- Associated Press - Tuesday, November 3, 2015

TEXARKANA, Ark. (AP) - The Arkansas Convention Center in Texarkana is facing foreclosure after defaulting on about $10 million in loans.

The Texarkana Gazette (https://bit.ly/1MvkSEb ) reports Midsouth Bank filed a foreclosure complaint in Miller County Circuit Court on Friday naming Texarkana Hotels LLC and Dr. Hiren Patel and his wife, Nila Patel, as defendants.

The complaint says Texarkana Hotels has failed to make payments on two construction loans made in February 2012 for $2.5 million and $7.5 million. Midsouth Bank wants the convention center to be sold so the loans can be recouped, plus any interest that is accrued from Oct. 15 until the date of a court judgment.

Dr. Patel declined to comment on the complaint to the newspaper. Attorney Robert McGinnis for Midsouth Bank says he cannot comment on ongoing litigation.


Information from: Texarkana Gazette, https://www.texarkanagazette.com

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