Albert Pike Apartments Acquired for $3.6M (Real Deals)

by George Waldon  on Monday, Aug. 5, 2013 12:00 am  

The Albert Pike Hotel in downtown Little Rock is undergoing an extensive renovation after new ownership visited the apartment project. (Photo by Mauren Kennedy)

A historic apartment high-rise in downtown Little Rock tipped the scales at $3.6 million.

Summit Albert Pike Ltd. of Montgomery, Ala., bought the 130-unit project at 701 Scott St. from Albert Pike Residence Hotel Ltd. and Lincoln Investments LLC, both led by Phillip Jones.

The purchase and renovation of the 12-story Albert Pike project is backed with a $5.6 million loan from Highland Commercial Mortgage LLC of Birmingham, Ala.

The 1.31-acre development previously was tied to an August 2002 mortgage of $135,000 and a June 2004 mortgage of $175,000 held by American State Bank of Jonesboro.

The property was assembled in four transactions totaling almost $3.2 million.

The sellers were Albert Pike Residence Hotel Inc., led by Frank Thornley, $2.95 million in December 1985; Second Baptist Church, $100,000 in December 1985; and Mary Alice Calcote and her husband, Robert, James Whitmore III and his wife, Karon, and Ronald and Ellen Thom, $148,100 in June 2004.

Branch Location

A future bank branch site in west Little Rock rang up a $1.08 million sale.

First Security Bank of Searcy acquired the location at the northeast corner of Wellington Hills Drive and Chenal Parkway from 15400 Chenal LLC, led by Larry Crain Jr.

The property was part of the Crain Ford development, which was bought for $8.1 million in April 2011 from the estates of Phillip H. Mayfield and William J. Smith.

iPawn Project

A former USA Drug store in west Little Rock changed hands in an $800,000 deal.

 

 

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