Two Pulaski County Apartment Projects Total Nearly $8.5M (Real Deals)

Two Pulaski County apartment projects were purchased by an investment group from Brooklyn, New York, in deals that added up to nearly $8.5 million.

PF Jefferson Manor LLC acquired the 140-unit Jefferson Manor Apartments at 2600 Ashley Drive in North Little Rock for $4.83 million.

The seller was Jefferson Ashley Ltd., led by Gregory Mays.

The deal is financed with a $3.9 million loan from Arbor Commercial Funding LLC of Depew, New York.

The 9.83-acre site was acquired for $90,000 in June 1970 from Fen-Ash Associates Inc., led by C.B. Fendley and J.D. Ashley.

PF Terrace Green LLC purchased the 100-unit Terrace Green Apartments at 8223 Scott Hamilton Drive. The seller was Terrace Green Apartments Ltd., led by Gregory Mays.

The deal is funded with a $2.95 million mortgage from Arbor Commercial Funding.

The 6.19-acre site was bought for $56,500 in April 1970 from Industrial Development Co. of Little Rock, led by Everett Tucker Jr.

Premier Purchase

A 52-room motel in Maumelle is under new ownership after a $2.27 million court-sanctioned sale. 

Premier Hospitality Group LLC, led by Avinash Patel, acquired the Comfort Suites at 14322 Frontier Drive from the bankruptcy estate of D.J. Hospitality Inc.

The deal is backed with a three-year loan of $2.1 million from People’s Bank of Sheridan.

The 2.95-acre development previously was tied to a May 2005 mortgage of $1.66 million held by Zions First National Bank of Salt Lake City, an October 2006 mortgage of $500,000 held by First Louisiana Bank of Bossier City and a January 2007 mortgage of $400,000 held by Pran and Sushma Grover.

D.J. Hospitality purchased the project for $3.3 million in May 2005 from Veer Corp., led by Maunish Shah.

Mini Transaction

A 329-unit mini-storage project in Jacksonville changed hands in an $850,000 transaction.

Mini Storage Service Co. LLC, led by Terry Bean, bought Arkansas Public Storage at 405 N. James St. The seller is BOE Acquisition Co., an affiliate of Bank of England.

The 3.76-acre development is now helping secure a $1.1 million mortgage held by First Security Bank of Searcy.

BOE Acquisition recovered the project from Thomas, Arleta and Lawrence Dupree in March at a $650,000 foreclosure sale.

The property previously was linked with an April 2006 mortgage of $700,000 held by Bank of England.

Apartment Land

A 4.1-acre commercial site in west Little Rock rang up a $450,000 sale.

Rowan Development LLC, led by Jacob Chi, purchased the land adjoining the north side of Rowan Park Apartments at 1000 Kirby Road from Disciples Church of Arkansas Inc.

The property previously helped secure a May 2011 mortgage of $550,000 held by BancorpSouth Bank of Tupelo, Mississippi.

Disciples Church bought the property more than three years ago as part of a $995,000 deal with Parkway Place Baptist Church.

Convenient Buy

Ownership of a 2,460-SF convenience store in south Little Rock was consolidated in a $350,000 transaction.

Aam Aadmi LLC, led by Baljinder Singh, acquired the Skyroad Gas at 5105 W. 65th St. The seller is Multani & Multani LLC, led by Baljit Multani and Singh.

The deal is financed with a five-year loan of $356,412 from Regions Bank of Birmingham, Alabama.

The 0.56-acre development previously was linked with a March 2011 mortgage of $215,000 held by North Little Rock’s National Bank of Arkansas.

The project was purchased for $650,000 more than three years ago from Justin and JoAnne Kim.

Hickory Creek Manor

A 6,442-SF home in west Little Rock’s gated Hickory Creek neighborhood tipped the scales at $1.2 million.

Michael and Beverly Israel bought the house from Matthew and Carolyn Harrison.

The deal is funded with a 30-year loan of $600,000 from Regions Bank.

The residence previously was tied to a March 2013 mortgage of $759,260 held by Capitol Federal Savings of Topeka, Kansas.

The Harrisons acquired the property for $1.06 million in March 2005 from Robert and Julie Cress.

Overlook Home

A 4,135-SF home in Little Rock’s Overlook Park neighborhood sold for $800,0000.

Brant Musgrave purchased the house from Benjamin Eiler.

The deal is backed with a 30-year loan of $720,000 from Arvest Bank of Fayetteville.

The residence previously was linked with an August 2013 mortgage of $500,000 held by First Security Bank.

Eiler bought the property for $799,000 14 months ago from Curtis Bowman.

Riverbend Abode

A 3,830-SF home in Little Rock’s Riverbend neighborhood drew a $715,000 transaction.

Charles and Elizabeth Crocker acquired the residence from the Mrs. Ruby Smith Revocable Trust.

The deal is financed with a 25-year loan of $572,000 from Bank of America in Charlotte, North Carolina.

The property previously was tied to a June 2007 mortgage of $500,000 held by Metropolitan National Bank of Little Rock.

Smith purchased the residence for $500,000 more than seven years ago from Cal Partee Jr. and his wife, Debbie.

Deauville Residence

A 4,576-SF home in the Deauville Circle neighborhood of west Little Rock’s Chenal Valley development changed hands in a $599,500 sale.

Zubair Ahmed and Umbar Ghaffar bought the house from the Gulley Family Trust No. 1, led by David and Mary Gulley. The deal is funded with 30-year loans of $479,600 and $59,950 from U.S. Bank of Cincinnati.

The residence previously was linked with February 2011 mortgages of $396,000 and $74,250 held by IberiaBank Mortgage Co. of Little Rock.

The Gulley family acquired the property for $495,000 more than three years ago from Rector Phillips Morse Inc., led by Kris Upton.

Woodcrest Mortgage

A mix of commercial and residential property in North Little Rock is securing a $10.67 million financial package.

Woodcrest Co. LLP, led by James P. Matthews, received the two-year loan from Centennial Bank of Conway.

The debt is backed with the 8-acre Alpha Distribution Center development at 4300 Stockton Drive, about 29.7 acres of undeveloped commercial land along the south end of Richards Road, a 14.4-acre undeveloped commercial tract on the north side of Stockton Drive between Smokey Lane and Springhill Drive and 10 residential lots in the Valley Creek neighborhood.

The industrial property previously was tied to an April 2008 mortgage of $3.3 million and a July 2009 mortgage of $5.43 million held by Centennial.

The residential land previously was linked with a December 2012 mortgage of $312,641 held by Liberty Bank of Arkansas in Jonesboro, since acquired by Centennial.

The commercial land was part of the 400-acre Springhill Farm the Matthews family bought in August 1959. John and Martha Matthews purchased it from Fred and Katherine Watkins for $250,000.

The residential land was bought in December 1971 as part of a $115,000 deal with Gene Worsham.

Train Station Loan

The owner of a 103,000-SF historic redevelopment in Little Rock picked up a $5 million funding agreement.

US Depot LLC, led by John Bailey, obtained the seven-year loan from Delta Trust & Bank of Little Rock.

The 5.6-acre Union Train Station development at 1400 W. Markham St. previously was tied to a February 2008 mortgage of $6 million held by Twin City Bank of North Little Rock.

The project was acquired in July 1991 for $540,000 in a tax-deferred land exchange.

Joseph Lombardi acquired the property for Bailey, who traded a 300-acre farm near Dixon, Illinois, to gain the Little Rock project.

The train station was sold by State First National Bank of Texarkana, trustee for bondholders who financed a $4.56 million redevelopment of the property in 1979. The bank foreclosed on the property in June 1989 and recovered it at a court-ordered sale for $567,683 in August 1990.

Million-Dollar Construction
Renovation & Expansion    $62,000,000
Robinson Center
400 W. Markham St., Little Rock
CDI Contractors LLC, Little Rock & Hunt Construction Group, Indianapolis

12,000-SF Retail Project    $1,466,000
Cantrell Falls
14908 Cantrell Road, Little Rock
AMR Construction LLC, Little Rock