Our Way Apartments in WLR Sells for $2.88 Million (Real Deals)

by George Waldon  on Monday, Feb. 6, 2006 12:00 am  

Church Financing

A Jacksonville congregation landed an $874,231 financial package.

McArthur Assembly of God Inc. obtained the two-year loan from Bank of the Ozarks.

The 28.3-acre development previously was linked with a November 2003 mortgage of $400,000 and a June 2004 mortgage of $350,000 held by the bank.

The congregation bought the location in May 1996 as part of a $200,000 deal with Ruth Harry and the Pearl H. Straus Living Trust.

Downtown Debt

Property in downtown Little Rock is securing an $815,000 funding agreement.

The John Mathis Lile III Revocable Inheritance Trust received the three-month loan from Arvest Bank.

The 0.24-acre property at 519-523 Center St. previously was tied to a June 2003 mortgage of $146,000 held by North Little Rock’s National Bank of Arkansas and a May 2005 mortgage of $140,000 and a July 2005 mortgage of $75,000 held by Arvest Bank.

The trust purchased the property for $400,000 in April 2003 from Quapaw Restoration Associates LLC, led by Johnny Mitchum.



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