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.

Overlook Home

A 4,135-SF home in Little Rock’s Overlook Park neighborhood changed hands in a $799,000 deal.

Benjamin Eiler purchased the house from Curtis Bowman. The deal is funded with a one-year loan of $500,000 from First Security Bank of Searcy.

The residence previously was tied to a March 2010 mortgage of $250,000 and an August 2012 mortgage of $85,000 held by Delta Trust & Bank of Little Rock.

The property was acquired for $545,000 in November 2001 from Thomas and Jane Kramer.

Oaks House

A 3,415-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $546,000 sale.

Michael and Shari Ford bought the house from Karen Zimmerman and Sharon Capehart.

The residence previously was linked with a November 2010 mortgage of $353,174 held by Merrill Lynch Credit Corp. of Jacksonville, Fla.

The property was purchased for $506,000 in June 2004 from Chenal Valley Construction Inc., led by James Miles.

Rural Residence

A 4,210-SF home on the western edge of Little Rock drew a $519,000 transaction.

Amy Parish acquired the house from the namesake trusts of Salliejane and Roy Rainey Sr.

The deal is backed with a 30-year loan of $412,500 from First Security Bank. The residence previously was tied to an August 2010 mortgage of $240,000 held by Little Rock’s Bank of the Ozarks.

The land was bought in July 1972 as part of a $110,000 deal with Paul and Patricia Morriss.

Riverbend Sale

A 2,318-SF home in Little Rock’s Riverbend neighborhood sold for $510,000.

The Elizabeth R. Brandon Revocable Trust purchased the property from the Janne Giroir Siegel Trust and the Jolie Giroir Mosley Trust.

The residence previously was linked with a January 2006 mortgage of $289,000 held by Centennial Bank.

The property was acquired for $485,000 in January 2006 from the Marilyn McRae Houston Trust.

Carpet Center Mortgage

A 10,000-SF warehouse project in North Little Rock is backing an $11 million funding agreement.

Carpet Center Maumelle LLC, led by Danny Longing, obtained loans of $10.2 million and $800,000 from Centennial Bank of Conway.

The 0.62-acre development at 10600 Maumelle Blvd. also is tied to a November 2005 mortgage of $1.64 million held by Bank of America of Charlotte, N.C.

The property was bought for $575,000 in May 2001 from Horton Inc., led by Eutaw Horton.



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