Goodwill Purchase Tops $1.6 Million (Real Deals)

by George Waldon  on Monday, Oct. 1, 2012 12:00 am  


Germay Abode II

A 5,650-SF house in Germay Court neighborhood sold for $660,000.

Tamer Alsebai and Loulouh Bacha bought the house from the Usher Joint Revocable Trust, led by Arshad and Sadia Malik.

The deal is funded with a 15-year loan of $460,000 and a 25-year loan from U.S. Bank of Cincinnati.

The residence was purchased for $725,000 in February 2008 from Brad and Amy Baltz.

The Baltz family acquired the house for $840,000 in July 2005 from Billy Hartness Construction Co.


Mann Funding

Redevelopment of a historic seven-story downtown office building is backed with a $19.6 million funding agreement.

Mann Development LLC, led by Tommy Lasiter and Jimmy Moses, obtained the 30-year loan from Heartland Renaissance Fund Sub III LLC of Little Rock.

The project encompasses the 112,000-SF Blass Building at 324 Main St., which once served as the Worthen Administration Center and the flagship store of Blass Department Stores before that, along with the neighboring 29,700-SF annex at 312 Main St.

The 1.2-acre development will include an adjoining 300-car parking garage under construction at the northeast corner of Fourth and Louisiana streets.

Developer Doyle Rogers bought the property for $850,000 in December 1999 from Argora Properties Ltd. of Dallas, led by Michael Loftis.

The property carried a value of $500,000 when it was transferred from Rogers into the name of Mann Project LLC in June. Ownership shifted to Mann Development in July.



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