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

A 5,000-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development changed hands in a $1.1 million transaction.

Kevin and Karen Heath purchased the house from Bradley and Deborah Diner. The deal is financed with a five-year loan of $800,000 from First Security Bank of Searcy.

The residence previously was linked with a September 2012 mortgage of $505,000 from Regions Bank of Birmingham, Alabama.

The Diners bought the property for $221,000 in March 2005 from Wayne Moore Construction Co.

Cliffewood Home

A 3,688-SF home in Little Rock’s Cliffewood neighborhood rang up a $780,000 deal.

Harrison and Beth Reed acquired the house from James Wellborn Jr. and Suzan Wellborn.

The deal is funded with a one-year loan $788,000 from Riverside Mortgage Co. of Little Rock.

The residence previously was tied to a September 2009 mortgage of $417,000 held by PrimeLending of Dallas.

The Wellborns purchased the property for $236,000 in March 1989 from Virginia Frank.

Woodland’s House

A 3,844-SF home in the Woodland’s Edge neighborhood of west Little Rock sold for $546,738.

Carly Snipes and Travis Eastin bought the house from Mark Baker Custom Homes Inc.

The deal is backed with a 30-year loan of $525,262 from Suntrust Mortgage Inc. of Richmond, Virginia. The residence previously was linked with an August 2013 mortgage of $381,600 held by Bank of Little Rock.

The location was acquired for $73,000 a year ago from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Church Mortgage

A North Little Rock congregation picked up a $2.6 million financial package. Cedar Heights Baptist Church obtained the five-year loan from Simmons First National Bank of Pine Bluff.

The 5-acre development at 14502 Cedar Heights Road previously was tied to an August 2005 bond issue of $2.6 million through Reliance Trust Co. of Atlanta.

The land was assembled in two deals totaling $16,000. The sellers were Maple McKay, $13,000 in August 1978, and D.C. Sparks, $3,000 in April 1976.

 

 

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