Posted 1/27/2014 12:00 am
In “Other Real Estate Owned” news (aka OREO), a Little Rock lender recently got shed of some residential holdings in Washington County.
In late December, Bank of the Ozarks sold 135 lots in the Sundowner Ranch development in Prairie Grove.
M&W Capital LLC, led by north Arkansas CPA John Welch, bought 115 lots for $512,000.
We understand that M&W intends to build a couple of spec houses in the 1,400- to 1,500-SF range and follow up with new construction as demand warrants.
Clement Homes Inc. of Greenwood joined the OREO party and purchased 20 lots for $140,000.
We’re told that 80 more Sundowner Ranch lots are under option.
At last count, Bank of the Ozarks owned 328 lots in the sprawling development launched by northwest Arkansas developer Gary Combs.
You might recall the bank entered the ownership picture through a deed in lieu of foreclosure as part of a June 2009 settlement to end cross litigation between the bank and Combs.
The project once secured more than $8.4 million of debt held by Bank of the Ozarks.
(For more, see Bank OREO Adds Up In Washington County)