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 location was bought for $14,000 in March 1978 from Danny Ray and Ruth Ray.

Adcare Mortgage

The owner of a midtown Little Rock nursing home picked up a $13.6 million funding agreement.

Little Rock HC&R Property Holdings LLC, an affiliate of Adcare Health Sys-tems Inc. of Columbus, Ohio, obtained the four-year loan from Privatebank & Trust of Chicago.

The 174-bed Little Rock Healthcare & Rehabilitation Center at 5720 W. Markham St. previously was tied to an April 2012 mortgage of $21.8 million.

The 0.71-acre development was purchased a year ago from Little Rock AVIV LLC of Chicago for $17.1 million.

Flash Funding

A Jacksonville convenience store project was used to secure a $3 million mortgage.

Flash Market Inc., led by Shane Patterson, got the 10-year loan from N.S. Sechrest of West Memphis.

The 0.83-acre development at 2255 John Harden Drive also is linked with an August 2011 mortgage of $650,000 held by First National Banking Co. of Ash Flat.

The property was acquired for $350,000 in December 2000 from Rock City Foods Inc., led by George Kirtley Sr.

North Bluffs Note



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