GMAC Building Rings Up $7.1M Transaction (Real Deals)

A 50,900-SF office building in west Little Rock tipped the scales at $7.1 million.

16101 Properties LLC, led by Terry Fleming, bought the GMAC Building at 16101 La Grande Drive. The seller is Crain Investments Ltd., led by Larry Crain Sr.

The deal is financed with a five-year loan of $5.68 million from Bank of America in Charlotte, N.C.

The 9.4-acre development was purchased for $5.1 million in October 2000 from Deltic Timber Corp. of El Dorado.

Conestoga Buy

Two industrial properties in Jack-sonville changed hands in a $1.4 million transaction.

Resicomm Properties LLC, led by Bryan and Sonja Glaze, purchased the 20,000-SF building at 2601 Gen. Samuels Road and the 12,000-SF building at 2201 N. Redmond Road in Jacksonville. The seller is Conestoga Wood Specialties Corp., led by Anthony Hahn.

The deal is funded with a $1.19 million loan from Centennial Bank of Conway.

The 1.5-acre Gen. Samuels Road property was acquired for $289,000 in August 2003 from Whited Holdings & Investments LLC, led by Larry Whited. The 1.1-acre Redmond Road location was bought for $150,000 in August 2008 from Sherrod and Carolyn Hines.

Sustainable Purchase

A 5,456-SF office building in west Little Rock sold for $414,000.

Sustainable Properties LLC, led by Matt Bell, acquired the 125 Gamble Road project from the Dorothea Davis Living Revocable Trust.

The trust provided a $392,550 mortgage to finance the deal. The 1.12-acre location was purchased for $32,000 in March 1977 from Pythian Castle Hall Association, led by Jack Hammett.

Inmon Transaction

A 5,000-SF repair shop project in North Little Rock rang up a $500,000 deal.

Jeff and Cathy Hooker bought the 2.67-acre development at 100 Inmon Road from David and Karen Inmon. The deal is backed with a 15-year loan of $408,500 from BancorpSouth Bank of Tupelo, Miss.

The property previously was used to help secure a May 2006 mortgage of $2 million held by Twin City Bank of North Little Rock and an April 2009 mortgage of $440,000 held by First Arkansas Bank & Trust of Jacksonville.

The Inmon family acquired the land in January 1962 as part of a $98,000 deal with Securities Investment Co. of St. Louis.

Deauville Residence

The sale of a 4,361-SF home in west Little Rock’s Deauville Place neighborhood in the Chenal Valley development weighed in at $920,000.

Michael and Judy Shelley purchased the house from the Mark & Cheryl Miller Revocable Trust. The deal is financed with a 15-year loan of $500,000 and a 25-year loan of $225,000 from U.S. Bank of Cincinnati.

The residence previously was tied to a September 2010 mortgage of $500,000 held by Regions Bank of Birmingham, Ala.

The property was bought for $325,000 in May 2009 from Richard Glenn Jones.

Estates Sale

A 5,297-SF home in west Little Rock’s Adkins Estates neighborhood drew an $850,000 transaction.

Stylianos Rammos and Paraskevi Kyziropoulou acquired the house from W.J. Matchett. The deal is funded with a 30-year loan of $417,000 and a five-year loan of $305,500 from Metropolitan National Bank of Little Rock.

The residence previously was linked with an April 2009 mortgage of $417,000 held by Regions Bank.

The property was purchased for $830,000 in May 2007 from Lanny and Michelle Flood.

Shadowlawn Foreclosure

A 5,128-SF home near the Country Club of Little Rock is under new ownership after a $750,000 foreclosure sale.

Heartland Bank of Bryant recovered the house from David and Susan Matthews.

The bank landed a judgment of $844,452 in March on a loan that originally totaled $918,000.

The residence was acquired for $1 million in May 2010 from Martin and Patricia Rhodes.

Lamarche Abode

A 5,487-SF home in west Little Rock’s Lamarche Place neighborhood in the Chenal Valley development changed hands for $595,000. Jonathan and Jennifer Timmis purchased the house from the Reid Mitchell Revocable Trust.

The deal is backed with a 30-year loan of $417,000 from IberiaBank Mortgage Co. of Little Rock and a 10-year loan of $118,500 from IberiaBank of Lafayette, La.

The residence previously was tied to an April 2009 mortgage of $111,000 held by Pulaski Mortgage Co. of Little Rock.

The property was bought for $585,000 in November 2005 from Robert Boyles Jr. and his wife, Leslie.

Park Avenue Funding

The developer of the Park Avenue project in midtown Little Rock picked up an $18.5 million funding agreement.

SPC Park Avenue Ltd., SPC Chick Ltd. and SPC Condo Ltd., affiliates of Strode Property Co. of Dallas, obtained the loan from Bank of America.

The debt is secured by the AT&T store at 300 S. University Ave., Jared jewelry store at 310 S. University Ave., Cheddar’s restaurant at 400 S. University Ave. and Chick-fil-A eatery at 6201 W. Markham St.

Other Little Rock collateral includes two commercial sites at the Park Avenue development: a 5.6-acre parcel and a 3.6-acre parcel.

The property previously was used to help secure an August 2011 mortgage of $24.6 million held by Little Rock’s Bank of the Ozarks.

SPC assembled the land in September 2007 as part of a $22 million deal with Southern Real Estate & Financial Co., led by Charles Cella; the William L. Patton Jr. Family Ltd. LLLP; Arkansas Acquisitions Inc., led by John McDonald; Baird Inc., led by John Schlereth; and the Patton family.

Wimbledon Mortgage

The owner of a 96-unit apartment project in west Little Rock landed a $5.87 million financial package.

Imagine Properties LLC of Montgomery, Ala., received the loan from Greystone Funding Corp. of Warrenton, Va.

The 6.49-acre Wimbledon Green project at 1 Wimbledon Green Circle previously was linked with a February 2010 mortgage of $5.89 million held by Wells Fargo Bank of Sioux Falls, S.D.

The project was bought for $6.75 million in April 2008 from Wimbledon Green LLC, led by Tommy Hodges.

Inn Construction

Construction of a La Quinta Inn in west Little Rock is backed with a $5.2 million mortgage.

Hanuman Hospitality LLC, led by Feroz and Komal Patel, got the loan from First State Bank of Warren.

The 1.84-acre site at 9 Crossings Court was purchased for $600,000 in August 2010 from Shackleford Crossings LLC.

The limited liability company was then led by Timothy Buss, the court-appointed receiver for the Shackleford Crossings project.

Magnificent Loan

The owner/developer of a west Little Rock office building secured a $3.2 million funding agreement.

Magnificent Spaces LLC, led by Ifeoma Mogbo, obtained the 12-year loan from Regions Bank.

The 2.29-acre site at 1401 Kanis Park Drive was acquired for $285,000 in October 2011 from Williams USO LLC, led by Dr. Alonzo Williams. n