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 2,918-SF home in Little Rock’s Mountain Park neighborhood rang up a $500,000 deal.

Matthew Olson acquired the house from Eric and Amy McCay. The deal is financed with a one-year loan of $417,000 from Riverside Bank of Sparkman (Dallas County).

The residence previously was linked with a December 2010 mortgage of $417,000 held by Riverside Mortgage Co. of Little Rock.

The property was bought for $535,000 in December 2008 from Jacob White Construction.

Apartment Construction

The second phase of construction of a west Little Rock apartment project is in motion with a $16.7 million financial package.

The Pointe at Brodie Creek LLC, led by Keith Richardson, obtained the five-year loan from Centennial Bank.

The new phase encompasses 188 units and nearly 18.6 acres.

The land at 3400 S. Bowman Road is part of a 95-acre tract purchased for $1.35 million in April 2010 from Bowman Road LLC, led by Patsy Lehman, which provided a $1.2 million loan to fund the transaction.

School Funding

A private school in west Little Rock landed a $5.1 million funding agreement.

Arkansas Baptist School System received a 15-year loan of $4.6 million and a $500,000 loan from Regions Bank of Birmingham, Ala.



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