Industrial Deal Tops $1.8 Million (Real Deals)

by George Waldon  on Monday, Apr. 1, 2013 12:00 am  

The deal is backed with a 15-year loan of $300,000 from Bank of Little Rock Mortgage Corp. The residence previously was linked with a July 2004 mortgage of $245,000 held by Pulaski Bank & Trust of Little Rock and a June 2008 mortgage of $75,000 held by Pulaski Mortgage Co. of Little Rock.

The location was acquired for $50,000 in January 1994 from Samuel and Shirley Wofford.

Block 2 Mortgage

The owner of the Block 2 redevelopment in downtown Little Rock landed a $9 million funding agreement.

MIMG XXIX Block 2 LLC, an affiliate of Monarch Investment & Management Group of Franktown, Colo., obtained the loan from Beech Street Capital LLC of Bethesda, Md.

The 1.05-acre development previously was tied to an October 2011 mortgage of $6.75 million held by KeyBank of Denver.

The project includes the 82,000-SF Democrat Printing & Lithograph Building at 122 E. Second St., home of Arkansas Business Publishing Group and 32 apartments; the 85,000-SF Archer Drug Building at 107 E. Markham St., 69 apartments; and the 69,000-SF Wallace Building at 101 Main St., 44 apartments.

The property was bought for $9 million 18 months ago from LSF5 Block Two LLC.

LSF5 is an affiliate of Lone Star U.S. Acquisition LLC of Dallas. 



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