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A residence at 720 E. Commercial St. is among two properties in an upcoming foreclosure sale.
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A residence at 720 E. Commercial St. is among two properties in an upcoming foreclosure sale.

Corrected: 417 Rentals properties slated for foreclosure

Posted online

Last edited 9:05 a.m., Feb. 11, 2020

Properties owned by 417 Rentals LLC are scheduled for a foreclosure sale this month.

A notice published in the Feb. 10 edition of legal publication The Daily Events lists properties at 720 E. Commercial St. — just east of the historic C-Street corridor — and 2856 W. Harrison St. that are being foreclosed upon. A trustee’s sale is scheduled Feb. 20 at the Greene County Courthouse, when the properties are slated to be sold to the highest cash bidder.

The deed of trust related to the loan indicates Arvest Bank was the original grantee. Chris Gatley and 417 Rentals took out the loan in January 2013, according to a Greene County recorder filing. The loan had a note amount of nearly $1.4 million, representing some three dozen properties.

However, the foreclosure sale this month is only for the two properties on Commercial and Harrison streets. Lee Viorel, successor trustee for the foreclosure sale, said National Asset Holdings LLC is the current note holder. He said the two properties are “part of a previous deed of trust that had a lot of other parcels.” Those were put up at a foreclosure sale last year, he said.

The properties on Commercial and Harrison streets have a combined appraised value of $83,600, according to Greene County assessor records.

Gatley’s 417 Rentals filed for Chapter 11 bankruptcy reorganization in August 2017 and exited the proceedings in February 2019, according to court records.

Myriad foreclosure sales have been conducted for residences once owned by 417 Rentals, which at one point had as many as 800 properties, according to past Springfield Business Journal reporting.

Among the buyers of the foreclosed homes is Springfield businessman Titus Williams, who is renovating and selling the properties to nonprofits that can help tenants become homeowners, SBJ previously reported.

Greene County assessor records show more than 120 properties still listed under 417 Rentals.

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