Block 2 Purchased for $9 Million (Real Deals)

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Block 2 Purchased for $9 Million (Real Deals)

by George Waldon on Monday, Jan. 9, 2012 12:00 am

Workforce Credit

The owner of a 57,000-SF office project in south Little Rock secured a $500,000 line of credit.

Steward & Young Inc., led by J.R. Young, got the funding from Citizens Bank & Trust of Van Buren.

The 4.26-acre Arkansas Workforce Centers development at 5401 S. University Ave. also is financed with an August 2009 mortgage of $3 million held by Citizens Bank.

The property was assembled in four buys totaling $1.28 million.

The sellers were Union Rescue Mission Inc., led by William Tollett, $1.1 million in October 2008; Metropolitan National Bank of Little Rock, $162,000 in December 2008; Hazel Blakeley and Mabel Thiede, $14,000 in May 2009; and Ronnie and Karen Tyler, $6,000 in March 2009.