Arkansas Business

A 120,000-SF retail project in the Otter Creek area of Little Rock is in motion after a $3 million land deal.

Bass Pro Outdoor World LLC of Springfield, Mo., purchased the 29.3-acre site in the Gateway Town Center project from Town Center LLC, led by Tommy Hodges.

The Gateway development at the northwest corner of Interstate 30 and Otter Creek Road is backed by a June 2012 mortgage of $3.5 million held by Malvern National Bank.

The land was part of a four-part assembly of 176 acres in January 2002 deals totaling more than $2.4 million.

The sellers were Canadian Pacific Properties Inc. of Alberta, Calgary, $1.46 million; Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman, $784,000; Cynthia Keaton, $143,000; and Jennifer Mae Kochtitzky Trust No. 2, $81,390.

Covenant Funding

Fifty homes in a west Little Rock residential project are securing a $6.6 million funding agreement.

Faithland Residential Properties 10 LLC, led by Pamela Brown-Courtney and Dr. Willis Courtney Jr., obtained the five-year loan from One Bank & Trust of Little Rock.

The 10-acre Covenant Cove development along Kensington Drive be-tween Romine Road and Leigh Drive previously was tied to loans totaling $7.2 million. The lenders were One Bank totaling $4.7 million, First Security Bank of Searcy totaling $1.4 million and Bank of Little Rock totaling $1.1 million.

The land was purchased for $100,000 in May 2001 from George A. Brown and Charles Anderson.

Twin Purchase

A future Twin Peaks location in west Little Rock tipped the scales at $1.35 million.