ODLE -- OR OWE-DLE? Are CoMo's student apartment kings building a dangerous debt bubble?

Good Time Acres -- or bust

COLUMBIA, Mo 4/27/15 (Beat Byte) -- Lately it seems, the Brookside Boys -- aka Bruce, Jon, and Nathan Odle -- are buying a slice of Columbia every week.  

Shakespeare's Pizza; Bengals Bar; Discovery Ridge; the Canyons at Brookside (or is it Caverns?)   

The Odles have quickly become synonymous with Columbia's changing landscape, which increasingly looks like a giant college campus. 

The upside, our city leaders insist, is that all this growth brings jobs, jobs, jobs.   But that upside could be temporary, if a dicey, even dangerous downside emerges.    

All this growth is built on debt, debt, DEBT.   

The student debt is well-known:  a $1.3 trillion bubble experts say could burst, like the housing and dot-com bubbles before it.   

Masked by LLCs (limited liability companies) and other business entities, the personal and business debt is less obvious.   The Odles  -- or is it Owe-dles? -- and their 14 or so companies have amassed an astonishing amount of debt in a few short years, mortgaging their real estate to the max.   Even papa Bruce Odle's original investments -- south Columbia duplexes known as Good Time Acres/Walnut Brook held in a company named for his kid's intials (N.J.E.) -- are piled with over $5 million in mortgage debt.

The Odle total is at the end of this rundown, based on Deeds of Trust -- loan-guarantee documents -- on file with the Boone County Recorder.  The deeds -- and selected news stories about the debt -- are linked in each line item, which includes a legal description of each property.    Guests may log into the Recorder's site without a password.  

      
LOAN AMOUNT        LEVERAGED PROPERTY            LENDER                                   BORROWER                                                                      
$1,363,776.97      LT 1 ARCADIA          Boone County National Bank        Bruce & Elizabeth Odle


$813,500             STR 15-48-12//NE SUR        Bank of America                      Jon & Ann Odle


$631,000             LT 9 BLUFF CREEK ESTATES     Mid-America Mortgage           Nathan & Lisa Odle
                          

$500,000               LT 227 BLUFF CREEK ESTATES      Mid-America  Mortgage      Bruce & Elizabeth Odle
                           

$185,300               LT 39 THE CASCADES            Mortgage Elec. Reg. Svcs.     Nathan & Lisa Odle

$352,400             LT 232 OLD HAWTHORNE       Mortgage Elec. Reg. Svcs.     Jon & Ann Odle

$120,800             LT 71 SEVEN OAKS                Mid America Mortgage             Elissa Odle       

$24,950,000        LT 1 1224 EAST WALNUT       Life Insurance Co. of Midwest      Walnut II, LLC    

      
$16,200,000       LT 31 PT COLUMBIA                          US Bank                        Walnut Brook, LLC
                           LT 32 PT COLUMBIA      

$3,300,000         LT 16 PT COLUMBIA                         Landmark Bank                 6th and Elm, LLC
                           LT 17 COLUMBIA
                           LT 18 COLUMBIA

$4,000,000           LT 2 PL 4 KEENE ESTATES     Boone County National Bank (BCNB)      Keene, LLC 

$21,000,000      LT 4 and LT 5                                  BCNB             Discovery Park Apartments, LLC
                          DISCOVERY PARK SUBDIVISION     
                         

$1,600,000          LT 2A, LT 2B. LT 2C, LT 2D          Landmark Bank              Discovery Office Park, LLC
                          DISCOVERY PARK

$3,950,000         LT 2 DISCOVERY PARK                Landmark Bank              Discovery Office Park, LLC  


$4,575,000           LT 1, RESIDENCES AT OLD HAWTHORNE    BCNB        Residences at Old Hawthorne, LLC

$10,099,032.54        LT 1D and LT 1E                                US Bank            Keene II, LLC
                                 KEENE ESTATES 
                                 REPLAT LOT 1A

$532,500                 LT 6 PL 1 KEENE ESTATES                    BCNB                 Keene II, LLC
                                LT 7 PL 1 KEENE ESTATES
                                LT 4 PL 1 KEENE ESTATES
                                LT 5 PL 1 KEENE ESTATES
                                LT 3 PL 1 KEENE ESTATES

$22,400,000           LT 2 1224 EAST WALNUT         Transamerica Life Ins.      1222 E Walnut LLC     


$15,300,000        LT 1 EAST LOCUST PLAT 1               CMFG Life Insurance         E Locust LLC
                          LT 1, 2, 3, 4 SAMUEL THIRD ADD

$24,950,000        LT 1B COLLEGE & WALNUT       Life Ins. Co. of Southwest     College and Walnut, LLC
                            PLAT 1-A FF WITH EASEMENTS

$3,146,500       LT 1 KEENE STREET CP SUBDIVISION     Landmark Bank                707 Keene LLC

$5,350,000       LT 1 FF RICE & QUARELS SUB             BCNB                           1101 East Walnut LLC


$5,127,000           LT 3 GOOD TIME ACRES                     Landmark Bank               NJE Properties, LLC    
                             LT 4 GOOD TIME ACRES
                             LT 5 GOOD TIME ACRES
                             LT 5 PT WALNUT BROOK SUB
                             LT 6 GOOD TIME ACRES
                             LT 6 PT WALNUT BROOK SUB
                             LT 7 GOOD TIME ACRES
                             LT 8 GOOD TIME ACRES
                             LT 11 WALNUT BROOK SUB
                             LT 12 WALNUT BROOK SUB
                             LT 13 GOOD TIME ACRES
                             LT 13 WALNUT BROOK SUB
                             LT 14 GOOD TIME ACRES
                             LT 14 WALNUT BROOK SUB
                             LT 15 GOOD TIME ACRES LT15-20
                             LT 15 WALNUT BROOK SUB PLAT 2
                             LT 16 GOOD TIME ACRES LT15-20
                             LT 17 GOOD TIME ACRES LT15-20
                             LT 18 GOOD TIME ACRES LT15-20
                             LT 22 WALNUT BROOK SUB PLAT 2
                             LT 23 WALNUT BROOK SUB PLAT 2
                             LT 24 WALNUT BROOK SUB PLAT 2
                             LT 25 WALNUT BROOK SUB PLAT 2
                             LT 26 WALNUT BROOK SUB PLAT 2
                             LT 27 WALNUT BROOK SUB PLAT 2
                             LT 28 WALNUT BROOK SUB PLAT 2
                             LT 29 WALNUT BROOK SUB PLAT 2
                             LT 30 WALNUT BROOK SUB PLAT 2
                             LT 33 WALNUT BROOK SUB PLAT 2
                             LT 34 WALNUT BROOK SUB PLAT 2
                             LT 35 WALNUT BROOK SUB PLAT 2
                             LT 36 WALNUT BROOK SUB PLAT 2
                             LT 37 WALNUT BROOK SUB PLAT 2
                             LT 38 WALNUT BROOK SUB PLAT 2
                             LT 39 WALNUT BROOK SUB PLAT 2
                             LT 40 WALNUT BROOK SUB PLAT 2
                             LT 41 WALNUT BROOK SUB PLAT 2
                             LT 42 WALNUT BROOK SUB PLAT 2
                             LT 43 WALNUT BROOK SUB PLAT 2
                             LT 44 WALNUT BROOK SUB PLAT 2
                             LT 45 WALNUT BROOK SUB PLAT 2
                             LT 46 WALNUT BROOK SUB PLAT 2
                             LT 47 WALNUT BROOK SUB PLAT 2
                             LT 48 WALNUT BROOK SUB PLAT 2
                             LT 49 WALNUT BROOK SUB PLAT 2
                             LT 50 WALNUT BROOK SUB PLAT 2
                             LT 601 WALNUT BROOK SUBDIVISION PLAT 6
                             LT 602 WALNUT BROOK SUBDIVISION PLAT 6
                             LT 603 WALNUT BROOK SUBDIVISION PLAT 6
                             LT 604 WALNUT BROOK SUBDIVISION PLAT 6
                             LT 605 WALNUT BROOK SUBDIVISION PLAT 6
                             LT 606 WALNUT BROOK SUBDIVISION PLAT 6
                             LT 32 WALNUT BROOK SUB PLAT 2
                             LT 8 WALNUT BROOK SUB
                             STR 2-47-13 //NE SUR BK/PG: 297/561 AC 2.4
                             LT 20 OLD PLANK ROAD SUB

TOTAL ODLE DEBT:     $170,446,809.51