Posted 2/3/2014 12:00 am
Updated 8 months ago
Have you heard about a tri-party deal that moved a 125-unit apartment project in Little Rock out of foreclosure?
Holcomb Heights 2013 Ltd., an affiliate of Provident Realty Advisors Inc. of Dallas acquired its near-namesake project at 2100 Rebsamen Park Road for $4.3 million.
The seller was McFadden One LLC, led by Bess McFadden Sanders. Other members of the ownership group were Todd and Chris Bridges, sons of former Metropolitan National Bank CEO Lunsford Bridges.
The sale is the product of a $4.8 million foreclosure suit filed a year ago against the owners and the Bess McFadden Sanders Family Trust, which guaranteed the debt.
That court action was taken by an affiliate of The Broe Group of Denver after buying the original project loan from Metropolitan.
The Holcombe Heights loan was part of an $80 million portfolio of non-performing loans and real estate purchased from the bank in December 2012.