Chapel Ridge Complex Houses $8M Transaction (Real Deals)


Chapel Ridge Complex Houses $8M Transaction (Real Deals)
Chapel Ridge Apartments at 24800 Chenal Parkway. (Jason Burt)

A 128-unit apartment project in west Little Rock tipped the scales at $8.05 million.

Little Rock Housing Associates Ltd. of Denver sold the Chapel Ridge Apartments project at 24800 Chenal Parkway to Chapel Ridge Stanev AR LLC of Brooklyn, New York.

The deal is financed with a seven-year loan of $6.44 million from Greystone Servicing Corp. of Warrenton, Virginia.

The 7.11-acre development previously was linked with an August 1999 bond issue of $5.6 million through the Pulaski County Public Facilities Board.

The location was purchased for $387,000 in July 1999 from Pfeifer Development Co., led by Gene Pfeifer.

Ranch Property
A 29,757-SF office-retail project in west Little Rock shifted ownership in a $2.7 million transaction.

FCC Tract D Partnership, led by Ed Willis, purchased the Saddle Creek Center at 6020 Ranch Drive and 8201 Ranch Blvd. from Saddle Creek LLC, also led by Willis.

The 3.41-acre development previously was tied to a November 2010 mortgage of $2.3 million held by First Security Bank of Searcy.

The land was acquired in August 1984 as part of a $2.15 million land deal with Johnson Land Co., led by Glenn H. Johnson.

Warehouse Purchase
An 87,500-SF warehouse project in North Little Rock weighed in at $2.45 million.

Zero Mountain Inc. of Fort Smith acquired the complex at 1400 Gregory St. from North Little Rock 1400 LLC, an affiliate of Industrial Realty Group of Los Angeles.

The 16.21-acre development previously helped secure a $50 million funding agreement with Bank of America in Charlotte, North Carolina. The property was bought for $1.56 million in December 2012 from Frostyaire of Arkansas Inc., led by James Thomas Jr.

NLR Transaction
A 9,200-SF office-warehouse project in eastern North Little Rock changed hands in a $900,000 sale.

STT Inc. bought the 7700 Industry Drive development from Caleast Nat LLC of Annapolis, Maryland.

Caleast purchased the property for $1.5 million in December 2006 from Main Street Associates, led by Robert Loudin and Edward Yanke.

Splash Sale
A car wash in Gravel Ridge drew a $595,000 transaction.

George Ventures LLC, led by Sam Emmerling, acquired the Splash Car Wash at 14309 Hwy. 107. The seller is the Fleckenstine Merritt Trust, led by Robert and Anita Fleckenstine.

The deal is backed with a five-year loan of $505,750 from One Bank & Trust of Little Rock.

The 0.79-acre development previously was linked with a February 2008 mortgage of $620,000 held by Centennial Bank of Conway.

The location was bought for $95,000 in January 2001 from Cassandra Bone.

Land Acquisition
A 10.09-acre tract in southeast Little Rock rang up a $225,000 sale.

American Container Repair Inc., led by Terasa Reisman, purchased the land at 9820 Arch Street Pike. The seller is Razorback Bumper Service Inc., led by David Jewell.

Razorback Bumper provided a two-year mortgage of $200,000 to fund the deal.

The property was acquired for $163,000 in June 2001 from Sticks & Stones LLC, led by Geoffrey Treece.

Main Street Buy
A 2,889-SF commercial project in downtown Little Rock is under new ownership after a $209,000 transaction.

Brett Pitts and Kevin Walsh bought the McGehee Piano location at 1608 Main St. from Tomcat Holdings LLC, led by Spencer Elman and Steven Curtis Wait.

Tomcat Holdings purchased the 0.09-acre development in April 2007 as part of a $250,000 deal with Jimmy Crossfield.

Overlook Residence
A 5,337-SF home in Little Rock’s Overlook Park neighborhood tipped the scales at $1.1 million.

Charles and Emily Richesin acquired the house from Melinda Morrell.

The residence previously was tied to a September 2016 mortgage of $690,200 held by Legacy National Bank of Springdale.

The property was bought for $394,500 in December 1991 from the estate of Faye Pfeifer.

Canal Pointe Abode
A 2,635-SF home in Little Rock’s Canal Pointe neighborhood sold for $775,000.

R.L. and Nancy Qualls purchased the house from R2W LLC, led by Brad Walker.

The location was acquired for $90,000 in February 1990 from Pleasant Valley Inc., led by Marion Burton.

Hickory Grove Home
A 5,645-SF home in west Little Rock’s Hickory Grove neighborhood changed hands in a $525,000 transaction.

Asif and Nisha Hemdani bought the house from the bankruptcy estate of Amy Madeline Bailey.

The deal is financed with a 30-year loan of $417,000 from One Bank & Trust. The residence previously was linked with a May 2013 mortgage of $417,000 held by Simmons Bank of Pine Bluff.

Bailey purchased the property for $625,000 more than three years ago from Metropolitan National Bank of Little Rock.

Urology Financing
The owner of a medical office project in west Little Rock and North Little Rock landed a $15.5 million financial package.

Freeway Park Properties LLC, led by Dr. Tim Goodson, obtained 10-year loans of $6 million, $5.4 million and $4.1 million from IberiaBank of Lafayette, Louisiana.

The series of loans are refinancing the 44,597-SF Arkansas Urology project at 1300 Centerview Drive in west Little Rock, funding construction of a neighboring 12,467-SF center at 1310 Centerview Drive and refinancing the 15,930-SF Arkansas Urology project at 4200 Stockton Drive in North Little Rock.

The properties previously were tied to February 2015 mortgages totaling nearly $8.2 million held by IberiaBank.

Freeway Park Properties assembled most of its 9.02-acre west Little Rock property in two December 1999 deals totaling $1.1 million.

The sellers were Westrock Partnership, led by Robert Vogel, $818,000, and the estate of Billy Bridewell, $359,000.

Other buys included James and Jo Ann Watts, $388,000 in April 2011; and Hamilton Reid Real Estate LLC, led by Catherine Barron, $180,000 in August 2016.

The 1.74-acre North Little Rock property was acquired for $777,000 in March 2010 from Woodcrest Co. LLP, led by James P. Matthews.

Primrose Construction
Construction of Primrose School in west Little Rock is in motion with a $4 million mortgage.

PSWLR LLC, led by Malika Pabani and Khairunnisa Khan, received the 25-year loan from Wells Fargo Bank of Sioux Falls, South Dakota.

The 2.71-acre site at 1601 Kirk Road was purchased for $525,000 three months ago from KRS Parcel 1 LLC, an affiliate of Whisenhunt Investments LLC.

Estates Development
Development of the 30-lot Georgeanne Estates project in west Little Rock is backed with a $2.5 million funding agreement.

C.J. Pace Construction LLC, led by James Pace, got the 18-month loan from Little Rock’s Bank of the Ozarks.

The 13.7-acre location near the southwest corner of Cantrell and Katillus roads was bought for $1.25 million in March 2015 from the Jett H. Ricks Living Trust.

Seven-Digit Construction

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