Farm Flip Produces $2.5 Million Transaction (Real Deals)

by George Waldon  on Monday, Aug. 8, 2011 12:00 am  

A 1,145-acre farm in southeast Pulaski County was flipped in a $2.5 million sale.

Kingridge Enterprises Inc., led by Mark Jackson, acquired the land a mile southeast of Sweet Home along Fourche Creek and Harper Road.

The seller is Jimmy Winemiller's U.S. Investment Realty Co.

The transaction is financed with a 10-year loan of $1.8 million from Rabo Agrifinance Inc. of St. Louis and a two-year loan of $800,000 from U.S. Investment.

The property previously was tied to a January mortgage of $1.04 million held by Arvest Bank of Fayetteville.

U.S. Investment purchased the farm for $1.3 million seven months ago from the Ernest & Mary Harper Joint Revocable Trust, David Harper, Angela Harper Car-michael, the Anna L. Harper Revocable Trust and Alfred Harper.

The Harper family began assembling the land in deals dating back to January 1923 and running through January 1950.

 

Church Sale

A west Little Rock church is under new ownership after a $995,000 sale.

Disciples Church of Arkansas Inc. bought the 6.1-acre development at 800 Kirby Road from Parkway Place Baptist Church Inc.

The deal is funded with a five-year loan of $550,000 from BancorpSouth Bank of Tupelo, Miss. The property previously helped secure an April 2005 mortgage of $3.26 million held by Centennial Bank of Conway.

Parkway Place purchased the former Lord of Life Lutheran Church for $643,000 in June 2002 from the Mid-South District of the Lutheran Church-Missouri Synod.

 

 

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