Alexander Properties Produce $4.5M Sale (Real Deals)

The sale of neighboring developments in Alexander generated two seven-digit transactions.

Knollwood Mobile Home Park LLC of Birmingham, Mich., bought its namesake 137-pad project at 26270 Interstate 30 N. Service Road for $2.7 million.

The 31-acre mobile home park is now helping secure a $30.2 million funding agreement with General Electric Capital Corp. of Norwalk, Conn.

Coulson Oil Co. of North Little Rock purchased its leased 3.4-acre Shell Superstop development at 13400 Interstate 30 for $1.8 million.

The deal is financed with a five-year loan of $1.8 million from Simmons First National Bank of Pine Bluff.

The seller in both deals was Willie Aaron Jones Family Ltd., led by Beverly Steed and Michael Jones.

The land for both properties was associated with a $50,000 deal W.A. Jones struck with Isadore and Sarah Scrinopskie in February 1959.

 

Farmland Purchase

A 164-acre farm in southeast Pulaski County changed hands in a $530,000 sale.

Henderson Farms Inc., led by Pat Norsworthy, acquired the land at the southwest corner of Highway 161 and Allison Road from Johnie and Sharon Carter.

The property previously was tied to an April 2008 mortgage of $230,368 held by Bank of England.

The Carters bought the land for $287,000 more than four years ago from Betty Dorsey.

 

Hickory Creek Home

A 6,479-SF home in west Little Rock's Hickory Creek neighborhood is under new ownership after a $915,000 deal.

Aaliya Mahood purchased the house from David and Susan Matthews. The deal is financed with a 30-year loan of $640,000 from U.S. Bank of Cincinnati.

The residence previously was linked with a January 2007 mortgage of $380,000 originated by Centennial Bank of Conway and helped secure a May 2011 mortgage of $918,000 held by Heartland Community Bank of Bryant.

The property was assembled in two deals for the house and adjoining land.

The sellers were Joseph and Maudie Stillman, $580,000, in May 2001, and Gene and Gaylia Fortson, $111,000 in October 2005.

 

Belle Pointe Buy

A 5,462-SF home in west Little Rock's Belle Pointe neighborhood sold for $695,000.

Phillip and Mary Jo Ashley bought the house from the Donna J. Straessle Revocable Trust.

The deal is backed with a 15-year loan of $566,000 from Arvest Bank of Fayetteville.

The residence previously was tied to a January 2002 mortgage of $200,000 held by Arvest Bank and a February 2002 mortgage of $345,000 mortgage held by Arvest Mortgage Co. of Lowell.

The location was purchased for $70,000 in December 1998.

The seller was Carriage Creek Property Owners Improvement District No. 639 of Little Rock.

 

Hotel Financing

Construction of a six-story Residence Inn by Marriott in downtown Little Rock is backed with a $12.6 million funding agreement.

MHG Little Rock RE Ltd. obtained the loan for the 107-room project from First Security Bank of Searcy.

The 0.53-acre site at the northeast corner of Third Street and River Market Avenue previously was linked with a September 2009 mortgage of $550,000 held by the bank.

The former parking lot space was acquired for $1.3 million more than two years ago.

The seller was Arkansas Democrat-Gazette Inc., led by Walter Hussman.

 

Apartment Funding

The owner of a 172-unit apartment project in southwest Little Rock landed a $4.25 million financial package.

Village Green AR Associates LLC, led by Philip Welch, received the loan from CWCapital LLC of Needham, Mass.

The 10.9-acre development at 7601 N. Chicot Road previously was tied to a March 2002 mortgage of $3.75 million held by Deutsche Banc Mortgage Capital LLC of New York City.

The project was bought for $4.7 million more than 10 years ago from Alco Village Green Associates Ltd., led by Frank Jemison Jr.