Mortgage Lending for January-October 2001
Institution — mtg./dep. — mtg value (millions) — mortgage volume
Pinnacle Bank — 100.68% — $91.39 — 747
Bank of Little Rock† — 81.53% — $71.60 — 672
Arvest Central Bank† — 58.01% — $65.46 — 530
Twin City Bank — 47.97% — $36.43 — 169
Pulaski Bank† — 43.29% — $117.59 — 1,101
Bank of the Ozarks — 41.90% — $110.66 — 599
One Bank & Trust — 41.68% — $60.82 — 276
Simmons First National — 37.72% — $24.19 — 208
First Arkansas Bank† — 27.80% — $38.86 — 451
Metropolitan National Bank — 24.93% — $123.05 — 745
Eagle Bank & Trust — 24.51% — $15.02 — 105
National Bank of Arkansas — 21.45% — $19.29 — 166
Superior Federal Bank — 14.76% — $33.56 — 361
Bank of America† — 14.09% — $151.81 — 1,447
Regions Bank† — 13.24% — $155.69 — 1,167
Firstar Bank† — 11.29% — $67.24 — 726
*Rankings are determined by the ratio of total mortgages filed by a bank and its total deposits in Pulaski County as of June 30, 2001. That number is reflected as a percentage. †Activity of mortgage subsidiaries is included. Lender must have deposits of at least $50 million in Pulaski County as of June 30, 2001.
Patrick Place Purchase
A 78-unit apartment project changed hands in a $1.7 million deal (nearly $21,800 per unit).
Kitterman Properties II LLC, led by John and Marsha Kitterman, bought Patrick Place Apartments at 1616 N. Bryant St.
The seller was Danny Thomas Properties I Ltd., led by William D. Thomas Jr.
The deal is financed with a five-year loan of $2.4 million from Bank of the Ozarks in Little Rock. The funding additionally is secured by two other Little Rock apartment projects:
• Bristol Manor Townhouses, a 0.8-acre development at 101 Ellis Drive. The Kittermans purchased the 19-unit complex from William Scott in June 1997 for $475,000 ($25,000 per unit).
• Bryant Townhomes, a 0.4-acre development at 1700 N. Bryant St. The Kittermans acquired the 14-unit complex $291,000 ($20,875 per unit) in December 1996 from Hoffman Enterprises, led by Tom Hoffman.
Danny Thomas Properties I bought the 2.4-acre Patrick Place development in December 1982 for $1.6 million. The sellers were L.A. Horn & Associates Inc. and Warren and Mae Horn White.
The corporation and the Whites purchased the project as part of a $1.68 million deal with Polyvend Inc., led by James Bruckner.
Foreclosed Inn
A Dallas lender recovered a Little Rock motel at a $650,000 foreclosure sale.
Beal Bank took over ownership of the 125-room Markham Inn at 5120 W. Markham St. from Markham Inn Inc., led by Richard Ridenour. The bank landed a $1.32 million judgment after foreclosing on the corporation in August 2000.
The corporation defaulted on a March 1990 mortgage of $1.2 million originally made by First Exchange Bank of Madison County in Fredericktown, Mo.
The original investors in the corporation, Ben Scroggin, Edward M. Penick, Vern Plunkett and Junius Cross, assembled the 1.5-acre site in seven buys totaling $121,500.
The sellers were George and Chrystal Hart, $30,000 in July 1971; Webber Inc., led by Richard Webber, $26,500 in January 1970; Orville and Bernice Woods, $22,500 in March 1971; John and Helen Kincheloe, $13,500 in May 1965; Fannie Nation, $13,500 in June 1965; Junius and Marguerite Homes, $13,000 in March 1970; and Carl and Martha Rosenbaum and Doyle and Patricia Fulmer, $2,500 in November 1966.
Sherwood Land
A 16-acre tract in Sherwood drew a $560,000 purchase price.
Deere Properties LLC, led by Steven Deere and Jean Arehart, acquired the land on Lee Avenue east of Penwood Road. The seller was Sisters Management Co., led by Margot Carney.
The deal is financed with a $720,000 loan from Twin City Bank of North Little Rock.
The company bought the land for $91,000 in December 1986 from Republic Investment Co., led by Marguerite Carney.
Republic assembled the property in four buys totaling $117,000. The sellers were Tim Grimes and Susie Grimes, $57,000 in June 1977; Catherine Phillips, $30,000 in April 1977; and Ira and Annie Young, $30,000 in April 1977.
Patel Property
A 2.3-acre commercial site in west Little Rock is under new ownership after a $450,000 ($4.50 per SF) deal.
KDV Inc., led by Deepakbhai Patel, purchased the land from Markham Street Development.
The group originally was composed of James Summerlin and Vernice Wright, 41.9 percent; Pat Morrison, 18.7 percent; Gary Dean, 17.5 percent; Jim May III and Lewis May, 10 percent; John Flake, 7.5 percent; and Wingfield Martin, 4.4 percent.
The land is part of a 30-acre tract the investors assembled for the Corporate Hill development 17 years ago. The sellers were Mark Inza Weedman, $1.25 million, and John and Norma Nesbitt, $122,000.
Cotham’s Transaction
A famous east Pulaski County eatery sold for $125,000.
McNair Endeavors Inc., led by Scotty McNair, purchased Cotham’s Country Store and Restaurant at 5301 Hwy. 161 S. in Scott. The seller was Cotham Mercantile Inc., led by Larry Griffin.
The 3.3-acre development (largely composed of Cypress swamp) previously was tied to an August 1999 mortgage of $130,000 held by Bank of England.
The corporation acquired the property from William and Carolyn Cotham in October 1996 for a reported $25,000.
The Cotham family bought the land as part of a $33,200 deal with the estate of W.S. Blann in June 1953.
Apartment Refinance I
The owner of an apartment project in downtown Little Rock picked up a $3.99 million financial package.
Buffington Towers Ltd., led by Philip Jones, obtained the 34-year loan through the Development Finance Authority of Arkansas.
The 109-unit complex at 224 E. Seventh St. previously was linked with a September 1982 mortgage of $4.17 million through the Arkansas Housing Agency.
The limited partnership acquired the 0.4-acre Buffington Towers site from the George W. Donaghey Foundation 19 years ago for $110,000.
Apartment Refinance II
A 104-unit apartment project in Maumelle is backed with a $2.68 million funding agreement.
Woodbend Apartments Ltd., led by James T. Kincannon, received the 34-year loan through the Development Finance Authority of Arkansas.
Woodbend Apartments at 501 Valencia Drive previously was tied to a July 1982 mortgage of $2.8 million through the Arkansas Housing Agency.
The 7.1-acre site was bought as part of a $112,300 deal 19 years ago from Maumelle Land Development Co., led by Jess Odom.
NLR Loan
A commercial development in North Little Rock is backed with a $1.7 million funding agreement.
JLH Properties, led by Michael Harris and Rex Bouldin, secured the loan from Twin City Bank.
The 20-acre tract at 10600 Maybelline Road previously was linked with a July 2001 mortgage of $328,000 held by the bank.
JLH acquired the property five months ago for $410,000 from Harris Family Co. LLC, led by Max W. Harris.
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