Paramount Transaction Adds Up to $3.6 Million (Real Deals)

by George Waldon  on Monday, Dec. 23, 2013 12:00 am  

Paramount Life Building at 11025 Anderson Drive in west Little Rock. (Photo by Jason Burt)

Multifamily Buy

A small group of apartments in the Pulaski Heights area of Little Rock is under new ownership after an $820,000 deal.

J Street Group LLC, led by Lane Patterson, purchased the 5212 I St., 5209 J St. and 5217 J St. properties. The seller is Car Holdings LLC, led by Andrew Adkins and Richard Harp.

The deal is backed with a $700,000 loan from Bank of Rison.

The half-acre development previously was tied to an April 2008 mortgage of $688,000 and a January 2010 mortgage of $50,000 held by Centennial Bank of Conway.

Car Holdings acquired the project for $760,000 in March 2008 from George and Sallie Gill and John and Marjorie Gill.

Water Land

About 150 acres in west Pulaski County rang up a $603,000 sale ($4,000 per acre).

Central Arkansas Water bought the land a mile west of Highway 300 on East Hundley Road from Centennial Bank. The deal is funded with a $287,500 loan from Centennial.

The property was part of a $1.13 million foreclosure sale in June 2011. The bank recovered the land from Gene Cauley, the former Little Rock attorney imprisoned for stealing from clients.

The land originally secured a July 2007 mortgage of $2.35 million held by Centennial.

Foreclosure Sale I



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