Did you know a 165-unit apartment building in midtown Little Rock is facing a $19.15 million foreclosure lawsuit?
Highland Midtown Apartments LLC and Thorson Highland Midtown LLC, both of Wilmette, Illinois, borrowed $17.9 million from Ready-Cap Commercial LLC of Irving, Texas, to buy the Summit House at 400 N. University Ave. in 2021.
The loan is now held by New York’s Ready Capital Mortgage Financing 2021-FL7 LLC, which filed the lawsuit last month in Pulaski County Circuit Court.
Ready Capital Mortgage said in the lawsuit that the borrowers didn’t make the monthly payment in January 2023 nor any payment since then.
As of March 10, the total amount owed was $19.15 million, which includes the principal balance of $16.8 million and interest of $1.1 million.
The apartment building’s website said that each “modern apartment includes unique and retro features, including exposed brick walls, built-in storage, and walls of windows.”
It offers a pool, fitness center and “spacious layouts with 10-foot ceilings and tons of natural light,” the website said.
Floor plans range from 330 SF to 1,725 SF.
Attorney Jaimie Moss of the Little Rock office of Wright Lindsey Jennings representsReady Capital Mortgage.
The manager of the apartment complex declined to comment.
The property owners bought the project for $20.1 million from Summit House LLC, an affiliate of DavisRE in Dallas and Cayman Ventures LLC, an affiliate of Grander Capital Partners of Dallas.
The 4.03-acre development was bought for $10.7 million in June 2017 from Summit House Apartments Ltd., an affiliate of the Goodman Group in Chaska, Minnesota.
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