Holcombe Heights Apartments
The sale of a 125-unit apartment complex in the Riverdale area of Little Rock weighed in at $5.44 million.
SRC Holcombe Investments LLC, an affiliate of StoneRiver Co. of Birmingham, Alabama, purchased Holcombe Heights Apartments at 2100 Rebsamen Park Road.
The seller is Holcomb Heights 2013 Ltd., an affiliate of Provident Realty Advisors Inc. of Dallas.
The deal is backed with a five-year loan of $4.69 million from Branch Banking & Trust of Winston-Salem, North Carolina.
The 5.59-acre development previously was linked with a December 2013 mortgage of $3.2 million held by Compass Bank of Birmingham, Alabama.
The project was acquired for $4.3 million two years ago from McFadden One LLC, led by Bess McFadden Sanders.
Commercial Quartet
A string of four commercial buildings in southwest Little Rock tipped the scales at $1.35 million.
Nidia Cochran bought the 2,867-SF Zambrano’s Grocery at 12221 Stagecoach, the 2,800-SF Relay Station bar at 12225 Stagecoach, the 10,000-SF Gallups Western Store at 12301 Stagecoach and the 3,748-SF D’Carlo Ristorante at 12325 Stagecoach Road.
The seller is the Willie Aaron Jones Family LLLP, led by Michael Jones and Beverly Steed. The limited liability limited partnership carried $1.32 million of the sales price.
The 2.04-acre property was purchased in February 1959 as part of a $50,000 deal with Isador and Sarah Scrinopskie.
Storage Acquisition
A 2.25-acre commercial parcel in the Riverdale area of Little Rock changed hands in a $637,074 sale.
DML Storage LLC, led by Daniel and Martha Lusk, acquired the land at the southwest corner of Brookwood Drive and Riverdale Road from the Little Rock nonprofit Winrock International Institute for Agriculture Development.
The deal is funded with a five-year loan of $616,000 from First Security Bank of Searcy.
The nonprofit was established by the late Gov. Winthrop Rockefeller, a major stockholder in Pleasant Valley Inc. who later bought out the minority stockholders.
The corporation developed its namesake subdivision in west Little Rock and negotiated a swap with Riverdale Country Club members.
In exchange for the Riverdale property, Pleasant Valley Inc. gave the members a 254-acre spread and invested $1.15 million to build the Pleasant Valley Country Club.
Pleasant Valley Inc. also assumed $170,000 of outstanding debt.
Industrial Land
A 27.8-acre parcel in east Little Rock is under new ownership after a $575,000 deal.
Brickbat Inc., led by David Garner, purchased the industrial property at the northeast corner of Bond Avenue and 11th Street from Archer Daniels Midland Co. of Chicago.
The deal is financed with a five-year loan of $488,750 from One Bank & Trust of Little Rock.
The land was assembled as part of four deals with Southern Cotton Oil Co., $25 million in July 1980; Ronnie and Lorraine Johnson, $22,000 in August 1992; the Wrape Family Charitable Trust, $80,000 in March 1996; and Lillian Coleman, $15,000 in April 2000.
Church Sale I
A 1.7-acre church property in Jacksonville drew a $385,000 transaction.
Diversified Finance Inc., led by Dennis Ward, bought the 1205 T.P. White Drive project from Greater Vision Sanctuary Inc.
The property previously was tied to a June 2007 mortgage of $300,000 held by Centennial Bank of Conway.
The property was purchased for $150,000 in February 1992 from Dennis and Marsha Ward.
Church Sale II
A 3.5-acre church property in southwest Little Rock rang up a $300,000 sale.
Sanchez Brothers Inc., led by Teresa De Jesus Jimenez, acquired the 9612 Geyer Springs Road project.
The seller is 9612 Geyer Springs Rd. LLC, an affiliate of Blackburne & Sons Realty Capital Corp. of Sacramento, California.
The deal is backed with a $210,000 loan from U.S. Bank of Cincinnati.
The property was recovered at a $201,624 foreclosure sale in September 2014 from Nothing but the Word Ministries Inc.
Multifamily Deal
A four-unit apartment building in the Hillcrest area of Little Rock changed hands in a $217,500 transaction.
G. Mez Investments Trust LLC, led by Lyle Foster, purchased the 1015 Kavanaugh Blvd. project.
The seller is 1015 Kavanaugh LLC, led by Eric Scott Bell and Clint Steven Boone.
The deal is funded with an eight-year loan of $184,875 from Little Rock’s Bank of the Ozarks.
The 0.14-acre development previously was linked with a June 2013 mortgage of $178,500.
The property was bought for $210,000 more than two years ago from Deanna Fleming and Wanda Bright.
Woodland’s Abode
A 4,225-SF home in the Woodland’s Edge neighborhood of west Little Rock is under new ownership after a $743,705 deal.
Richard and Alicia Riley acquired the house from Chenal Valley Construction Inc., led by James Miles.
The deal is financed with a 30-year loan of $594,964 from Wells Fargo Bank of Sioux Falls, South Dakota.
The residence previously was tied to a January 2015 mortgage of $560,000 held by BancorpSouth Bank of Tupelo, Mississippi.
The location was purchased for $156,000 11 months ago from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.
Heights Home
A 2,966-SF home in the Heights area of Little Rock sold for $577,220.
Gilbert Glover and Paula Casey bought the house from Joseph and Michelle Graham.
The deal is backed with a 30-year loan of $377,000 from Eagle Bank & Trust of Little Rock.
The residence previously was linked with an October 2013 mortgage of $260,000 held by Amerisave Mortgage Corp. of Atlanta.
The Grahams acquired the property for $360,000 in April 2004 from Michael and Margaret Bearden.
Riverhouse Note
The owner of a 260-unit apartment project in Little Rock’s Riverdale area picked up a $26.6 million funding agreement.
Riverdale Residences LLC, an affiliate of LIV Development, received the 23-year loan from Protective Life Insurance Co.
Borrower and lender are both based in Birmingham, Alabama.
The 7.62-acre LIV Riverhouse development at 1200 Brookwood Drive previously was tied to a March 2014 construction mortgage of $26.6 million held by Regions Bank of Birmingham.
The location was purchased for $2.57 million 19 months ago from Winrock International Institute for Agricultural Development.
Main Street Mortgage
A 62,688-SF building in downtown Little Rock was used to secure a $2 million mortgage.
Main Street Lofts LLC, led by Wooten Epes, Brian Corbell and Scott Reed, obtained the funding from Riverside Bank of Sparkman (Dallas County).
The M.M. Cohn Building at 510 Main St. helped secure a July 2013 mortgage of $3.18 million and an August 2012 mortgage of $929,124 held by Riverside and an October 2012 mortgage of $916,000 held by the Pulaski County Arkansas Brownfields Revolving Loan Fund.
It is also tied to a $1.2 million lien claim by AMR Construction LLC of Little Rock.
The property was bought in August 2012 as part of a $1.5 million deal with Lafayette Plaza LLC, led by Stephen Marks Sr.
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