Baptist State Convention Quarters Sold for $2 Million (Real Deals)

Downtown Deal I

A 1.4-acre office development in downtown Little Rock tipped the scales at $2 million.

PB Capitol Properties LLC, led by Leonard Boen, acquired the Arkansas Baptist State Convention quarters at 525 W. Capitol Ave. The seller, ABSC, provided an eight-month loan of $2 million to finance the deal.

The property was assembled in three transactions totaling $1 million. The sellers were Coca-Cola Bottling Co. of Arkansas, $525,000 in June 1967; A.J. Wrape Real Estate Trust, $365,000 in December 1981; and Charles and Emma Simons, $110,000 in January 1982.

Bank Site

A 1.6-acre bank branch site in North Little Rock rang up a $1.05 million transaction.

Arvest Bank of Fayetteville bought the location near the northwest corner of Maumelle Boulevard and Crystal Hill Road from Lilac LLC, led by Andy Collins.

The Justin Matthews family has owned the property for more than 85 years. Lilac represents a big branch of the family tree.

Downtown Deal II

A half-acre office development in downtown Little Rock changed hands in an $800,000 deal.

The Arkansas Association of Educational Administrators, led by Tom Kimbrell, purchased the 219 S. Victory St. project. The seller is the Student Loan Guarantee Foundation of Arkansas, led by Ronald Nichoalds.

The deal is backed with a six-month loan of $800,000 from Twin City Bank of North Little Rock. The property previously was tied to a May 1990 mortgage of $1.2 million held by Simmons First National Bank of Pine Bluff.

The location was bought for $100,000 in March 1983 from Baird Inc., led by Betty Baird.

Timberland

More than 291 acres in south Pulaski County is under new ownership in a transaction valued at $580,000.

Canopy Timberlands Spout Springs LLC of Dallas acquired the land from RMS Timberlands LLC of Birmingham, Ala. Almost all the acreage is in a tract a half-mile west of Interstate 530, south of Hensley Loop.

The deal is part of a much larger transaction funded with an $11 million loan from Metropolitan Life Insurance Co. of New York.

The property previously was used to help secure a November 2006 mortgage of $365 million held by Metropolitan Life Insurance Co., Prudential Life Insurance Co. of America of Newark, N.J., Farm Credit Bank of Texas in Austin and Robobank of the Netherlands.

RMS Timberlands purchased the land nearly two years ago as part of a $1.7 million deal with Blue Sky Timber Properties LLC, a subsidiary of Southeast Timber Inc.

Chenal Downs Home

A 3,900-SF home in west Little Rock's Chenal Downs neighborhood sold for $725,000.

James Calhoun bought the house from Steven Young Jr. and his wife, Cindy. The deal is financed with a 30-year loan of $725,000 from Bank of America in Charlotte, N.C.

The residence previously was linked with a July 2003 mortgage of $322,700, a July 2007 mortgage of $174,899, a December 2006 mortgage of $150,000 and an April 2006 mortgage of $17,000 held by One Bank & Trust of Little Rock.

The location was acquired for $124,000 in October 2001 from Deltic Timber Corp. of El Dorado.

Oaks Residence

A 3,186-SF home in The Oaks neighborhood of west Little Rock's Chenal Valley development drew a $515,000 transaction.

James and Linda Davis purchased the house from Charles and Linda Barg. The deal is backed with a 30-year loan of $412,000 from Sirva Mortgage Inc. of Independence, Ohio.

The residence previously was tied to a July 2007 mortgage of $359,100 and a December 2007 mortgage of $100,000 held by Centennial Bank of Little Rock.

The property was bought for $470,000 in August 2004 from Robb Boyles Construction Co.

Eminent Note

The purchase of a 106-acre spread in Sherwood is funded with a $5.35 million mortgage.

The Public Facilities Board of Sherwood obtained the three-year loan from Twin City Bank. The North Hills Country Club at 7400 Hwy. 107 previously was linked with a June 1985 loan of $140,000 from First American National Bank of North Little Rock.

The city of Sherwood entered the ownership in September 2008 after a $5 million eminent domain action against the namesake revocable trusts of James and Betty Rodgers and two other Rodgers-led entities: Club Properties Inc. and North Hills Country Club.

The property was acquired for $30,000 in July 1946 from Metropolitan Trust Co., led by Justin Matthews.

Industrial Refinance

A 10-acre industrial project in south Little Rock is refinanced with a $2.1 million financial package.

The entity 3700 West 65th LLC, led by Gene Cauley, received the 17-year loan from American Equity Investment Life Insurance Co. of Des Moines, Iowa.

The 3700 W. 65th St. property previously was tied to a May 2008 mortgage of $1.5 million held by Centennial Bank.

The property was bought for $2.4 million in April 2005 from Climatic Corp., led by John H. Bailey.

Acreage Funding

More than 120 acres in northwest Maumelle is securing a $1.4 million funding agreement.

HEA Properties LLC, led by Marc Yelenich, Justin Carmody, Stephen Molpus, Ben T. Eiler, Ben L. Eiler and Bryan Austin, got the two-year loan from Eagle Bank & Trust of Little Rock.

The land is south of the Union Pacific Railroad between the Warmack Addition on the west and the White Oak Bayou Wetland Conservation Area on the east.

The property previously was linked with a June 2005 mortgage of $1.7 million held by National Bank of Arkansas in North Little Rock.

HEA Properties purchased the acreage for $1.5 million more than three years ago from 635 Acres Joint Venture, led by William Rector Jr.

Hooters Loan

The owner of a North Little Rock Hooters restaurant picked up a $1.39 million mortgage.

Slevin Capital Development Corp. of South Barrington, Ill., obtained the five-year loan from MB Financial Bank of Rosemont, Ill.

The 1.1-acre development at 4110 Landers Road previously was tied to a June 2006 mortgage of $1.44 million from Greatbank of Algonquin, Ill.

Slevin Capital acquired the property for $1.93 million more than two years ago from Barrett Ventures I LLC, led by Tommy Twitty.

Central Mortgage

A general aviation concern in Little Rock landed a $1 million financial package.

Central Flying Service Inc., led by Richard and Donald Holbert, received the five-year loan from Regions Bank of Birmingham, Ala.

The Central Flying development at 1501 Bond St. previously was linked with a July 2007 mortgage of $1.25 million from the bank.

The project is part of 19.7 acres leased from the city of Little Rock. The land was included in a 76.2-acre tract the U.S. government transferred to the city in May 1951.

Cabling Note

A North Little Rock enterprise is backed with an $800,000 note.

Advanced Cabling Systems LLC, led by Robert East and Michael Kennedy, got the five-year loans.

The 1.2-acre development at 4950 Northshore Lane previously was tied to a June 2007 mortgage of $750,000 held by Centennial Bank.

The location was bought for $155,000 in April 2007 from Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.

Auto Financing

A North Little Rock industrial property is securing a $650,000 funding agreement.

AM Maumelle LLC, led by Amos and Matt Enderlin, picked up the five-year loan from First Security Bank of Conway.

The 1.1-acre Little Rock Motor Cars development at 1 Maumelle Curve Court previously was linked with a March 2006 mortgage of $220,000 held by First Security Bank of Searcy.

The property was purchased for $275,000 more than two years ago from Clarence and Marie Bishop.

Church Funding

A Jacksonville church project is in motion with a $600,000 mortgage.

Emmanuel Bible Fellowship Church got the two-year loan from First Arkansas Bank & Trust of Jacksonville.

The 1.9-acre development at 6012 Gen. Samuels Road previously was tied to an August 2005 mortgage of $130,000 held by the bank.

The property was assembled in two transactions totaling $125,000. The sellers were Calvary Temple Ministries, $120,000 in April 2001, and The Bennett Trust, led by Murva Bennett, $5,000 in March 2002.