Pleasant Valley Plaza Rings Up $2.2M Sale (Real Deals)

by George Waldon  on Monday, Oct. 21, 2013 12:00 am  

Pleasant Valley Plaza.  (Photo by Jason Burt)

Construction of a nearly 30,000-SF campus center in Little Rock is backed with a $10.9 million bond issue.

Philander Smith College obtained the 30-year funding through Rice Capital Access Program LLC of Atlanta.

The 4.3-acre piece of the campus securing the debt was assembled as part of four transactions with the Housing Authority of Little Rock, $77,000 in February 1958 and $167,150 in December 1968; and General Board of Higher Education & Ministry of the United Methodist Church, gifts in June 1995 and April 2012.

Village Funding

An 83-unit retirement home in west Little Rock is securing a $3 million financial package. Presbyterian Village Inc., led by Dan Yancey, got the five-year loan from First Security Bank of Searcy.

The 510 Brookside Drive project previously was tied to a November 2002 mortgage of $3.27 million held by First Arkansas Bank & Trust of Jacksonville and two mortgages held by Bank of the Ozarks, $383,910 in April 2000 and $360,000 in June 2000.

The 6-acre site was donated by S.E. and Beatrice Clippard in July 1964 and January 1968. Undeveloped adjoining land was added in four transactions totaling $684,000. The sellers were:

  • Kelley and Janis Johnson, Jerry and Nancy Wilcox, Steven and Janet Kinzler and George and Mary Wildgen, $175,000 for 1.73 acres in April 1999.
  • Virginia Brown, $350,000 for 4.35 acres in April 2000.
  • Ellen and Phillip and Sandra Brown, $109,000 for 2.5 acres in April 2000.
  • Tommy and Ida Smith, $50,000 for 2.17 acres in April 2000.

Office Mortgage

A 33,720-SF office building in west Little Rock is backed with a $2.3 million mortgage. KRL Properties LLC, led by Mark Leverett, received the five-year loan from Simmons First National Bank.

The 2.3-acre development at 324 Executive Court previously was used to help secure December 2011 mortgages of $2.2 million and $1.68 million held by One Bank.

KRL acquired the project for $1.8 million nearly two years ago from Herbert and Barbara James.



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