Harper Family Reaps $1.3 Million From Farm Sale (Real Deals)

by George Waldon  on Monday, May. 30, 2011 12:00 am  

A 1,145-acre farm in southeast Pulaski County tipped the scales at $1.3 million.

U.S. Investment Realty Co., led by Rebecca Winemiller, bought the land a mile southeast of Sweet Home along Fourche Creek and Harper Road.

The sellers are the Ernest and Mary Harper Joint Revocable Trust, David Harper, Angela Harper Carmichael, the Anna L. Harper Revocable Trust and Alfred Harper.

The deal is backed with a three-year loan of $1.04 million from Arvest Bank of Fayetteville.

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


Duplex Deal

Eight duplexes in Jacksonville's Eastview neighborhood combined for a $1.02 million transaction.

Shamrock Management Inc., led by Peter O'Connell IV, purchased the duplexes in the Eastview neighborhood from Robert and Linda Meckfessel.

The deal is financed with an $826,000 loan from U.S. Bank of Minneapolis. The properties previously were tied to January 2008 and January 2009 mortgages totaling $448,000 held by Little Rock's Bank of the Ozarks.

The 1.7-acre property was bought in April 2006 as part of a $210,000 deal with Woodhaven Homes Inc., led by Jack Wilson.


Synovus Recovery

A 71,520-SF office-warehouse facility in North Little Rock rang up a $550,000 sale.

Synovus Bank of St. Petersburg, Fla., recovered the Haynes Wholesale project at 300 Phillips Road from Jeffrey and Madonna Smith and their Hottie Body Inc.

The action follows Georgia Bank & Trust of Calhoun, Ga., landing a $917,494 judgment in August 2010.

The property was purchased from the bankruptcy estate of Creative Technologies Inc. in November 1995 for $375,000.


Day Care Sale

A day care property in Jacksonville changed hands in a $300,000 deal.

The Lloyd A. & Marsha G. Friedman Living Trust acquired the First Care For Children project at 501 N. First St. from the First Baptist Church.

The church bought the property for $332,000 in May 2000 from American Best Care Inc., owned by Little Rock's Hickingbotham family.


Wheeler Foreclosure

The former home of Wheeler Construction Co. in Maumelle is under new ownership after a $261,400 foreclosure sale.

Centennial Bank of Conway recovered the 13,496-SF office warehouse project at 26308 Highway 365 N. from Patricia Wheeler.

The 3-acre development previously was linked with an October 1999 loan of $235,000 from Centennial's predecessor, First State Bank of Conway.

The property was purchased for $12,000 in December 1985 from Theresa and Garold Petee.


Estates Home

A 5,400-SF home in The Estates neighborhood of west Little Rock's Chenal Valley neighborhood drew a $750,000 transaction.

The Board of Trustees of Arkansas State University bought the house from Larry and Theresa Middleton. The residence previously was tied to an October 1997 mortgage of $214,000 originated by Bank of the Ozarks and was used to help secure a December 2010 mortgage of $1.7 million held by U.S. Bank.

The property was acquired for $557,000 in October 1997 from Kenneth Phillips Jr. and his wife, Lynn.


Downtown Condo

A 2,108-SF condo in downtown Little Rock sold for $679,000.

Charles and Anne Vermont purchased the seventh-floor property at 5 Statehouse Plaza from Brad and Emily Canada.

The deal is funded with a 15-year loan of $417,000 from Bank of England. The condo previously was linked with a February 2009 mortgage of $700,000 held by the bank.

Arkansas Riverview Development LLC, led by Canada, bought the half-acre site for $950,000 in April 2004 from the Arkansas Bar Foundation.


Deauville Abode

A 5,108-SF house in the Deauville Place neighborhood of west Little Rock's Chenal Valley development rang up a $560,000 transaction.

Chad Matone acquired the house from Little Rock's Rector Phillips Morse realty firm. The deal is backed with a 30-year loan of $417,000 from NBA Mortgage Group of Little Rock and a $70,000 loan from North Little Rock's National Bank of Arkansas.

The residence previously was tied to an August 2006 mortgage of $588,800 from Regions Bank of Birmingham, Ala.

The location was purchased for $139,000 from Deltic Timber Corp. of El Dorado.


St. Mark Financing

A Little Rock congregation picked up a $5.07 million funding agreement.

St. Mark Baptist Church obtained the loan from U.S. Bank. The 13.5-acre development at 5722 W. 12th St. previously was linked with a November 2008 mortgage of $7.2 million held by the bank.

St. Mark started assembling its property in January 1994, buying a 4.5-acre church project from Central Baptist Church for $1.3 million.


Suri Mortgage

A 1.3-acre office/retail development in west Little Rock is backed with a $2 million financial package.

B Ram Suri Properties LLC, led by Ajay and Anuradha Suri, received the seven-year loan from Little Rock's Bank of the Ozarks.

The location at 36 Rahling Road was acquired for $485,000 in June 2009 from Shannon Properties LLC, led by Glenda Shannon; and Rahling Properties LLC, led by Carla Spainhour.


Residential Loan

Construction of 13 homes in downtown North Little Rock is in motion with a $2 million mortgage.

The city of North Little Rock landed the 18-month loan from the Arkansas Development Finance Authority. The properties in the Baring Cross area were assembled in September 2010 in deals totaling $115,000.

The sellers were NLR Parker Street Properties LLC, led by Lisa Ferrell, $79,000; Baring Cross Restoration LLC, led by Alan Abston, $20,000; North Bluffs Development Corp., led by Ferrell, $10,000; and JMB Investments LLC, led by Bryon Hicks, $6,000.


Commercial Funding

A 7,100-SF commercial project in west Little Rock is securing a $535,000 mortgage.

14410 LLC, led by Scott Tabor and Lee Maris, got the five-year loan from Bank of Little Rock.

The 3.7-acre development at 14410 Cantrell Road previously was tied to a September 2004 mortgage of $440,000 and a December 2008 mortgage of $170,000 held by the bank.

The project was purchased for $460,000 in September 2004 from Harris Concrete Pumps LLC, led by Gene Ludwig.



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