy of Martin Pringle, who is representing the Executive at Waterfront Owners Association, Bachrodt owns the vacant lot as well as one of the buildings.
The bank’s attorney declined comment.
Bachrodt also declined comment.