Full Counsel Creditors Rework Church Debt (Real Deals)

by George Waldon  on Monday, Jul. 8, 2013 12:00 am  

1800 Maple St. project in North Little Rock recovered by Regions from Joshua Ministries.

Church property in North Little Rock forfeited in lieu of foreclosure was recycled in a transaction valued at $10.4 million.

Bondholders of Full Counsel Christian Fellowship and Full Counsel Ministries Inc. resold the church at 1608 N. Maple St., its Christian academy at 1521 N. Main St., its family life center at 1514 N. Maple St., parking and more back to the fellowship and FCMI, led by Silas Johnson.

The property is now backed by a $10.1 million mortgage held by the bondholders.

The 3.1-acre complex, along with property in Pine Bluff, previously was used to help secure two bond issues of $10.4 million in May 2003 and $5.4 million in January 2006.

The North Little Rock property was assembled by the church in a series of transactions totaling more than $970,000.

The sellers were the following:

  • American Public Life Insurance Co. of Jackson, Miss., $200,000 in January 1993
  • Danny and Waynette Stevens, $135,000 in January 2000
  • The Julius Bender estate, $123,600 in November 1991
  • John Rushing Jr. and his wife, Patsy, $95,000 in July 1997
  • Louelline Calhoun, $84,000 in May 1994
  • Donald W. Brooks Inc., $80,000 in March 1999
  • Central Baptist Church of North Little Rock, $76,000 in February 1988 and February 1990
  • James and Marsha Sobczak, $69,000 in October 1994
  • William and Audrey Burks, $60,000 in September 1997
  • The Lucille J. Yancey Trust, $25,000 in July 1998
  • and Sara Krouse, $23,000 in December 1992.

In connection with Full Counsel’s financial travails, Regions Bank of Birmingham, Ala., recovered a 29,524-SF office building at 1800 Maple St. in North Little Rock from Joshua Ministries & Community Development Corp., led by Silas Johnson. The $489,000 foreclosure sale closed in April 2010.

Entropy Systems Inc., led by Imran Bohra, purchased a 3,400-SF apartment building at 1501 Main St. in North Little Rock for $70,304 at the April 2010 foreclosure sale.

Regions held a $513,384 deficiency judgment against Full Counsel after the sale of the 0.85-acre office development and 0.32-acre apartment development.

Kum & Go Sale

A North Little Rock convenience store changed hands in a $3.2 million sale.

RI CS2 LLC of Escondido, Calif., bought the Kum & Go project at 3300 Springhill Road from KG Store 152 LLC of West Des Moines, Iowa.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?