Forest Place Apartments Generate $17.6 Million Sale (Real Deals)

The sale of a 256-unit apartment project in Little Rock tipped the scales at $17.6 million.

Investment groups led by Maxis Properties Inc. of North Kansas City, Mo., purchased Forest Place Apartments at 1421 N. University Ave. The sellers are Forest Place Joint Venture, led by Pete Hornibrook, and Rector Phillips Morse Inc.

The deal is financed with a 10-year loan of $14.1 million from NorthMarq Capital LLC of Bloomington, Minn.

The 11.3-acre development previously was tied to a March 2002 mortgage of $9.5 million held by the New York City office of Deutsche Bank AG and a July 1998 mortgage of $2.75 million held by Newport Mortgage Co. Ltd. of Dallas.

Birch-Brook Inc., an affiliate of Rector Phillips Morse, acquired the location in August 1973 as part of a $377,000 deal with Arkansas Baptist Medical Center.

Branch Sale

A bank branch in downtown Little Rock changed hands in a $1.1 million transaction.

WBL LLC, led by Walter Quinn III, bought the branch at 1022 W. Capitol Ave. from Allied Bank of Mulberry.

The deal is backed with a two-year loan of $963,900 from Chambers Bank of Danville and a five-year loan of $171,816 from Allied Bank.

The half-acre property was acquired in November 2001 for $300,000.

The sellers were Mary Catherine Drennan, Leonard Drennan, Mary Yatsevitch, Margaret Yatsevitch, Stephanie Yatsevitch, Michael Yatsevitch, McGregor Yatsevitch, Susan Terry Borne, Elizabeth Terry Foti, Joseph Terry, Tonya Terry Smith, William Terry, Joan Terry Oliver and the Adolphine F. Terry Trust.

The Drennan, Yatsevitch and Terry families purchased the bank branch from Little Rock’s Worthen Bank & Trust in January 1974 for $913,000.

Germay Residence

A 5,000-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development sold for $558,000.

Stephen and Alicia Humbard acquired the house from Todd and Renee Schafer. The deal is funded with a 30-year loan of $529,625 from Regions Bank of Birmingham, Ala.

The residence previously was linked with a July 2009 mortgage of $550,000 held by Centurytel Service Group LLC of Monroe, La.

The property was bought for $714,000 in July 2004 from Seven Gables Construction Co. of Central Arkansas LLC, led by Wayne Martin.

Multifamily Refinance

The owner of a 124-unit apartment project in Little Rock’s Riverdale area landed a $12.3 million loan.

Residences At Riverdale Ltd. of Frisco, Texas, obtained the funding agreement from Berkadia Commercial Mortgage LLC of Horsham, Pa.

The 4-acre project at 2000 Rebsamen Park Road previously was tied to a May 2008 mortgage of $11.5 million held by LegacyTexas Bank of Plano.

The former Riverdale Apartments location was purchased for $1.8 million four years ago from Highfield Equity Inc. of Dallas.

Walgreens Funding

A Walgreens project in Maumelle is backing a $3.5 million financial package.

Maumelle TIC LLC, led by Tommy Lasiter, received the 20-year loan from American United Life Insurance Co. of Indianapolis.

The 1.82-acre development at 115 Commons Drive previously was linked with a December 2008 mortgage of $3.7 million held by Little Rock’s Metropolitan National Bank.

The site was acquired in June 2004 as part of a 38.6-acre tract.

The seller in that $3.4 million transaction was Capitol Development of Arkansas Inc., led by Michael Todd.

TownPlace Loan

A 92-room TownPlace Suites in west Little Rock is securing a $2 million mortgage.

TPLR Partners LLC, led by Chris Whitt, got the two-year loan from First National Bank of Fort Smith.

The 2.69-acre development at 12 Crossings Court also is tied to a $6.59 million loan held by the bank.

The site near Interstate 430 was bought for $899,000 in July 2008 from Shackleford Crossings LLC, led at the time by Steve Clary.