Eastside Lofts Attracts $900,000 Sale (Real Deals)

by George Waldon  on Monday, May. 27, 2013 12:00 am  

A 41-unit apartment project in downtown Little Rock is under new ownership after a $900,000 sale.

Mark Brown and Jill Judy bought Eastside Lofts at 1401 Scott St. from Quality Properties Asset Management Co., an affiliate of Bank of America in Charlotte, N.C.

The deal is financed with a five-year loan of $765,000 from Central Bank of Little Rock.

Quality Properties recovered the 1.24-acre development in October 2012 at a $547,662 foreclosure sale. The project previously was tied to a January 2010 mortgage of $1.15 million held by Bank of America.

The previous owner was Eastside High School Ltd., led by Steven Hitt.

Peerless Property

A piece of downtown Little Rock changed hands in a $363,000 transaction.

Terraforma LLC, led by David Bruning and Doug Meyer, acquired the 26,768-SF Peerless Engraving building at 823 Main St.

The sellers are Sam Bracy III and his wife, Luana.

The property was bought for $330,000 in November 1981 from R.H. Matson Jr.

Prospect Terrace Home

A 4,950-SF home in Little Rock’s Prospect Terrace neighborhood rang up a $650,000 sale.

Barry and Toni Block purchased the house from Jaluli Investments LLC, led by Joseph Stewart and Daniel Lewis.

The deal is funded with a 30-year loan of $417,000 from IberiaBank Mortgage Co. of Little Rock and a 20-year loan of $103,000 from IberiaBank of Lafayette, La.

The residence previously was linked with a May 2012 mortgage of $450,000 and a December 2012 mortgage of $50,000 held by Malvern National Bank.

The property was acquired for $198,000 a year ago from the estate of James Arthur Maxwell.

Margeaux Place Abode

A 5,197-SF home in the Margeaux Place neighborhood of west Little Rock’s Chenal Valley development drew a $547,000 transaction.

Leland and Zandral Shepherd bought the house from Dwight and Teresa Stewart. The deal is backed with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Corp. and a five-year loan of $75,300 from Bank of Little Rock.

The residence previously was tied to an August 2004 mortgage of $440,000 from United Bank of Springdale.

The property was purchased for $550,000 more than eight years ago from Steven and Sheila Jumper.

Shotgun Land

Development of the largest trap shooting facility in Arkansas is in motion with a $3 million funding agreement.

The city of Jacksonville obtained the one-year loan from BancorpSouth Bank of Tupelo, Miss.

Other partners making the 14-station shooting range happen include the Arkansas Game & Fish Foundation and the Arkansas Game & Fish Commission.

The land near the northeast corner of Graham and J.P. Wright Loop roads was acquired for $480,000 in December from Peacock Management LLC, led by James Peacock, and Wilson Family Ltd., led by Mike Wilson.

Seven-Digit Construction

59-bed Alzheimer Facility     $7,780,420
8401 Ranch Drive, Little Rock
C.R. Crawford Construction LLC, Fayetteville

Albert Pike Renovation    $5,342,601
701 Scott St., Little Rock
Empire Corp. of Tennessee Inc., Knoxville, Tenn.

L.A. Fitness Building    $5,000,000
304 S. University Ave., Little Rock
Mycon General Contractors Inc., McKinney, Texas

11th-Floor Renovation    $2,198,000
320 W. Capitol Ave., Blue Cross, Little Rock
Baldwin & Shell Construction Co., Little Rock

J.A. Riggs Training Facility    $1,211,087
9125 Interstate 30, Little Rock
Baldwin & Shell Construction Co., Little Rock



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