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Maumelle Townhomes Attract $8.5M Transaction (Real Deals)

5 min read

More than five dozen townhomes in Maumelle weighed in at $8.5 million.

EIIC LLC, led by Jean Eiler, purchased 61 townhomes in The Villas at Audubon near the northwest corner of Audubon and Club Manor drives.

The sellers are KJune Properties LLC, led by Kerri Elder, and Elder-Montagne Holdings LLC, led by Jim and June Swink.

The deal is financed with a five-year loan of $3.4 million from Great Southern Bank of Springfield, Missouri, and an $880,000 loan from Elder-Montagne Holdings.

The 7.53-acre development previously was tied to a July 2007 mortgage of $9.6 million held by Great Southern.

The site was acquired for $903,000 more than nine years ago from Gleneagles Inc., led by Frank Hickingbotham.

Office Acquisition I
Third-floor office space in downtown Little Rock tipped the scales at $2.7 million.

Business Boy LLC, led by Roberts Lee, bought the 9,362-SF home of the Meadors Adams & Lee insurance firm in the Arcade Building at 421 President Clinton Ave.

The seller is Clinton-Commerce LLC, led by Jimmy Moses and Rett Tucker. The deal is backed with a 20-year loan of $2.27 million from One Bank & Trust of Little Rock and a $409,000 equipment finance agreement with Enterprise Financial Solutions Inc. of Memphis.

The space previously helped secure a September 2012 mortgage of $5 million held by First Security Bank of Searcy.

The 0.48-acre location was purchased for $1.5 million in January 2009 from Arkansas-Democrat Gazette Inc., led by Walter Hussman Jr.

Warehouse Buy
A 48,257-SF warehouse complex in Little Rock changed hands in a $1.5 million deal.

Charles Whiteside III and James Osborne acquired the 6200-6210 Dividend St. project from S&D Realty Corp. of Monroe, Louisiana.

The 9.21-acre property was bought in March 1962 as part of a $98,000 deal with the Industrial Development Co. of Little Rock, led by R.A. “Brick” Lile.

Office Acquisition II
A 9,656-SF office building in west Little Rock is under new ownership after an $840,000 transaction.

Ellicort Holdings LLC, led by James Keane, purchased the property at 11412 Huron Lane.

The seller is H-C building Co. LLC, led by John Hudson.

The deal is funded with a seven-year loan of $714,000 from Simmons Bank of Pine Bluff.

The 0.74-acre property was acquired for $465,000 in August 1995 from Charles and Carolyn Ward.

Willow Creek Sale
A dormant 133-unit apartment project in southwest Little Rock rang up a $750,000 sale.

Willow Redevelopment LLC, an affiliate of Cross Equities of Addison, Texas, bought Willow Creek Apartments at 7515 Geyer Springs Road from City National Bank of Los Angeles.

The deal is financed with a three-year loan of $2.19 million from American Bank of Commerce in Wolfforth, Texas.

The bank recovered the 4.35-acre development at a $522,000 foreclosure sale in April 2015 from Little Rock Group LLC, led by Steven St. Clair.

Convenient Deal
A Jacksonville convenience store drew a $650,000 transaction.

MJ International LLC, led by Mi Jung Jeon, acquired the Citgo at 120 Marshall Road. The seller is Mid-State Distributing Inc., led by Khairunissa Mandani.

The deal is backed with a three-year loan of $501,500 from First Community Bank of Batesville.

The 0.65-acre property was bought for $60,000 in June 1986 from Kerr-McGee Refining Corp. of Oklahoma City.

Office Acquisition III
A small office building in Little Rock sold for $275,000.

Frizzell Investments LLC, led by Patrick and Kathleen Frizzell, purchased the 1,258-SF project at 1723 N. University Ave. The seller is 1723 North University LLC, led by Rebecca Bailey Kane.

The deal is funded with a five-year loan of $237,775 from Arvest Bank of Fayetteville.

The 0.14-acre development previously was linked with a September 2010 mortgage of $142,000 held by North Little Rock’s National Bank of Arkansas.

The property was acquired for $65,000 in October 1998 from Patsy Long.

Multifamily Purchase
A small apartment project in west Little Rock changed hands in a $235,000 deal

Khan Properties LLC, led by Muhammad Atif Khan, bought the four-plex at 11009 Mara Lynn Drive. The seller is Rainfall Properties LLC, led by QuioLi Lei.

The 0.18-acre development previously was tied to an $186,100 mortgage held by Nationstar Mortgage LLC of Lewisville, Texas.

The property was purchased for $235,000 in April 2007 from Stormy and Diane Smith.

Industrial Transaction
A 16,000-SF industrial project in southwest Little Rock is under new ownership after a $207,000 transaction.

Bushwacker Products Inc., led by Bo Richards, acquired the 7721 Distribution Drive project.

The seller is Lift Truck Service Center Inc., led by Carl Morehead.

The 1.07-acre development was bought for $132,500 in November 1990 from the Marion Jepson estate.

Heights Home
A 3,235-SF home in the Heights area of Little Rock sold for $835,000.

Nathan and Emily Sutterer purchased the house from Christopher and Christy Milligan.

The deal is financed with a 30-year loan of $668,000 from Delmar Financial Co. of St. Louis. The residence previously was linked with an August 2012 mortgage of $612,000 from Bank of Little Rock.

The location was acquired for $240,000 from An Teach Beag LLC, led by Michael Higgins.

Chi Funding I
A dormant Aloft Hotel redevelopment in downtown Little Rock is backed with a $4.52 million mortgage.

Chi Hotel Group LLC, led by Jacob and Jasen Chi, received the loan from Arkansas Federal Credit Union of Jacksonville.

The 12-story Boyle Building at 500 Main St. previously was tied to a June 2015 mortgage of $3.2 million held by IberiaBank of Lafayette, Louisiana.

Chi Hotel Group bought the 0.19-acre development for $4.5 million in March 2014 from Main Street Lofts LLC, led by Scott Reed and Wooten Epes.

Surgical Construction
Construction of a 10,450-SF outpatient surgical center in North Little Rock is in motion with a $4.3 million funding agreement.

BLK Properties LLC, led by Butchaiah and Lakshmi Garlapati, obtained the 23-year loan from Regions Bank of Birmingham, Alabama.

The 1.28-acre site for the Arkansas Pain Center project at 4331 E. 43rd St. was purchased in February 2015 as part of a $228,000 deal with DOW Investments LLC, led by Dow Worsham II.

Chi Funding II
A west Little Rock eatery is securing a $2.32 million financial package.

Rowan Development LLC, led by Jasen and Jacob Chi, got the loan from Arkansas Federal Credit Union.

The 0.77-acre La Madeleine development at 12210 W. Markham St. previously helped secure an April 2012 mortgage of $2.5 million held by IberiaBank.

The property was acquired more than four years ago as part of a $2.4 million deal with Crain Investments Ltd., led by Larry Crain Sr.

Seven-Digit Construction

Mini-Storage    $6,191,803
1620 Brookwood Drive, Little Rock
Greenbar LLC, Greenwood, Indiana

Pharmacy Renovation    $3,584,783
Arkansas Children’s Hospital
1 Children’s Way, Little Rock
Nabholz Construction Corp., Conway

New House    $1,350,000
4900 Stonewall Road, Little Rock
Jon Callahan Construction Inc., Jacksonville

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