GMAC Building Rings Up $7.1M Transaction (Real Deals)

by George Waldon  on Monday, Jul. 22, 2013 12:00 am  

The GMAC Building at 16101 La Grande Drive in west Little Rock. (Photo by Mauren Kennedy)

The residence previously was tied to an April 2009 mortgage of $111,000 held by Pulaski Mortgage Co. of Little Rock.

The property was bought for $585,000 in November 2005 from Robert Boyles Jr. and his wife, Leslie.

Park Avenue Funding

The developer of the Park Avenue project in midtown Little Rock picked up an $18.5 million funding agreement.

SPC Park Avenue Ltd., SPC Chick Ltd. and SPC Condo Ltd., affiliates of Strode Property Co. of Dallas, obtained the loan from Bank of America.

The debt is secured by the AT&T store at 300 S. University Ave., Jared jewelry store at 310 S. University Ave., Cheddar’s restaurant at 400 S. University Ave. and Chick-fil-A eatery at 6201 W. Markham St.

Other Little Rock collateral includes two commercial sites at the Park Avenue development: a 5.6-acre parcel and a 3.6-acre parcel.

The property previously was used to help secure an August 2011 mortgage of $24.6 million held by Little Rock’s Bank of the Ozarks.

SPC assembled the land in September 2007 as part of a $22 million deal with Southern Real Estate & Financial Co., led by Charles Cella; the William L. Patton Jr. Family Ltd. LLLP; Arkansas Acquisitions Inc., led by John McDonald; Baird Inc., led by John Schlereth; and the Patton family.

Wimbledon Mortgage

The owner of a 96-unit apartment project in west Little Rock landed a $5.87 million financial package.

Imagine Properties LLC of Montgomery, Ala., received the loan from Greystone Funding Corp. of Warrenton, Va.



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