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January 29, 2010
Source: Tampa Business Journal
Donald E. Phillips kept his April promise to fight the lender that was demanding full payment of a $2.9 million loan secured by Phillips Development and Realty LLC.
And this week, Phillips claimed victory.
The multifamily developer had only wanted the lender to continue to take monthly mortgage payments and extend the loan’s maturity date. But Memphis, Tenn.-based First Horizon National Corp., parent of First Tennessee Bank, sued to foreclose on the company’s headquarters at 142 W. Platt St.
Now Texas-Scarborough Inc., which bought the note, has extended the loan term for Phillips Development, Phillips said.
