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Eastside Loft Apartments in SoMa Facing ForeclosureLock Icon

1 min read

The future of a historic apartment building in Little Rock’s SoMa neighborhood is up in the air after a federal judge ordered foreclosure of the property.

Fannie Mae, short for Federal National Mortgage Association, won the more than $800,000 judgment against Eastside Loft Apartments Phase II Ltd., the owner of the 34-unit Eastside Loft Apartments at 1400 Cumberland St. 

The limited partnership was incorporated in 2005 by The Arc Arkansas, a nonprofit that appears to be defunct.

U.S. District Court Judge Brian S. Miller for the Eastern District of Arkansas entered the judgment earlier this month after the partnership defaulted on its loan and failed to respond to the federal lawsuit requesting receivership and foreclosure. As of February, the partnership owed $824,228 on its loan.

In October, the property was placed under a court-appointed receiver, Tarantino Properties Inc. of Houston, Texas, and is now likely to be sold at auction.

Fannie Mae’s complaint, filed in August, said that the property was in need of immediate repairs. Three of the apartments were “uninhabitable due to extensive mold contamination from a sewer leak in May 2023,” the complaint said. 

The 38,087-SF apartment building, which was built in 1912 and at one time housed Little Rock School District classrooms, was nearly foreclosed on in 2009 under a separate loan.

Robert F. Tom of Baker Donelson Bearman, Caldwell & Berkowitz of Memphis represented Fannie Mae.

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