Posted 6/17/2013 12:00 am
A 126-unit piece of a Little Rock apartment project is under new ownership after a $4.4 million sale.
Cantrell Heights LLC, led by John Bailey, bought a 4.9-acre portion of Valley Heights Apartments at 6900 Cantrell Road from Centennial Bank of Conway.
The deal is financed with a five-year loan of $4.48 million from the bank.
Centennial recovered the property in March at a $2 million foreclosure sale. The previous owner was Valley Heights Apartments Ltd., led by David Henry.
The property previously was tied to an April 2004 mortgage of $4.4 million held by a Centennial predecessor, Twin City Bank of North Little Rock.
A 50,000-SF warehouse project in North Little Rock changed hands in a $550,000 transaction.
VBI Properties LLC, led by Larry Breeden, purchased the 2003 W. 38th St. project through Acadia Management Inc., led by Bruce Bethell.
The seller is Custom Food Group Ltd. of Dallas, led by Wendell Holloway.
The 5.5-acre development previously was used to help secure a March 2005 mortgage of $4 million held by Texas Capital Bank of Dallas.
The property was bought for $1.09 million in April 1999 from Pickett Food Service, led by Doyle Pickett.
A 3,021-SF home in Little Rock’s Hillcrest neighborhood rang up a $616,667 deal.
Ned and Victoria Garrett acquired the house from Helen Corkern. The deal is funded with a 30-year loan of $417,000 and a $79,000 loan from Delta Trust & Bank of Little Rock.
The residence previously was linked with an August 2004 loan from First Home Mortgage Inc. of Jonesboro.
Corkern purchased the property for $250,000 nearly nine years ago from the Miles & Donna Waldron Family Revocable Trust.
A 4,624-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development sold for $535,000.
Asif Masood and Madiha Shahid bought the house from Dennis and Patricia Braddy.
The deal is backed with a 30-year loan of $428,000 and a 22-year loan of $53,500 from U.S. Bank of Cincinnati.
The property was acquired for $595,000 in April 2006 from Rector Phillips Morse Inc., led by Loyd Walker.
The owner of a 120-bed nursing home project in North Little Rock picked up a $6.69 million funding agreement.
3600 Richards Road LLC of Hunt Valley, Md., obtained the 31-year loan from Berkadia Commercial Mortgage LLC of Horsham, Pa.
The 4.52-acre Premier Health & Reha-bilitation development at 3600 Richards Road previously was used to help secure a June 2009 loan of $6.9 million from Column Guaranteed LLC of New Orleans.
The project was purchased for nearly $6.8 million four years ago from GPH North Little Rock LLC of Fort Smith.
Kids Play Mortgage
A 6.24-acre Pediatrics Plus development in west Little Rock is backed with a $2.1 million financial package.
Kids Play Properties LLC, led by Todd Denton, received the 30-year loan through Six Bridges Capital Corp. of Little Rock.
Construction of the 1900 Aldersgate Road project was funded with a March 2012 loan of $5.4 million from Delta Trust & Bank.
The land was assembled in deals totaling $981,000. The sellers are D.M. and Ida Lewis, $310,000 in February 2012, and Nabholz Inc., led by Bill Hannah, $671,000 in March 2012.