Arkansas Business

The deal is backed with a 10-year loan of $520,000 from BancorpSouth Bank of Tupelo, Miss.

The 0.33-acre development previously was tied to a December 2006 mortgage of $807,500 held by Arvest Bank of Fayetteville.

The property was acquired for $460,000 more than seven years ago from 3½ LLC, led by Sam Hilburn and Rodney Thompson.

Loft Foreclosure

A 41-unit apartment project in downtown Little Rock changed hands in a $547,662 foreclosure sale.

Quality Properties Asset Management Co., an affiliate of Bank of America in Charlotte, N.C., recovered Eastside Lofts at 1401 Scott St. from Eastside High

School Ltd., led by Steven Hitt. The 1.2-acre development previously was linked with a January 2010 mortgage of $1.15 million held by Bank of America.

The property was purchased for $234,000 in April 2000 from the Little Rock School District.

Salvation Transaction

Nonprofit groups were on both sides of a $550,000 transaction in North Little Rock.

The Salvation Army acquired Cornerstone Church at the northeast corner of West McCain Boulevard and Locust Street from the Arkansas District Council of Assemblies of God Inc.

The 3.37-acre property at 5106 Locust St. was bought for $35,000 in March 1964 from Metropolitan Trust Co., led by Justin Matthews III.