Holcombe Heights Visited By $4.3M Owner Change (Real Deals)

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

Holcombe Heights Apartments in Little Rock (Photo by Jason Burt)

A 125-unit apartment project in Little Rock’s Riverdale area exited foreclosure in a $4.3 million transaction.

Holcomb Heights 2013 Ltd., an affiliate of Provident Realty Advisors Inc., bought its almost-namesake project at 2100 Rebsamen Park Road.

The deal is financed with a $3.2 million loan from Compass Bank of Birmingham, Ala.

Holcombe Heights Apartments was sold by McFadden One LLC, led by Bess McFadden Sanders.

Other members of the ownership group were Todd and Chris Bridges, sons of former Metropolitan National Bank CEO Lunsford Bridges.

The 5.59-acre development previously was tied to a June 2007 mortgage of $5.1 million originated by Metropolitan.

The nonperforming loan was acquired in December 2012 by an affiliate of The Broe Group of Denver, and a $4.8 million foreclosure suit was launched in April 2013.

McFadden One purchased the project for $6.4 million in June 2007.

The seller was Holcombe Heights LLC, Paul Tibbs, James Tibbs, Andrew Tibbs, Jimmy Moses, Rett Tucker, Denise Martin and Chris Moses.

ATA HQ Land

The future site of the new American Taekwondo Association headquarters in Little Rock tipped the scales at $1.85 million.

Martial Arts Services Inc., an ATA affiliate, acquired the 3.2-acre location in Little Rock’s Riverdale area on the south side of Riverdale Road between Brookwood and Riverfront drives.

 

 

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