Land for apartments and condos in midtown Little Rock tipped the scales at a combined $4.6 million.
Park Avenue Apartments LLC, an affiliate of Lang Partners of Dallas, acquired a 2.06-acre and 1.03-acre site for $3.85 million and a 2-acre site for $800,000. The seller is SPC Park Avenue Ltd., an affiliate of Strode Property Co.
Construction is backed with a three-year loan of $21.6 million from Arvest Bank of Fayetteville. The property is near the parking deck that once served the now-demolished University Mall at 300 S. University Ave.
The property previously helped secure an August 2011 mortgage of $24.6 million held by Little Rock’s Bank of the Ozarks.
SPC assembled the land in September 2007 as part of a $22 million deal with Southern Real Estate & Financial Co., led by Charles Cella; the William L. Patton Jr. Family Ltd. LLLP; Arkansas Acquisitions Inc., led by John McDonald; Baird Inc., led by John Schlereth; and the Patton family.
Office Transaction
A 9,220-SF office building in west Little Rock is under new ownership after a $475,000 foreclosure sale.
Metropolitan National Bank of Little Rock recovered the project at 1501 Macon Drive from NFC National Marketing Inc., led by Phil Elkins.
The bank landed a $528,000 judgment against NFC and Elkins in June 2011. The 0.73-acre development previously was linked with a March 2002 mortgage of $669,150 held by Metropolitan.
NFC bought the project in September 1999 for $690,000 from BLM/LEC LLC, led by William and Mary Cheek.
K&M Acquisition
A 17,631-SF former equipment sales facility in southwest Little Rock changed hands in a $375,000 deal.
K&M Properties LLC, led by James Corbitt, purchased the 7720 Interstate 30 project from Citizens Bank of Batesville.
The bank recovered the 3.38-acre development at an $875,000 foreclosure sale in April 2011 after landing a $1.1 million judgment two months earlier against A Camp Equipment LLC and Andrew Judkins.
The project previously was tied to a February 2009 mortgage of $1.04 million held by Citizens.
A Camp Equipment acquired the property for $650,000 in February 2009 from Old Buildings LLC, led by Ted Belden.
USA Mortgage
A USA Drug store in Sherwood is financed with a $1.2 million mortgage.
Stephen L. LaFrance Pharmacy Inc. of Little Rock obtained the two-year loan from Heartland Bank of Bryant.
The 0.44-acre property at 1300 E. Kiehl Ave was bought for $117,631 in March 2002 from La Gatta Irrevocable Trust and Shelby Retail One Associates, both led by Helene Funk.
Bentley Court Note
Four residential lots in southwest Little Rock’s Bentley Court neighborhood and 4.7 acres were used to secure a $575,000 funding agreement.
Bentley Court LLC, led by Patrick Malmstrom, received the loan from First Security Bank of Searcy.
The property previously helped back an October 2004 development loan of $2.3 million held by Regions Bank of Birmingham, Ala.
The land was assembled as part of four May 2002 transactions totaling $842,000. The sellers were Bruce and Frances Steinhardt, $315,000; Wilbur Bentley, $217,000; Dan and Iris Ozment, $170,000; and Henry Cash, $140,000.