Did you know there was a new owner of the Bank of America Plaza in downtown Little Rock?
First Security Bank of Searcy recovered the property at a foreclosure sale earlier this month.
If you recall, in October, First Security sued the owner of the 290,680-SF office building — 200 West Capitol LLC, a California investor group — for defaulting on an $8.4 million loan.
The November 2020 loan was secured by the 24-story building. First Security also provided 200 West Capitol with a $150,000 line of credit.
200 West Capitol hadn’t made a payment on the $8.4 million loan since June 15, and it hasn’t made a payment on the line of credit since Aug. 15, the suit said.
At the foreclosure auction on April 7, First Security offered a $7 million credit bid for the building, and there wasn’t a higher bidder, according to court filings in Pulaski County Circuit Court.