Colonial Park Apartments Hosts $3.3M Transaction (Real Deals)

by George Waldon  on Monday, Nov. 11, 2013 12:00 am  

A 256-unit apartment project in southwest Little Rock tipped the scales at $3.3 million.

Colonial Park RBG LLC, led by Robert Bruce Grisham Jr. and his wife, Libby, bought its namesake project at 5813 Baseline Road from Colonial Parc Apartments Arkansas LLC of Philadelphia.

The deal is financed with a five-year loan of $2.64 million from Arvest Bank of Fayetteville.

The 10.86-acre development previously helped secure a January 2007 mortgage of $12 million held by RAIT CRE CDO I Ltd. of Philadelphia.

CPAA assumed the debt after purchasing the project for $9.85 million in January 2009 from 5813 Baseline Road Co. LLC, led by Steven Green.

St. Vincent Site

A 2.68-acre commercial site in Sherwood rang up a $1.05 million sale.

St. Vincent Infirmary Medical Center acquired the property, which adjoins the south side of Academy Sports at 6100 Warden Road.

The seller is Sherwood Forest LLC, led by Paul Blackburn.

The property previously helped secure a November 2004 mortgage of $2.38 million and a March 2005 mortgage of $4.56 million held by International Bank of McAllen, Texas.

The land was bought in November 2004 as part of a $2.8 million deal. The sellers were David and Rose Wells; Claude Wells Jr. and his wife, Sally; and Stephen Wells.

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