Albert Pike Apartments Acquired for $3.6M (Real Deals)

Albert Pike Apartments Acquired for $3.6M (Real Deals)
The Albert Pike Hotel in downtown Little Rock is undergoing an extensive renovation after new ownership visited the apartment project. (Mauren Kennedy)

A historic apartment high-rise in downtown Little Rock tipped the scales at $3.6 million.

Summit Albert Pike Ltd. of Montgomery, Ala., bought the 130-unit project at 701 Scott St. from Albert Pike Residence Hotel Ltd. and Lincoln Investments LLC, both led by Phillip Jones.

The purchase and renovation of the 12-story Albert Pike project is backed with a $5.6 million loan from Highland Commercial Mortgage LLC of Birmingham, Ala.

The 1.31-acre development previously was tied to an August 2002 mortgage of $135,000 and a June 2004 mortgage of $175,000 held by American State Bank of Jonesboro.

The property was assembled in four transactions totaling almost $3.2 million.

The sellers were Albert Pike Residence Hotel Inc., led by Frank Thornley, $2.95 million in December 1985; Second Baptist Church, $100,000 in December 1985; and Mary Alice Calcote and her husband, Robert, James Whitmore III and his wife, Karon, and Ronald and Ellen Thom, $148,100 in June 2004.

Branch Location

A future bank branch site in west Little Rock rang up a $1.08 million sale.

First Security Bank of Searcy acquired the location at the northeast corner of Wellington Hills Drive and Chenal Parkway from 15400 Chenal LLC, led by Larry Crain Jr.

The property was part of the Crain Ford development, which was bought for $8.1 million in April 2011 from the estates of Phillip H. Mayfield and William J. Smith.

iPawn Project

A former USA Drug store in west Little Rock changed hands in an $800,000 deal.

The Steven J. Landers Jr. Trust purchased the 6,000-SF building for his iPawn venture at 11108 N. Rodney Parham Road from Hayes Family LLC, led by Mary Hayes.

The 0.9-acre site was acquired for $100,000 in June 1976 from Charles and Desha Basham.

River View Abode

A 5,351-SF home in Little Rock’s River View Point neighborhood is under new ownership after a $1.15 million transaction.

Allen and Sarah Engstrom bought the house from Martin and Julia Sunde.

The deal is financed with a 30-year loan of $920,000 from U.S. Bank of Cincinnati.

The residence previously was linked with a November 2010 mortgage of $763,000 originated by Moore Mortgage Inc. of Little Rock.

The Sundes purchased the property for $1.3 million in January 2006 from Sam and Rosalinda Winstead.

Country Club Home

A 3,268-SF home near the Country Club of Little Rock sold for $847,000.

R.L. and Nancy Qualls acquired the house from Ben and Nelda Johnson.

The residence previously was tied to a November 2006 mortgage of $772,000 held by Centennial Bank of Conway and helped secure an August 2009 mortgage of $1.03 million held by Allied Bank of Mulberry (Crawford County).

The property was bought for $965,000 in November 2006 from Barbara and Nolan Rushing.

Hickory Grove House

A 5,645-SF home in west Little Rock’s Hickory Grove neighborhood drew a $625,000 deal.

Amy Bailey purchased the house from Metropolitan National Bank of Little Rock. The deal is funded with a three-year loan of $417,000 from the bank.

The residence previously was linked with a January 2008 mortgage of $400,000 held by Metropolitan.

The bank recovered the property from Michael R. Smith in October 2010 at a $325,000 foreclosure sale.

Oaks Residence

A 3,791-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development changed hands in a $544,000 sale.

Kathy and Edwin Watson bought the house from David and Theresa Bard. The deal is backed with a 20-year loan of $300,000 from IberiaBank Mortgage Inc. of Little Rock.

The residence previously was tied to July 2010 mortgages of $417,000 held by Moore Mortgage and $113,000 held by Delta Trust & Bank of Little Rock.

The Bards purchased the property for $530,000 in May 2007 from John and Sandra Watson.

Mountain Park Home

A 2,918-SF home in Little Rock’s Mountain Park neighborhood rang up a $500,000 deal.

Matthew Olson acquired the house from Eric and Amy McCay. The deal is financed with a one-year loan of $417,000 from Riverside Bank of Sparkman (Dallas County).

The residence previously was linked with a December 2010 mortgage of $417,000 held by Riverside Mortgage Co. of Little Rock.

The property was bought for $535,000 in December 2008 from Jacob White Construction.

Apartment Construction

The second phase of construction of a west Little Rock apartment project is in motion with a $16.7 million financial package.

The Pointe at Brodie Creek LLC, led by Keith Richardson, obtained the five-year loan from Centennial Bank.

The new phase encompasses 188 units and nearly 18.6 acres.

The land at 3400 S. Bowman Road is part of a 95-acre tract purchased for $1.35 million in April 2010 from Bowman Road LLC, led by Patsy Lehman, which provided a $1.2 million loan to fund the transaction.

School Funding

A private school in west Little Rock landed a $5.1 million funding agreement.

Arkansas Baptist School System received a 15-year loan of $4.6 million and a $500,000 loan from Regions Bank of Birmingham, Ala.

The 20.9-acre development at 8400 Ranch Blvd. was previously tied to a July 2008 mortgage of $3.5 million held by Little Rock’s Bank of the Ozarks.

The school bought the location for $420,000 in June 1991 from Ranch Properties Inc., led by Ed Willis.

Parts Refinancing

A 105,844-SF warehouse project in North Little Rock was refinanced with a $3.35 million mortgage.

Alliance Parts Warehouse LLC, led by Jerry “Dean” Toole, got the 10-year loan from Regions Bank.

The 20.9-acre development at 600 Fiber Optic Drive previously was linked with a May 2006 mortgage of $4 million held by the bank.

The site was purchased for $525,000 in March 2006 from I-440 Business Fiberpark LLC, led by Shirley Wilcox.

Million-Dollar Construction

Lakewood Elementary School    $12,500,000
1800 Fairway Ave., North Little Rock
Baldwin & Shell Construction Co., Little Rock

LA Fitness    $1,750,000
11700 Chenal Parkway, Little Rock
Mycon General Contractors Inc., McKinney, Texas

Bale Chevrolet Renovation    $1,200,000
13101 Chenal Parkway, Little Rock
Nabholz Construction Corp., Conway