New Landlord Makes $17.5M Move in NLR (Real Deals)

by George Waldon  on Monday, Feb. 3, 2014 12:00 am  

A Colorado investment group is the new owner of McCain Park Apartments, a 320-unit complex at 3900 McCain Park Drive in North Little Rock. (Photo by Jason Burt)

The sale of a 320-unit apartment complex in North Little Rock weighed in at $17.5 million.

FREG McCain Park Associates LLP of Glendale, Colo., purchased McCain Park Apartments at 3900 McCain Park Drive from Trivest McCain LLC of Dallas.

The deal is financed with a 10-year loan of $13.9 million from Walker & Dunlop LLC of Bethesda, Md.

The 18.6-acre development previously was tied to a $10 million mortgage originated in May 2004 by Berkshire Mortgage Finance Ltd. of Boston.

Trivest bought the project for $12.3 million nearly 10 years ago from McCain Development Co., led by Andy Collins.

Baucum Buy

An intra-family transaction in North Little Rock produced a $1.8 million transaction.

Baucum Investments LLC, led by Rustin Glover, acquired the 29,994-SF Twin City Trailer facility at 1220 Baucum Industrial Drive. The sellers are James and Myrna Glover.

The deal is backed with a five-year loan of $1.8 million from Southern Bank of Poplar Bluff, Mo.

The 11-acre development previously was linked with a November 2005 mortgage of $1.4 million held by Summit Bank of Arkadelphia.

The property was assembled in two transactions in December 1996 for $71,000 with Western Little Rock Land Co., led by Floyd Fulkerson; and in November 1998 for $64,000 with the estate of Herschel Friday, William and Mary Lou Cravens, the Boyce Love Testamentary Trust, William and Peggy Sutton, William and Elizabeth Terry, William and Kay Patton and the Oaklawn Jockey Club Inc., led by Charles Cella.

Circle Transaction



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