Maumelle Industrial Site Acquired for $1.3 Million (Real Deals)

by George Waldon  on Monday, Dec. 24, 2012 12:00 am  

A church expansion in west Little Rock is backed with an $8 million funding agreement. Second Baptist Church obtained the five-year loan from Little Rock’s Bank of the Ozarks.

The 10.6-acre campus at 1709 John Barrow Road previously was tied to an April 2006 mortgage of $2.1 million held by the bank.

The congregation bought most of the property for $400,000 in December 1987 from Hebron Baptist Church. An adjoining 1 acre was added in April 2005 in an $85,000 deal with James Moore Jr. and his wife, Linda.

About 4.6 acres were purchased for $675,000 in December 2006 from Carol and Marvin Thaxton Sr., Margaret and Marvin Thaxton Jr. and Franklin and Gail Fogelman.

The funding agreement also is secured by the 3-acre Faith Christian School project at 6111 W. 83rd St. Ownership shifted from Faith Christian to the church for an unrecorded sum in November 2004. n



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