Did you know a deal is in the works that will bring new ownership to Little Rock’s Park Avenue Lofts?
You might recall the tony, 258-unit apartment project at 320 S. University Ave. was developed by Lang Partners LLC of Dallas. However, a $1.3 million matter remains to be resolved before a sale occurs.
That’s the size of the lien claim that CF Jordan Construction LLC of San Antonio, general contractor for Park Avenue Lofts, has filed for unpaid labor and materials.
A subcontractor on the project, Christian Cable Group Inc. of Haslet, Texas, filed its own $46,979 lien claim for unpaid services.
CF Jordan’s bonding company, Liberty Mutual Surety, was drawn into the fray when subcontractors began filing claims in 2012 for hundreds of thousands of dollars in unpaid work.
Standing in the wings as the new property manager is Pegasus Residential LLC of Alpharetta, Georgia.
Arvest Bank of Fayetteville played the role of financier, providing a $21.6 million construction loan to make the midtown luxury apartments happen.
Who will be the new owner?
Look for more details to come.
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