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.

The seller is Goldthwaite Corp., led by Lee Bodenhamer. The corporation provided a two-year loan of $550,000 to fund the deal.

Goldthwaite bought the land for $500,000 in October 1990 from Baird Inc., led by Betty Baird.

Pantry Crest

A 2,770-SF restaurant project in Little Rock’s Hillcrest neighborhood rang up a $455,000 sale.

Sharpknives LLC, led by Tomas Bohm, purchased 722 N. Palm St. to open Pantry Crest. The seller is Palm Partners LLC, led by John Hathaway.

The deal is funded with a three-year loan of $448,000 from IberiaBank of Lafayette, La.

The former 0.15-acre residential property previously was linked with an April 2009 mortgage of $368,500 from BancorpSouth Bank of Tupelo, Miss.

Palm Partners acquired the project for $459,000 in April 2009 from L&R Real Estate Ventures LLC, led by Rebecca Esch.

Bank Building

A 1,689-SF bank branch in Little Rock drew a $385,000 transaction.

7612 Cantrell LLC, led by Kevin Huchingson, bought its namesake project from One Bank & Trust of Little Rock.

The deal is financed with a 10-year loan of $300,000 from Greenwood’s State Bank of Lake Mills, Wis.

The bank purchased the 0.49-acre development in November 2008 for $530,000. The seller was Leah Keith and the estate of Sandy Keith.

Office Acquisition

A 5,344-SF office building in southwest Little Rock sold for $289,000.

Douglas and Monaca Walker acquired the 8000 National Drive project from Ray Barber.

The deal is backed with a three-year loan of $168,000 from Arvest Bank of Fayetteville.

The nearly 1-acre development previously helped secure a July 2007 mortgage of $800,000 held by Central Bank of Little Rock.

Barber bought the property for $158,000 in June 1999 from North Little Rock’s Mercantile Bank of Arkansas.

Sologne Residence

A 5,187-SF home in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development changed hands in a $650,000 transaction.

Kevin Claybrook purchased the house from John Riggs III and his wife, Lila.

The deal is financed with a 15-year loan of $417,000 from Triumph Mortgage of Collierville, Tenn., and a five-year loan of $100,000 from the Bank of Augusta.

The house was sold in February 2004 for $793,000 by Chateau Customer Homes Revocable Trust, led by Carla Spainhour.

 

 

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