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.

The 2.31-acre site was acquired for $1.1 million in August 2012 from Wood Crest Co. LLP, led by James P. Matthews.

Markham Plaza Buy

A 22,500-SF retail project in west Little Rock tipped the scales at $1.2 million.

MP 10500 LLC, led by Pete Hornibrook, purchased Markham Plaza at 10500 W. Markham St. The seller is Markham Plaza LLC, led by Ed Willis.

The deal is funded with a $960,000 loan from First Security Bank of Searcy.

The 2.07-acre development was bought in August 1996 from Ted Skokos for $2.14 million through Financial Centre Corp., led by Willis, John D. McCracken, and John D. McCracken Family Ltd.

Convenient Purchase

A convenience store in the Otter Creek area of west Little Rock is under new ownership after a $713,000 sale.

E-Z Mart Stores Inc. of Texarkana, Texas, acquired the project at 13420 Otter Creek Parkway from Greatstone Equities Inc., led by Frederick Albrecht.

The 1.15-acre property was purchased for $246,000 in April 1996 from Metvan Circle K Associates of Dallas.

Brownlee Acquisition

A 2,084-SF commercial project in downtown Little Rock rang up a $205,000 transaction.

Brownlee Construction Consultants LLC, led by Porter Brownlee, bought the 715 Arch St. project from IberiaBank of Lafayette, La.

The deal is financed with a $204,000 loan from Centennial Bank of Conway. Iberia entered the ownership picture in July 2012 through a $189,200 foreclosure sale.

The bank recovered the 0.16-acre development after landing a $253,898 judgment a month earlier against Pinnacle Property Management LLC, led by Michael Love and Trey Stoelzing.

Chenal Downs Abode

A 4,436-SF home in the Chenal Downs neighborhood of west Little Rock sold for $692,000.

Swiftair Living Trust, led by James Gulley, purchased the house from the Rodney Thomason Revocable Trust.

The residence previously was tied to a February 2008 mortgage of $154,600 and a November 2011 mortgage of $398,500 from Metropolitan National Bank.

The 5-acre location was bought for $100,000 in April 2004 from Mark Schlesinger and Walter Ebel III.

Prospect Home

A 4,026-SF house in Little Rock’s Prospect Terrace neighborhood changed hands in a $550,000 sale.

Maurizio and Elda Zangari acquired the house from the Harvey-Wilson Family Trust, led by John and Jennifer Wilson Harvey.

The deal is backed with a 15-year loan of $417,000 from Wells Fargo Bank of Sioux Falls, S.D.

The residence previously was linked with a July 2010 mortgage of $390,000 held by One Bank & Trust of Little Rock.

The property was purchased for $274,000 in April 1999 from James and Elizabeth Rice.

Medical Mortgage

Construction of a 72,000-SF medical office building is in motion as part of a $28.4 million financial package.

Little Rock Medical Associates IV LLC and Little Rock Medical Associates V, led by Edward Matthews, landed the funding from Little Rock’s Bank of the Ozarks.

The Midtown Medical Park Building will replace the Doctors Hospital Building at 500 S. University Ave. The financing additionally is secured by the remainder of a 22.8-acre development that includes the 161,508-SF Sears store at 600 S. University Ave. and 57,000-SF Doctors Plaza Building at 600 S. McKinley St.

The property was bought in a $22.5 million transaction in November 1978 from Little Rock Land Co., led by William Humphries Jr.

Collegiate Construction

Construction of a women’s dormitory in Little Rock is backed with a $7.1 million funding agreement.

Arkansas Baptist College obtained the four-year loan from IberiaBank.

The 0.48-acre site at the northeast corner of Bishop and 18th streets was assembled in two buys totaling $106,600.

The sellers were Cheryl Mobley and Charlotte Williams, $100,000 in February 2010; and the Housing Authority of the City of Little Rock, $6,600 in June 1967.

Hospice Financing

The owner of a 30,000-SF hospice facility in west Little Rock picked up a $5.5 million mortgage.

Hospice Home Care Inc., led by Michael Tankersley, received the five-year loan from Regions Bank.

The nearly 13-acre development at 2200 S. Bowman Road previously was tied to a May 2005 loan of $2 million originated by Arkansas Certified Development Corp. of Little Rock.

Real estate records indicate the project remains encumbered by a June 2005 mortgage of $3.1 million and a July 2008 mortgage of $856,710 held by Simmons First National Bank of Pine Bluff and a September 2010 mortgage of $530,000 held by ExcellRX Inc. of Philadelphia.

The location was acquired for $750,000 in September 2003 from Earl and Melba Combee.

St. Mark Funding

A Little Rock congregation landed a $4.8 million financial package.

St. Mark Baptist Church got the five-year loan from First Security Bank.

The 13.5-acre development at 5722 W. 12th St. previously was linked with a February 2011 mortgage of $5.07 million held by U.S. Bank of Cincinnati.

St. Mark started assembling its property in January 1994, buying a 4.5-acre church project from Central Baptist Church for $1.3 million.

 

 

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