Multifamily Trio Add Up to $21.9M Transaction (Real Deals)

Three apartment projects in Pulaski County changed hands in a series of transactions totaling $21.9 million. Affiliates of Republic Funds of Toronto purchased:

• The 258-unit Spanish Rock Apartments project at 418 Markham Mesa Drive for $11 million from Westland Redevelopment LLC, an affiliate of Cross Equities of Addison, Texas. Republic Spanish Rock Ltd. assumed a June 2016 mortgage of $8.7 million held by Fannie Mae.

The 12.81-acre development was acquired for $5.1 million in March 2015 from SBC 2013 1 REO 106440 LLC, an affiliate of Ellington Management Group of Greenwich, Connecticut.

• The 224-unit Spanish Jon’s project at 5001 W. 65th St. in Little Rock for $6 million from STJ Redevelopment LLC, an affiliate of Cross Equities.

The deal is funded with a $5 million loan from Mountain C.I. Holdings Ltd. of Ancaster, Ontario. The 13.25-acre development previously was tied to a January 2016 mortgage of $4.4 million held by American Bank of Commerce in Wolfforth, Texas.

The property was bought for $3.2 million more than 18 months ago from the receiver for St. J Apartments Ltd., Carl Schultz. The limited partnership originally was led by David Henry.

• The 120-unit Wilmington Apartments project at 617 Donovan Briley Blvd. in North Little Rock for $4.9 million from Wilmington Acquisition LLC, an affiliate of Maxus Properties of Kansas City, Missouri.

The deal is financed with a $3.9 million loan from Arbor Commercial Funding I LLC of Uniondale, New York. The 17.11-acre development previously was linked with a November 2014 mortgage of $3.1 million held by Great Southern Bank of Springfield, Missouri. The project was purchased for $3.8 million nearly three years ago from PC Wilmington LLC of Provo, Utah.

WLR Land
A 5.95-acre commercial site in west Little Rock tipped the scales at $1.58 million.

Chenal Park Centre LLC, led by Leonard Boen, bought the parcel near the northeast corner of Chenal Parkway and Wellington Hills Road. The seller is CP LLC, led by James Dietz.

The land was acquired for $2.1 million in May 2005 from R&L Properties, led by Doyle Rogers and Tommy Lasiter; Grady and Kari Walhquist, Raymond and Brenda Ashmore, Robert and Angela Barrow, Warren and Martha Stephenson and Bruce and Barbara Thalheimer Jr.

ABC Office
A trade organization has a new North Little Rock home after a $535,000 deal.Associated Builders & Contractors of Arkansas, led by Bill Roachell, purchased the 12,700-SF complex at 6-8 Collins Industrial Place from the Martha Jean Kierre Irrevocable Trust.

The deal is backed with a five-year loan of $720,000 from Arvest Bank of Fayetteville.

The 2.37-acre development previously was tied to an October 2003 mortgage of $400,000 held by Little Rock’s Bank of the Ozarks.

The location was bought for $100,000 in July 2001 from Jimmy Greenfield.

Hillcrest Apartments
A four-unit apartment building in the Hillcrest area of Little Rock drew a $410,000 transaction.

Pulaski Heights Land Co. LLC, led by Doug Martin, acquired the 711 Cedar St. project from the Sarah E. Cole Causbie Living Trust.

Causbie purchased the 0.21-acre development for $130,000 in May 1987 from Robert and Tammie Young.

Shackleford Property
A 2,496-SF store in west Little Rock rang up a $375,000 sale.

Robinson Street Properties LLC, led by Dr. Joseph Cook and his wife, Mary, bought the Shackleford Mini Mart at 1414 S. Shackleford Road from Zidan Suid and Samar Swaid.

The deal is funded with a five-year loan of $352,000 from First Community Bank of Batesville. The 0.3-acre development previously was linked with a July 2011 mortgage of $297,500 held by Centennial Bank of Conway.

The property was acquired for $360,000 more than six years ago from Sharon Davis.

Grandview Residence
A 3,209-SF home in Little Rock’s Grandview neighborhood is under new ownership after a $729,990 transaction.

The Randolph & Sarah Hopkins Revocable Trust purchased the house from the Mary M. Healey Revocable Living Trust.

The residence previously was tied to an October 2011 mortgage of $195,713 held by Bank of Little Rock Mortgage Corp.

The property was bought for $500,000 in June 2010 from the Janet H. Hartz Revocable Trust.

Country Club Abode
A 3,486-SF home near the Country Club of Little Rock sold for $600,000.

Alexander and Elizabeth Daniel acquired the house from the Kennedy Family Trust and the Hollis Kennedy Credit Shelter Trust.

The property was purchased for $128,000 in July 1975 from Victor Menefee.

Woodlands Dwelling
A 4,185-SF home in west Little Rock’s Woodlands Edge neighborhood changed hands in a $595,000 deal. Sudarone Thihalolipavan and Urmi Jani bought the house from Arbor Construction LLC, led by Michael Moran.

The deal is financed with a 10-year loan of $534,000 from IberiaBank of Lafayette, Louisiana. The residence previously was linked with a September 2016 mortgage of $425,600 held by One Bank & Trust of Little Rock.

The site was acquired for $74,000 a year ago from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Woodlands House I
A 3,988-SF home in west Little Rock’s Woodlands Edge neighborhood drew a $590,000 transaction.

David A. Lupo Revocable Trust purchased the house from HRH Builders Inc., led by William Darby. The deal is backed with a five-year loan of $520,000 from Relyance Bank of Pine Bluff.

The residence previously was tied to an April 2016 mortgage of $448,000 held by First Security Bank of Searcy.

The site was bought for $78,000 17 months ago from Rocket Properties.

Ridge Dwelling
A 4,971-SF home in The Ridge neighborhood of Little Rock rang up a $585,000 deal. James and Stephanie Parnell acquired the house from Christopher and Katherine Tompkins.

The deal is funded with a 30-year loan of $526,500 from Arkansas Federal Credit Union of Jacksonville. The residence previously was linked with a December 2014 mortgage of $555,750 held by IberiaBank.

The property was purchased for $585,000 in November 2014 from Stephen and Mary Hickman.

Woodlands House II
A 4,599-SF home in west Little Rock’s Woodlands Edge neighborhood is under new ownership after a $560,000 sale.

Jerrilyn and Christopher Jones bought the house from the Jeffrey Mark & Judy Lynn Wingfield Revocable Trust.

The deal is financed with a 10-year loan of $569,599 from Simmons Bank. The residence previously was tied to a September 2016 mortgage of $265,100 held by Arvest Bank.

The Wingfields acquired the property for $473,000 in November 2014 from Thytus and Letrice Dean.