Maumelle Starbucks Sells For $1.1 Million (Real Deals)

by George Waldon  on Monday, Feb. 15, 2010 12:00 am  

Jingyi Wang and Yan Huang bought the house from Sale Enterprises LLC, led by Christopher Sale. The deal is financed with a 30-year loan of $417,000 from Bank of America in Charlotte, N.C.

The residence previously was tied to a March 2008 mortgage of $544,000 held by Bank of Little Rock Mortgage.

Sale Enterprises acquired the location for $100,000 in October 2007 from Jacqueline Fecher.

Block 2 Financing

A downtown redevelopment was used to help secure an $11.9 million funding agreement.

LSF5 Block 2 LLC, an affiliate of Lone Star U.S. Acquisition LLC of Dallas, obtained the eight-month loan from 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 1-acre 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.

Ferguson Funding

 

 

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