Under Grace Ministries Closes $900,000 Acquisition in West Little Rock (Real Deals)

by George Waldon  on Monday, Nov. 1, 2010 12:00 am  

Chenal Circle Sale

A 6,465-SF home in the Chenal Circle neighborhood of west Little Rock's Chenal Valley development rang up a $650,000 deal.

David and Mary Gulley acquired the house from Judith and W.F. Lemke. The deal is financed with a one-year loan of $650,000 from BancorpSouth Bank of Tupelo, Miss.

The Lemkes purchased the property for $885,000 in September 2005 from the namesake residence trusts of Max and Carolyn Davis.


Block 2 Mortgage

A downtown Little Rock redevelopment was used to secure a $4.5 million funding agreement.

LSF5 Block 2 LLC, an affiliate of Lone Star U.S. Acquisition LLC of Dallas, obtained the two-year loan from First Security Bank.

The 1-acre development previously was tied to a December 2009 mortgage of $11.9 million held by Bank Midwest of Kansas City, Mo.

The limited liability company entered the ownership picture of the Block 2 Development through a $9 million foreclosure sale in March 2008.

LSF5 Block 2 received a $12.5 million foreclosure judgment in January 2008 after purchasing the long-in-default loan for $7.5 million in September 2007 from the Department of Housing & Urban Development.

The property includes three redeveloped buildings: the 82,000-SF Democrat Printing & Lithograph Building at 122 E. Second St., home to Arkansas Business Publishing Group and 32 apartments; the 69,000-SF Wallace Building at 101 Main St., 44 apartments; and the 85,000-SF Archer Drug Building at 107 E. Markham St., 69 apartments.



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