On the Border Serves $4.3M Deal (Real Deals)

by George Waldon  on Monday, Feb. 24, 2014 12:00 am  

On the Border, Sherwood

A 122-unit apartment project in Little Rock is backed with a $6.24 million funding agreement.

Little Rock Housing Associates II Ltd., led by Ernest R. Coleman Jr., received the loan through Red Mortgage Capital LLC of Dallas.

The 10.1-acre Chapel Ridge Southwest development at 9400 Stagecoach Road previously was linked with a November 2002 bond issue of $6.6 million through the Pulaski County Public Facilities Board.

The limited partnership acquired the site for $433,000 in November 2002 from Ann Terry Pincus and Terry Family Ltd., led by F. William Terry.

Walgreens Mortgage

The owner of a Walgreens project in west Little Rock picked up a $4.4 million financial package.

Merlander Family Irrevocable Trust of Palos Verdes Estates, Calif., obtained the five-year loan from Wells Fargo Bank of Sioux Falls, S.D.

The 1.67-acre development at 15500 Chenal Valley Parkway previously was tied to a November 2008 mortgage of $4.73 million held by Bank of the West of San Franciso.

The project was purchased for $7.75 million more than five years ago from Chenal & Wellington Hills 2007 LLC, led by Jeff Nicholas.

All locations on map approximate.



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