Metro Builders Property Weighs In at $3.8 Million (Real Deals)

by George Waldon  on Monday, Sep. 1, 2014 12:00 am  

Metro Builders property on Maumelle Blvd.

A commercial project in North Little Rock shifted ownership in a $3.8 million transaction.

Metro Builders Supply Inc. of Tulsa purchased its 68,500-SF complex at 8805 Maumelle Blvd. from NJS-Arkansas Metro LLC, led by Nick and Jane Navros.

The 4.06-acre development is now helping secure a five-year loan of $22.6 million from Arvest Bank of Fayetteville.

The location was acquired for $237,000 in December 1994 from Emmett and Mary Oliver.

Residential Retread

Dozens of lots in North Little Rock’s Villages of San Luis residential development were sold in combined transactions totaling $1.56 million.

RC Maumelle LLC, led by David Frye and David Starkey, bought 42 lots for $789,000 and 41 lots for $777,000 from Pulaski County Property Owners Improvement District No. 4.

The deal is backed with a one-year loan of $612,000 and a two-year loan of $1 million from First National Bank of Fort Smith. The property also is linked with a $789,000 mortgage held by Crews & Associates Inc. of Little Rock.

The improvement district recovered the property at a $489,779 foreclosure sale in January 2014.

That transaction followed the Chapter 7 bankruptcy in 2011 of North Little Rock’s Cadena Contracting Inc., which defaulted on a 2007 bond issue of $2.87 million that funded the subdivision’s infrastructure.

Charitable Buy

A 17,234-SF nonprofit facility in midtown Little Rock tipped the scales at $1.35 million.

 

 

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