Mosaic Church Acquisition Adds Up to $1.7 Million (Real Deals)

by George Waldon  on Monday, Apr. 15, 2013 12:00 am  

The former Kmart store near the southwest corner of Asher and University avenues in south Little Rock is now church property.  (Photo by Jason Burt)

The seller is IHDG Pulaski-01 LLC, led by William Walker.

The deal is funded with a $450,000 loan from North Little Rock’s National Bank of Arkansas. The property previously was used to help secure an August 2006 mortgage of $1.38 million held by Mountain State Bank of Cumming, Ga.

IHDG acquired the land more than six years ago as part of a $481,000 deal with Super D Drugs Acquisition Co., led by Stephen LaFrance.

Normandy Home

A 3,750-SF home in Little Rock’s Normandy neighborhood is under new ownership after a $585,000 deal.

Speck Able Trust, led by William McCologan III, bought the house from Doug and Bobbie Beard.

The deal is financed with a 15-year loan of $417,000 and a $138,750 loan from Centennial Bank of Conway. The residence previously was tied to a November 2012 mortgage of $600,000 held by IberiaBank of Lafayette, La., and a February 2000 mortgage of $66,000 held by Bank of America of Charlotte, N.C.

The location was purchased for $45,000 in May 1990 from Marcie Heins Investments Inc.

Hillcrest Abode

A 3,971-SF home in Little Rock’s Hillcrest neighborhood changed hands in a $570,000 sale.

Angela and William Drennan acquired the house from Nicholas and Susan Brown.

The deal is backed with a 30-year loan of $417,000 and a five-year loan of $96,000 from IberiaBank. The residence previously was linked with May 2008 mortgages of $417,000 and $49,000 held by First Security Bank of Searcy.



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