Apartment Project Sells for $4.1 Million (Real Deals)

by George Waldon  on Monday, Feb. 21, 2005 12:00 am  

Mortgage Lending: January-December 2004
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Towers Transaction

A 132-unit apartment project in Little Rock tipped the scales at $4.1 million.

PT Apartments Ltd., led by David Henry, bought Plaza Towers Apart-ments at 6115 W. Markham St. The seller is Plaza Towers Apartments LLC, led by Joe Selz.

The deal is financed with a $4.6 million bond issued through the Pulaski County Public Facilities Board.

The 2.5-acre development previously was tied to a July 1997 mortgage of $850,000 held by Mercantile Bank of Arkansas in North Little Rock.

Plaza Towers Inc., led by W.C. Mason Jr., developed the project and sold it in March 1969 for an undisclosed sum.

The buyers included: C.W. Abrams, Nash Abrams, Sam Strauss Jr., Ruby McCaskill, Benjamin Lincoln, Arnold Mayersohn, Loris Birnkrant, Julie Shindler, Sam Vogel Jr. Trust, Robert Vogel Trust, Dave Grundfest Sr. Trust, Jack Grundfest and Dave Grundfest Sr. Trust.

Parkway Project

An auto dealership property in west Little Rock is under new ownership after a $1 million deal.

Parkway Markham LLC, led by John Olaimey, Christopher Roberts and John Atwood, acquired the former Parkway Infiniti location at 12211 W. Markham St. The seller is Crain Investments Ltd., led by Larry Crain Sr.

The deal is backed with a two-year loan of $913,023 from First Security Bank of Searcy.

The 0.7-acre development previously was used to help secure a December 2003 mortgage of $1.9 million held by Bank of America in Charlotte, N.C.

Crain Investments bought the property two years ago as part of a $3 million swap with Carlton Properties Ltd., led by Bill Carlton and Steve Smith.

Carlton Properties received a pair of 1.4-acre Applebee's Neighborhood Grill & Bar developments at 12110 Chenal Parkway in west Little Rock and 4333 Warden Road in North Little Rock.

Soterra Sale

A 621-acre tract in west Pulaski County changed hands in a $744,848 deal.

2610 Acres LLC, led by Rick Ferguson, purchased the land on the north side of Lake Maumelle four miles west of Roland from Soterra LLC of Jackson, Miss. Soterra is an affiliate of Greif Brothers Corp. of Delaware, Ohio.

Greif Brothers acquired the acreage for an undisclosed sum in July 1946 from W.J. and Jilpha Risinger.

Commercial Buy

A 1-acre commercial site in west Little Rock sold for $691,515.

Little Rock Kanis & Shackleford Properties LLC, led by Gene Cauley, bought the land near the southwest corner of Kanis and Shackleford roads from the heirs of Billy Bridewell.

The deal is financed with a two-year loan of $375,000 from First Com-munity Bank of Jonesboro.

The property was part of a $5.6 million purchase made in March 1986. The sellers were Wesley and Susan Wise of Brownwood, Texas.

Bank Land I

A 1.5-acre future bank branch site in southwest Little Rock rang up a $612,727 transaction.

Metropolitan National Bank acquired the location at the northeast corner of Highway 5 and Otter Creek Road from Highway 5/Otter Creek Investments LLC, led by Gene Cauley.

The property previously was linked with a May 2003 mortgage of $645,000 held by Otter Creek Development Co. LLC and a July 2003 mortgage of $604,500 held by One Bank & Trust of Little Rock.

The land was bought for $775,000 as part of a 6.8-acre deal nearly two years ago from Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman Jr.

Bank Land II

A Jacksonville bank branch is in motion after a $591,818 transaction.

Community Bank of Cabot purchased the 1.3-acre site at the northeast corner of Main Street and Municipal Drive from Pebbles Properties LLC, led by Mary Dawkins.

The property previously was tied to a May 1989 mortgage of $600,000 held by Winark Co. The land was acquired more than 15 years ago as part of an $845,000 deal with Richard and Sherry Marr, Douglas and Dawn Marr, William and Doris Marr, Ralph and Norma Schneck, Peter and Marjorie Coffield, Harold and Lois Kohnert, and Robert and Marion Fortney.

Center Space

Space in a new downtown Little Rock building drew a pair of half-million-dollar sales.

First Security Bank bought the 2,622-SF location on the ground floor for a branch in the First Security Center at 521 President Clinton Ave.

Rutledge Properties Ltd., led by First Security's CEO Reynie Rutledge, bought a 2,072-SF condo on the 12th floor for $510,000.

The seller in both deals is Clinton & Sherman Building I, led by Jimmy Moses and Rett Tucker III.

The 14-story project was put in motion after two purchases: $1.3 million in January 2003 for the half-acre United Systems of Arkansas Inc. development at 521 President Clinton Ave. from GSJ Properties LLC, led by Glenn Petkovsek; and $555,000 in November 2001 for the Marketing Specialists building at 124 Sherman St. from Linda and Marshall Ross.

Restaurant Recovery

A restaurant location in west Little Rock resold in a $418,000 foreclosure transaction.

Family Center Properties LLC, led by Anthony Gagliardo, acquired the Guadalajara Mexican Restaurant project at 1309 Old Forge Road. Bank of Little Rock landed a $385,393 judgment against Martin and Rosa Marin.

The 2.4-acre development previously was linked with a July 2002 mortgage of $400,000 held by the bank.

The Marins bought the project for $500,000 more than two years ago from Richard McKinney Jr. and the Don and Rita Massey Family Revoc-able Trust.

Moco Purchase

A 1.1-acre commercial site in west Little Rock is under new ownership after a $374,848 deal.

Moco Investment Ltd., led by James Mosley, purchased the land at 14309 Kanis Road from Rayville LLC, led by Patrick Malmstrom.

Rayville provided a $300,000 mortgage to fund the transaction.

The property previously was tied to an April 2004 mortgage of $460,000 held by BancorpSouth Bank of Tupelo, Miss.

Rayville acquired the land 10 months ago as part of a $460,000 deal with the bank.

Otter Creek Site

A 1.3-acre commercial site in southwest Little Rock changed hands in a $274,848 deal.

Cornett Enterprises Inc., led by Roger Cornett, bought the location near the northeast corner of Highway 5 and Otter Creek Road from Highway 5/Otter Creek Investments LLC, led by Gene Cauley. The deal is backed with a $980,541 loan from Delta Trust & Bank of Little Rock.

The land was purchased for $775,000 as part of a 6.8-acre deal nearly two years ago from Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman Jr.

Edgehill Manor

A 5,000-SF mansion in Little Rock's prestigious Edgehill neighborhood sold for a whopping $3.2 million.

John and Christian Kelley acquired the home from The H. Hall McAdams III Family Trust and The Letty Cas-tleberry McAdams Family Trust.

The deal is financed with a 30-year loan of $740,000 from Alliance Home Mortgage Group of Little Rock.

The McAdams family bought the home for $1.25 million in February 1993 from James and Helen Dyke.

Chenal Abode I

A 6,600-SF home in west Little Rock's Chenal Valley neighborhood tipped the scales at $1.25 million

Aaron and Julie Young purchased the house from Rick Ferguson Inc. The deal is funded with a trio of loans totaling $1.18 million from One Bank & Trust.

Ferguson acquired the house for $1.2 million in July 2004 from Joseph Blankenship.

Chenal Abode II

A 5,165-SF home in west Little Rock's Chenal Valley neighborhood drew a $820,000 sale.

Stephen and Traci Horton bought the house from George Mitchell III. The deal is financed with a 15-year loan of $650,000 from BancorpSouth Bank.

The residence previously was linked with a November 2002 mortgage of $300,700 held by Chase Manhattan Mortgage Corp. of Edison, N.J.

Mitchell purchased the property for $684,000 more than two years ago from William Robins II and his wife, Leslie.

Club House

A 3,860-SF home near the Country Club of Little Rock rang up a $641,818 deal.

Stuart and Lynn Wilson acquired the house from Gordon and Christine Smith.

The deal is backed with a 30-year loan of $513,600 and a 15-year loan of $128,400 from Fairway Independent Mortgage Co. of Arlington, Texas.

The residence previously was tied to a July 2003 mortgage of $475,000 held by One Bank & Trust.

The Smiths bought the house for $565,000 in March 2003 from Jeffrey and Connie Voyles.

Crawler Loan

A southwest Little Rock enterprise is backed with a $5.2 million funding agreement.

Crawler Parts Inc. of Jackson, Miss., obtained the 15-year loan from Union Planters Bank of Memphis.

The near 20-acre Heavyquip of Arkansas development at 11023 Interstate 30 previously was linked with a July 1998 mortgage of $655,000 held by the bank.

Crawler Parts purchased the Central Arkansas Tractor Sales facility for $800,000 more than five years ago from Central Arkansas Tractor Sales Inc., led by Tommy Taylor.

Apartment Money

A 204-unit apartment project in south Little Rock is funded with a $4.37 million mortgage.

South Oaks Apartments Ltd., led by James Alessi, got the 35-year loan from Reilly Mortgage Group Inc. of McLean, Va.

The 6-acre development at 3401 Fair Park Blvd. previously was tied to an August 1994 mortgage of $4.5 million held by Reilly.

The land was assembled in two deals totaling $270,000. The sellers were Evans and Shirley Bush, $200,000 in November 1985; and Hugh and Rose Brown, $70,000 in July 1984.

Atkinson Note

An office/retail center in southwest Little Rock is refinanced with a $2.25 million loan.

Atkinson Properties LLC, led by Rick and Russell Atkinson, secured the three-year agreement from Metropolitan National Bank.

The 5.7-acre project at 10510 Interstate 30 previously was tied to a January 2002 mortgage of $510,000 held by William Huffstutlar.

Atkins Properties acquired the development for $560,000 three years ago from William and Ruth Huffstutlar.

Andy's Financing

A fast-food enterprise in west Little Rock picked up a $1.13 million financial package.

Andy's Restaurants Inc., led by Shirley Sedder, received the three-year loan from First Security Bank.

Andy's bought the 0.3-acre site of its corporate headquarters at 11521 W. Markham St. in August 1987 as part of a $378,000 deal with J. Wythe Walker, G. Thomas Eisele and William Eisele.

Sherwood Funding

A Sherwood enterprise was used to secure a $1.1 million funding agreement.

Standridge & Jackson Develop-ment LLC, led by Larry Jackson, obtained the 10-year loan from Regions Bank of Birmingham, Ala.

The 0.3-acre Carrie's Business Equipment project at 7499 Warden Road previously was tied to a Decem-ber 2003 mortgage of $951,500 held by Bank of Oklahoma in Oklahoma City.

The location was purchased 14 months ago from Sherwood Commer-cial Park Inc., led by Billy Morden.

 

 

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