Fountains at Chenal Apartments Transaction Approaches $8 Million (Real Deals)

by George Waldon  on Monday, Aug. 4, 2014 12:00 am  

A 176-unit apartment complex in west Little Rock tipped the scales at $7.95 million.

Deancurt Little Rock LLC of Agawam, Massachusetts, acquired the Fountains at Chenal at 15000 Chenal Parkway from Chenal Park Apartments Ltd. of St. Louis.

The property is backed with a $7.15 million loan from Lenox Financial Services LLC of West Springfield, Massachusetts, and an 18-month loan of $795,000 from TD Bank of Hartford, Connecticut.

The 12.22-acre site was purchased in October 1995 for $666,000 from Chenal Commercial Partnership, led by Jim Hathaway.

Other investors included Morrison Family Partnership, led by James P. Morrison; Dr. David Newbern; Lyda C. Campbell Revocable Trust; Howard Cockrill Jr.; and Barbara G. Moore.

Cycle Transaction

A 25,585-SF commercial project in North Little Rock is under new ownership after a $2.08 million sale.

IE Real Estate Holdings LLC, led by Eddie Pitonyak, bought the Competitive Cyclist facility at 5050 Northshore Lane. The seller is Treviso LLC of Park City, Utah, an affiliate of Backcountry.com, which acquired Competitive Cyclist in 2011.

The 5.25-acre development previously was tied to an April 2010 mortgage of $200,000 and a March 2014 mortgage of $1.9 million. Both mortgages were held by Delta Trust & Bank of Little Rock.

The land was assembled in two deals of $155,000 in August 2007 and $197,000 in April 2010.

The seller in both transactions was Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.

Germay Residence

 

 

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