Woodland Sale
A 60-unit North Little Rock apartment project rang up a $1.6 million deal.
Danny Thomas Properties I Ltd., led by William Daniel Thomas, bought the Woodland Terrace Apartments at 1701 Skyline Drive from Warren and Mae Horn White.
The Whites purchased the 2.4-acre development for $1 million in August 1977 from Woodland Courts Ltd., led by George Rozzell Jr. and G.W. Tompkins.
The limited partnership acquired the site in January 1971 through Mechanical Contractors Inc. for $55,000. The seller was R.H. Phinny Co., led by R.H. and Sally Phinny.
Legacy Transaction
A historic hotel in downtown Little Rock changed hands in a $975,000 deal.
Southern Comfort Inns Inc., led by Amin Amarshi, purchased the 116-room Legacy Hotel at 625 W. Capitol Ave. The seller was Saini Inc., led by Sarmukh Saini.
The Lakeland, Fla., corporation provided a six-month loan of $675,000 to finance the deal.
Saini recovered the one-acre development at a $500,000 foreclosure sale in October 1999 from Little Rock Legacy Hotel LLC of Edina, Minn., led by Richard Morris and Murray Klane.
The limited liability company defaulted on a $1 million mortgage held by Saini. The financing backed Saini’s $1.2 million sale to Little Rock Legacy in October 1996.
Saini acquired the project for $1.1 million in February 1990 from Federal Realty Inc., led by Joseph B. Ford. Ownership was transferred to Federal Realty in September 1989 from Hospitality Management Corp., led by Jerry Thoele.
Capitol View Ltd., led by L. Dickson Flake and Sam Anderson, forfeited the property in lieu of foreclosure in April 1986 to a Hospitality Management surrogate, Realty Management Inc.
Capitol View redeveloped what was then the Sam Peck Hotel but had originally opened as the Frederica Hotel in 1914. The project was linked with a $6.6 million bond issue made through Little Rock’s Capitol View Central Business Improvement District No. 4.
Equipment Acquisition
A dormant equipment dealership in North Little Rock drew an $850,000 purchase price.
JLH Properties LLC, led by Michael Harris and Rex Bouldin, bought the Pulaski Equipment Co. facility at 10600 Maybelline Road from Danny Goodman.
The property previously was tied to an April 2001 mortgage of $400,000 held by First Security Bank of Searcy.
Goodman purchased the 0.2-acre building site for $500,000 eight months ago from Pulaski Equipment Co., led W.D. Jones.
The company acquired the property for $109,000 in June 1975 from First Pyramid Life Insurance Co. of America in Little Rock.
The insurer bought the land as part of a $2 million deal in September 1973 with Harris Cattle Co., led by B.T. Harris.
Equipment Acquisition II
A former equipment dealership in southwest Little Rock is under new ownership after a $396,000 deal.
Harold and Ruth Ward acquired the Little Rock Equipment Sales project at 13001 Interstate 30 from North Little Rock’s National Bank of Arkansas. NBA financed the entire purchase price.
The bank recovered the 4.21-acre project from Tom and Debbie Parker in January 1999. The Parkers defaulted on a June 1997 mortgage of $477,000 held by NBA.
Tom Parker bought the property for $254,000 in June 1993 from George Downey.
Chenal Abode
A 3,805-SF home in west Little Rock’s prestigious Chenal Circle enclave sold for $650,000.
Allan Siebert purchased the house from Linda Schmidt. The deal is financed with a 30-year loan of $500,000 from Bank of the Ozarks in Little Rock.
The residence previously was linked with an October 1993 mortgage of $192,500 held by First Commercial Bank of Little Rock.
James and Linda Schmidt bought the home site for $107,000 in October 1989 from Deltic Farm & Timber Co.
Deltic Timber entered the Pulaski County real estate scene in December 1956 by acquiring Sparkman Lumber Co., led by Roy Sturgis. The land holdings in the county totaled 16,552 acres at the time.
Harbor Funding
The owner of a Little Rock distribution project picked up a $12.5 million loan.
Harbor Distributing Co., led by Paul Cantrell, obtained the funding agreement from Bank of America.
The three-acre development at 1515 E. Fourth St. previously was tied to a March 1998 mortgage of $9.2 million held by the bank.
The property largely was assembled in five buys totaling $170,000 through Deaver-Freeman Investments Co., led by Al Deavers and Charles Freeman.
The sellers were Manor Inc., led by M.L. Leibs, for $95,000 in January 1977; Theodore Niehaus Jr., $30,000 in April 1982; Ruth Kretchman, $28,000 in May 1981; Robert and Ruth Itzkowitz, $9,000 in June 1977; and Granville Lewis, $8,000 in May 1977.
Apartment Refinance
The owner of a 64-unit apartment project in Little Rock landed a $1.7 million mortgage.
Oakridge Apartments Ltd., led by James T. Kincannon, secured the 34-year loan through the Development Finance Authority of Arkansas.
Oakridge Apartments previously was linked with a July 1982 mortgage of $1.8 million through the Arkansas Housing Agency.
The six-acre site at 6201 Mabelvale Cut-Off was bought for $90,000 in December 1981 from Sam Reynolds and Ralph Shelby, trustees.
Smith Building Loan
An eight-acre commercial development in North Little Rock is backed with a $1.56 million funding agreement.
Smith Building Group Inc., led by Rick Smith, received the one-year loan from Pulaski Bank & Trust of Little Rock.
Smith Building Group purchased the land at 5200 Northshore Drive for $314,000 ($7.20 per SF) in January 2001 from Pfeifer Family Ltd. No. 1, led by Eugene Pfeifer III.
Olde Towne Financing
A leasehold interest in a 0.4-acre commercial redevelopment in downtown Little Rock’s River Market District is securing an $824,000 financial package.
Olde Towne LLC, led by Ben Johnson, picked up the five-year loan from Bank of Mulberry.
The Olde Towne Building at 300 E. Markham St. previously was tied to a July 1999 mortgage of $705,500 held by Regions Bank.
River Market Property Ltd., led by Ron Strother, Brett Pitts and Rick Ferguson, acquired the former Consolidated Electrical Distributors property for $350,000 in April 1998 from Theo Dillaha Jr. and his wife, Mary.
Motel Mortgage
A 40-room motel project in southwest Little Rock is refinanced with a $531,528 mortgage.
DMV Inc., led by Dolatrai Patel, secured the eight-year loan from Superior Federal Bank of Fort Smith.
The Comfort Inn at 8219 Interstate 30 previously was linked with a November 1995 mortgage of $486,000 held by the Small Business Administration.
DMV bought the two-acre site in September 1993 as part of a 3.11-acre deal with United Artists Theatre Circuit Inc. for $188,000. This land was home to the UA Four Cinema property.
United Funding
The owner of a pair of commercial properties in Little Rock received a $500,000 mortgage.
United Properties, led by Warren Stephenson, picked up the nine-month loan from Bank of the Ozarks.
The United Wholesale Florists warehouse at 1501 S. Garfield St. previously was tied to a May 1994 mortgage of $440,000 held by Twin City Bank. United Properties acquired the 1.3-acre site for $83,000 7 1/2 years ago from University Properties, led by John Cameron.
The project at 1616 Brookwood Drive previously was linked with an April 1993 mortgage of $1.1 million held by First Commercial Bank.
The two-acre site was bought for $98,100 in May 1980 from Pleasant Valley Inc., led by Marion Burton.
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