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November 28, 2008  BY CBT Staff

Undeveloped land among largest foreclosures and deeds in lieu of foreclosure in past year


Center Spread: See the PDF

Deeds of trust only reflect maximum borrowing limits. Actual loan amounts may be lower than the limit included in the deed of trust. Land transfers to lenders may not include all parcels in original deed of trust.

  1. Eastport (six tracts undeveloped land)
    Maximum borrowing limit on deed of trust:
    $20 million
    Transaction date:
    May 7
    Former Holder:
    Grindstone Investments-Chad Sayre, Keith Neese, Brian Connell.
    Action:
    Premier Bank grants $20 million deed of trust, Aug. 30, 2005. Five of six lots from the original $20 million deed of trust deeded to Premier’s real estate holding company, PDIL, LLC in May 2008. Another lot (not included in the original deed of trust) adjacent to the area was also deeded to PDIL.
    Description:
    Eastport. South of I-70 around Bull Run Drive and just East of St. Charles Road. 22.15 acres of undeveloped land.
    Parcel ID:
    17-204-00-03-007.00 01* *

    The area between I-70 Southeast and the Ashley Furniture store (the larger building shown in the aerial photo) has remained mostly undeveloped, as has the land directly east of the store. Premier Bank granted a $20 million deed of trust to Grindstone Investments in August 2005. Five of the six lots included in that deed of trust were deeded to Premier’s subsidiary this May along with another lot owned by Grindstone Investments. Ashley Furniture was developed on the remaining lot.

    The area between I-70 Southeast and the Ashley Furniture store (the larger building shown in the aerial photo) has remained mostly undeveloped, as has the land directly east of the store. Premier Bank granted a $20 million deed of trust to Grindstone Investments in August 2005. Five of the six lots included in that deed of trust were deeded to Premier’s subsidiary this May along with another lot owned by Grindstone Investments. Ashley Furniture was developed on the remaining lot.

  2. Vineyards (five tracts undeveloped land)
    Maximum borrowing limit on deed of trust:
    $15 million
    Transaction date:
    Oct. 17
    Former Holder:
    Premier Development Properties – Edward Berendzen, Ron Stuart, Samuel Boyce.
    Action:
    A deed of trust from Premier Bank to Premier Development Properties for $15 million on Jan. 11, 2006. Deeded to PDIL, LLC in lieu of foreclosure in October.
    Description:
    Five tracts of undeveloped land containing more than 300 acres near the Vineyards development. About one mile southeast of Broadway and U.S. 63. Near Elk Park Drive and Route WW.
    Parcel ID:
    17-503-00-00-001.01 01**
  3. Far West Boone (undeveloped land)
    Maximum borrowing limit on deed of trust:
    $5.4 million
    Transaction date:
    Sept. 30
    Former Holder:
    Developments Far West Boone-James Wright, Jeffrey Darter, Ruth Ferguson, Edward Berendzen.
    Action:
    $5.4 million deed of trust from Premier Bank to Developments Far West Boone, Dec. 15, 2006. Deeded to PDIL, LLC in lieu of foreclosure, Sept. 30, 2008.
    Description:
    About 100 acres of land seven miles west of downtown Columbia. North of I-70 and south of Highway 40 and adjacent to Rollingwood Blvd.
    Parcel ID:
    15-302-01-00-007.00 01**
  4. Procycle USA
    Maximum borrowing limit on deeds of trust:
    $2.69 million
    Foreclosure date:
    June 24
    Former Holder:
    Allen and Jo Shernaman
    Action:
    Foreclosed and bought by Boone County National Bank. BCNB lent $1.19 million on Aug. 11, 2006. $1 million from private lenders, $500,000 from Central Bank of Missouri.
    Description:
    Motorcycle dealer, 2600 Range Line Street.
    Parcel ID:
    16-308-00-01-001.00 01

    Procycle USA

    Procycle USA

  5. Eastport (plat 2-B, lot 3)
    Maximum borrowing limit on deed of trust:
    $2,643,000
    Foreclosure date:
    April 28
    Former Holder:
    Allen and Jo Shernaman
    Action:
    Original deed of trust from Central Bank of Missouri to the Shernamans. Foreclosed and acquired by Central Bank of Missouri in April.
    Description:
    An undeveloped lot in the Eastport development, south of I-70 around Bull Run Drive and just East of St. Charles Road. 5.39 acres.
    Parcel ID:
    17-204-00-12-001.00 01
  6. S. High Point Lane (7700)
    Maximum borrowing limit on deed of trust:
    $1,713,188
    Foreclosure date:
    April 15
    Former Holder:
    David Finke, Kimberly Finke, Daniel Finke, Stacie Finke.
    Action:
    Original deed of trust from Premier Bank, Jan. 13, 2006. Foreclosed on and bought by Premier Bank.
    Description:
    39.53 acres with one house. South of route K, about two miles west of Pierpont.
    Parcel ID:
    20-500-15-00-001.00 01
  7. 63 Diner
    Maximum borrowing limit on deed of trust:
    $1,233,000
    Foreclosure date:
    April 30
    Former Holder:
    63  Diner North Columbia, LLC
    Action:
    Premier Bank granted $1.233 million deed of trust April 3, 2005. Foreclosed on and bought by Premier Bank late April, 2008.
    Description:
    5801 N. Highway 763. About one acre with a restaurant.
    Parcel ID:
    11-600-24-01-001.00 01

    63 Diner

    63 Diner

  8. Oakland Gravel Road (2815), formerly known as Confederate Hill
    Maximum borrowing limit on deed of trust:
    $1,225,000
    Foreclosure date:
    Oct. 2, 2007
    Former Holder:
    Historical Properties of the Midwest
    Action:
    Original deed of trust worth $1.225 million from private lenders to Historical Properties of the Midwest on Nov. 18, 2005.
    Description:
    A house on approximately 6.3 acres.
    Parcel ID:
    12-718-00-03-002.00 01

    Oakland Gravel Road (2815)

    Oakland Gravel Road (2815)

  9. Old Hawthorne (14 undeveloped lots)
    Maximum borrowing limit on deed of trust:
    $1,028,042
    Transaction date:
    Oct. 1
    Former Holder:
    Jaczen Development, LLC – Jerry Heath.
    Action:
    Deed of trust for lots in the Old Hawthorne Development from Premier Bank to Jaczen Development on March 22, 2007. Deed in lieu of foreclosure to PDIL, LLC in October.
    Description:
    14 undeveloped lots
    Parcel ID:
    17-600-00-01-179.00 01**
  10. West Old Plank Road (1414)
    Maximum borrowing limit on deed of trust:
    $900,000
    Foreclosure date:
    April 28
    Former Holder:
    Duffield Construction, Inc.
    Action:
    A May 2, 2005, deed of trust to Duffield Construction from Boone County National Bank worth $900,000. Foreclosed on and bought by BCNB.
    Description:
    About 12 acres undeveloped land bordered by Old Plank Road and Route K.
    Parcel ID:
    20-313-11-00-012.00 01
    **Parcel ID for area reference only. More parcels included in actual transactions.