Auto Dealership Property Draws $2.4 Million Sale (Real Deals)

by George Waldon  on Monday, Sep. 3, 2012 12:00 am  

A greenery enterprise in Little Rock and related properties are backing a $2.46 million mortgage. Paul Allen Smith Jr., above, and his Smithfield Properties LLLP got the loan from Centennial Bank of Conway.

P. Allen Smith Mortgage

A greenery enterprise in Little Rock and related properties are backing a $2.46 million mortgage. Paul Allen Smith Jr. and his Smithfield Properties LLLP got the loan from Centennial Bank of Conway.

The loan is secured by Smith's 567-acre Garden Home Retreat project at 23800 Ross Hollow Road in west Pulaski County. The acreage was assembled in three transactions totaling $2.2 million.

The sellers were The Robert G. Cress Trust, 250 acres for $1.2 million in August 2004; Charles Gray Jr. and his wife, Judy, 256 acres for $868,000 in June 2004; and Soterra LLC of Jackson, Miss., an affiliate of Greif Brothers Corp. of Delaware, Ohio, 61 acres for $153,000 in April 2005.

The property also was linked with a September 2005 mortgage of $792,000 held by Bank of Little Rock and December 2008 mortgages of $2 million held by Ethel W. Foley of Columbus, Ga., and $935,000 held by Centennial Bank.

Other debt associated with the rural land includes a September 2005 mortgage of $792,000 and an April 2005 mortgage of $150,000 held by Bank of Little Rock and a December 2008 mortgage of $935,000 held by Centennial Bank of Conway. Additional property securing the new Centennial mortgage includes:

  • A 5,700-SF office building at 1722 Broadway, purchased for $210,000 in January 2002 from H&V Properties, led by Kay Vander Hort. The 0.3-acre development previously was tied to an August 2004 mortgage of $275,000 held by Bank of Little Rock.
  • A 1,700-SF Quapaw Quarter house, given to Smith in August 1988 by Nancy and Hamp Roy. The 0.3-acre property also is linked with an April 2004 mortgage of $79,250 held by Principal Residential Mortgage Inc. of Des Moines, Iowa.

 

 

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