Arkansas Business

A parolee housing project in west Little Rock is in motion after a $900,000 transaction.

Under Grace Ministries Inc., led by Paul Stevens, bought Hidden Creek Senior Apartments at 10905 W. Markham St. The seller is Tisdale Properties & Development LLC, led by Tracy Tisdale.

The deal is funded with a five-year loan of $900,000 from Fellowship Bible Church of Little Rock.

The 2.5-acre development previously was tied to a June 2006 mortgage of $802,291 held by First Security Bank of Searcy.

The property was acquired for $675,000 in April 2005 from Jerry Malott, $337,600, and Jesse Malott and James Malott, $168,700 each.

 

Packet Foreclosure

A historic house turned office building in downtown Little Rock is under new ownership after a $635,000 foreclosure sale.

Chambers Bank of Danville recovered the Packet House at 1406 Cantrell Road from North Little Rock's Gibraltar National Insurance Co., led by Audra Welcher.

The 2.16-acre development previously was linked with a May 2009 mortgage of $650,000 held by the bank.

Ownership of the 140-year-old building was transferred to the insurance company in November 2004 from Harvey Manufacturing Corp., led by Ed Harvey.

The property was purchased for $425,000 in June 1988 from Little Rock's Pulaski Bank & Trust, which entered the picture after a June 1987 foreclosure sale of $615,000. The bank recovered the property from Packet House Partnership, led by Larry and Margaret Carter and Steven Wilson.