A Colorado investment group is the new owner of McCain Park Apartments, a 320-unit complex at 3900 McCain Park Drive in North Little Rock. (Photo by Jason Burt)
The sale of a 320-unit apartment complex in North Little Rock weighed in at $17.5 million.
FREG McCain Park Associates LLP of Glendale, Colo., purchased McCain Park Apartments at 3900 McCain Park Drive from Trivest McCain LLC of Dallas.
The deal is financed with a 10-year loan of $13.9 million from Walker & Dunlop LLC of Bethesda, Md.
The 18.6-acre development previously was tied to a $10 million mortgage originated in May 2004 by Berkshire Mortgage Finance Ltd. of Boston.
Trivest bought the project for $12.3 million nearly 10 years ago from McCain Development Co., led by Andy Collins.
Baucum Buy
An intra-family transaction in North Little Rock produced a $1.8 million transaction.
Baucum Investments LLC, led by Rustin Glover, acquired the 29,994-SF Twin City Trailer facility at 1220 Baucum Industrial Drive. The sellers are James and Myrna Glover.
The deal is backed with a five-year loan of $1.8 million from Southern Bank of Poplar Bluff, Mo.
The 11-acre development previously was linked with a November 2005 mortgage of $1.4 million held by Summit Bank of Arkadelphia.
The property was assembled in two transactions in December 1996 for $71,000 with Western Little Rock Land Co., led by Floyd Fulkerson; and in November 1998 for $64,000 with the estate of Herschel Friday, William and Mary Lou Cravens, the Boyce Love Testamentary Trust, William and Peggy Sutton, William and Elizabeth Terry, William and Kay Patton and the Oaklawn Jockey Club Inc., led by Charles Cella.
Circle Transaction
Ownership of a 200,000-SF industrial project in east Little Rock shifted in a deal valued at $1.04 million.
Ben Davis Properties Management LLC purchased the Macmillan Bloedel Containers facility at 1901 E. 22nd St. from SFHR Investments LLC, led by Mark Conine.
The deal is funded with a $1 million loan from One Bank & Trust of Little Rock.
The 15.9-acre development previously was tied to August 2012 mortgages of $800,000 held by Malvern National Bank and $200,000 held by Ben and Diane Davis.
SFHR acquired the property for $1 million 17 months ago from the Davises.
Capitol Lofts Deal
A proposed condo redevelopment in downtown Little Rock is in motion after an $850,000 deal.
Capitol Lofts LLC, led by Scott Reed, bought the 41,672-SF Hall Building and adjoining 19,752-SF Hall Building Annex at 209-215 W. Capitol Ave.
The seller is Robert Davidson.
The 0.39-acre development previously was linked with a November 2001 mortgage of $300,000, a December 2001 mortgage of $75,000 and a June 2010 mortgage of $285,465 held by First Security Bank of Searcy.
The property was purchased for $380,000 more than 12 years ago from Capitol & Louisiana Building LLC, led by Saul Zadik.
Woodland Purchase
A 157.8-acre wooded tract in south Pulaski County changed hands in a $296,000 sale.
S&J Taylor Family Ltd., led by Shelby and JoAnn Taylor, acquired the land along the west side of Interstate 530, about 1.5 miles north of the Jefferson County line.
The seller is South Pulaski Investments, a general partnership led by Sheffield Nelson, Jerral W. Jones, the estate of Robert M. Wilson, Larry Wallace and Colleen Newman.
The deal is financed with a $270,000 loan from Peoples Bank of Sheridan.
The general partnership bought the land for $200,000 in April 1978 from the Oscar F. Kochtitzky Jr. Trust.
Deauville Deal
A 6,424-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development rang up an $850,000 deal.
Edwin and Kristi Diaz purchased the house from Edward and Jacquelyn Love. The buy is backed with a 30-year loan of $680,000 from IberiaBank Mortgage Co. of Little Rock.
The residence previously was tied to a July 2010 mortgage of $417,000 and a December 2010 mortgage of $250,000 held by Regions Bank of Birmingham, Ala.
The Loves acquired the property for $835,000 in July 2010 from Gretchen and Craig Farrell.
Estates Sale
A 6,190-SF home in The Estates neighborhood of west Little Rock’s Chenal Valley development sold for $620,000.
John and Roseann Baden bought the house from the Kim Freeman Revocable Trust and the A.C. Freeman Jr. Revocable Trust.
The deal is funded with a 15-year loan of $496,000 from Arvest Bank of Fayetteville.
The residence previously was linked with a February 2009 mortgage of $293,000 originated by Little Rock’s Bank of the Ozarks.
The Freemans acquired the property for $750,000 in January 2003 from Mary Rose Breckenridge.
Chimney Rock Foreclosure
A 5,597-SF home in North Little Rock’s Chimney Rock neighborhood hosted a $540,345 foreclosure sale. HSBC Bank
USA of Fort Mill, S.C., recovered the property as the trustee of a portfolio of mortgage-backed securities
The previous owners were Alana and Casey Clark.
The residence previously was tied to a June 2006 mortgage of $500,000 originated by First Financial Bank of El Dorado and a February 2007 mortgage of $73,519 held by GE Money Bank of Salt Lake City.
The Clarks bought the property for $575,000 more than seven years ago from Thomas and Susan Eanes.
White Oak Mortgage
Construction of a 192-unit apartment project in North Little Rock is in motion thanks to a $7 million funding agreement.
White Oak Apartments LLC, led by Kevin Horton, got the loan from Summit Bank.
The 13.15-acre site at 10701 Burkhalter Haas Drive was assembled as part of two transactions totaling $792,000.
The sellers were the estate of Henry Terry, 13 acres for $605,000; and EH Pro-perties LLC, led by Ben Eiler and David Haas, $187,000.
Dealer Financing
The Northpoint Toyota dealership in North Little Rock is backed with a $5.58 million financial package.
Asbury Automotive Arkansas Dealership of Duluth, Ga., obtained the loan from Toyota Motor Credit Corp. of Torrance, Calif.
Asbury assembled half of the property in deals totaling $2.3 million.
The sellers were Fletcher Realty
LLC, led by Frank Fletcher, $1.5 million for the 2.4-acre Frank Fletcher Chrysler Jeep location at 4313 Landers Road; L&S Concrete Co., led by Charles Weaver, $772,000 for 2 acres on Smokey Lane; and Joe Edd Hawkins, $75,000 for a 0.15-acre parcel.
The remaining 4.97 acres is leased from MJG Family Ltd., led by Michael Goshen.
Mortuary Funding
A Jacksonville funeral home is backing a $2.1 million mortgage.
Moore’s Investment Co., led by John K. Harris, received the 25-year loan from Live Oak Banking Co. of Wilmington, N.C.
Moore’s Jacksonville Funeral Home at 1504 J.P. Wright Loop Road pre-viously was linked with an October 2004 mortgage of $2.1 million held by First Arkansas Bank & Trust of Jacksonville.
The 1.72-acre property was acquired in December 1985 as part of a $375,000 transaction.
The seller was Terra Firma Associates, led by Westelle Moore, Ann Moore and Boyce Moore; Susan Tettenburn; and Jimmie Lee Strickland.
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