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

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

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.


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.

Block 2 LLC, led by Paul Esterer and Todd Rice, began assembling the property in two November 1998 deals with Democrat Printing & Lithographing Co., led by Haynes Whitney, $650,000 for its namesake property, and J. Chandler & Co., led by John Chandler, $1.4 million for the other Archer Drug Building plus some parking space.

The Wallace Building was added in a $400,000 transaction with the city of Little Rock in August 1999.


Coffee Funding

A North Little Rock coffee roasting plant was used to secure a $2 million financial package.

Westrock Coffee LLC, led by Scott Ford, received the five-year loan from Summit Bank of Arkadelphia.

The 4.1-acre development at 30 Collins Industrial Place was bought for $2 million in April 2010 from Brent & Sam's Inc., a subsidiary of Lance Inc. in Charlotte, N.C.



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