Baptist State Convention Quarters Sold for $2 Million (Real Deals)

by George Waldon  on Monday, Oct. 27, 2008 12:00 am  

The entity 3700 West 65th LLC, led by Gene Cauley, received the 17-year loan from American Equity Investment Life Insurance Co. of Des Moines, Iowa.

The 3700 W. 65th St. property previously was tied to a May 2008 mortgage of $1.5 million held by Centennial Bank.

The property was bought for $2.4 million in April 2005 from Climatic Corp., led by John H. Bailey.

Acreage Funding

More than 120 acres in northwest Maumelle is securing a $1.4 million funding agreement.

HEA Properties LLC, led by Marc Yelenich, Justin Carmody, Stephen Molpus, Ben T. Eiler, Ben L. Eiler and Bryan Austin, got the two-year loan from Eagle Bank & Trust of Little Rock.

The land is south of the Union Pacific Railroad between the Warmack Addition on the west and the White Oak Bayou Wetland Conservation Area on the east.

The property previously was linked with a June 2005 mortgage of $1.7 million held by National Bank of Arkansas in North Little Rock.

HEA Properties purchased the acreage for $1.5 million more than three years ago from 635 Acres Joint Venture, led by William Rector Jr.

Hooters Loan

The owner of a North Little Rock Hooters restaurant picked up a $1.39 million mortgage.

Slevin Capital Development Corp. of South Barrington, Ill., obtained the five-year loan from MB Financial Bank of Rosemont, Ill.



Please read our comments policy before commenting.