The sale of a 148-unit apartment complex in Little Rock tipped the scales at $7.8 million.
Summit 8101 Cantrell Apartments LLC, an affiliate of Summit Multi-Family Group LLC of St. Louis, bought Watergate Apartments at 8101 Cantrell Road. The seller is Watergate Little Rock Apt Portfolio LLC, an affiliate of Bell Partners of Greensboro, North Carolina.
The deal is financed with a five-year loan of $7.1 million from Simmons First National Bank of Pine Bluff.
The 7.3-acre development previously was tied to an April 2007 mortgage of $6.58 million held by Column Guaranteed LLC of New Orleans.
The project was purchased for $7.7 million more than eight years ago from VMS National Properties of Denver.
Logistics Acquisition
A 13,682-SF office-warehouse in North Little Rock changed hands in an $878,000 transaction. 3B.E. Logistics LLC, led by Chris Blakley, acquired the Vouk Truck Brokerage project at 701 Judi Drive.
The seller is LMPM Inc., led by Pat Koch. The deal is funded with a two-year loan of $826,421 from Bank of Little Rock and a $325,595 loan from LMPM.
The 5.73-acre development previously was linked with a January 2014 mortgage of $840,000 held by the bank.
The location was bought for $100,000 in January 2006 from D&B Commercial Park LLC, led by James Dietz.
Townhome Transaction
Ten units in west Little Rock’s Wentwood Valley Townhomes project are under new ownership after an $825,000 deal. Rainwater & Sexton Properties LLC, led by Michael Rainwater and Robert Sexton, purchased the property at 2221 Wentwood Valley Drive.
The seller is Promise Properties LLC, led by Mary Shafer.
Some of the units previously were tied to an October 2012 mortgage of $150,000 held by Centennial Bank of Conway.
Promise Properties acquired the townhomes in September 2003 as part of a $1.3 million, 13-unit transaction with Bailey Properties LLC, led by John Bailey.
Industrial Deal
A 12,600-SF industrial project in east Little Rock sold for $350,000.
BCR Investments LLC, led by Ronald Davis, bought the Banner Sign & Barricade project at 1823 E. 17th St. The seller is Buckeye Properties LLC, led by John Lange.
The deal is backed with a one-year loan of $350,000 from Community First Bank of Harrison.
The 2.7-acre development previously was linked with a February 2005 mortgage of $945,147 held by Merchants & Farmers Bank of Kosciusko, Mississippi.
Buckeye Properties purchased the project for $335,000 in February 2005 from Lange Harris & Montgomery LLC, led by Lange, J.S. Harris Jr. and C. Robert Montgomery.
Office Purchase
A 2,758-SF office building in downtown Little Rock rang up a $190,000 transaction.
Keech Properties LLC, led by Kevin Keech and Tanya Rollins, acquired the 2011 Broadway project from Fred Griffin and Linda Faulkner.
The deal is financed with a six-month loan of $186,000 from BancorpSouth Bank of Tupelo, Mississippi. The property was bought for $53,000 in November 1984 from James and Pauline Petty.
Sologne Sale
A 4,462-SF home in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley neighborhood drew an $895,000 sale.
Alis Aquilae Trust, led by C.S. and Angela Aduddell, purchased the house from Michael and Shelli Stine.
The deal is funded with a 30-year loan of $417,000 and a five-year loan of $433,250 from Simmons First National Bank.
The residence previously was tied to a May 2010 mortgage of $114,000, a December 2012 mortgage of $600,000 and an August 2013 mortgage of $98,062 held by Pentagon Federal Credit Union of Alexandria, Virginia.
The Stines acquired the location for $100,000 in May 2002 from Deltic Timber Corp. of El Dorado.
Prospect Terrace Abode
A 2,784-SF home in Little Rock’s Prospect Terrace neighborhood changed hands in a $599,000 deal. Nicholas and Mischelle Papan bought the house from Robert and Anne McCarley.
The deal is backed with a $509,150 loan from Regions Bank of Birmingham, Alabama.
The residence previously was linked with a February 2008 mortgage of $500,000 held by Pulaski Bank & Trust of Little Rock and a June 2014 mortgage of $435,000 held by First Security Bank of Searcy.
The McCarleys purchased the property for $255,000 in December 1985 from John and Dale McClellan.
Downtown Condo
A 1,465-SF condo in downtown Little Rock is under new ownership after a $575,000 transaction.
Hudson Boyce Farms LLC, led by Allison Boyce Hudson, acquired the seventh-floor unit in the Arkansas Capital Commerce Center at 200 River Market Ave. from The Burlingame Trust, led by Mary Steenburgen and Ted Danson.
The trust bought the condo for $211,000 in May 2002 from 3rd & Commerce LLC, led by Jimmy Moses and Rett Tucker.
Woodland’s Home
A 3,869-SF home in the Woodland’s Edge neighborhood of west Little Rock sold for $534,500.
James and Mary Crisp purchased the house from Arbor Construction LLC, led by Michael Moran.
The deal is financed with a 30-year loan of $417,000 and a five-year loan of $60,050 from Eagle Bank & Trust of Little Rock.
The residence previously was tied to an August 2014 mortgage of $406,400 held by Bear State Bank of Little Rock.
Arbor Construction acquired the site for $75,000 a year ago from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.
PV Residence
A 4,265-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $515,000 transaction.
Marcus and Tiffany Knight bought the property from Ellen Lowitz. The deal is funded with a 15-year loan of $315,000 from IberiaBank Mortgage Co. of Little Rock.
The residence previously was linked with an August 2012 mortgage of $290,000 held by Regions Bank.
The Lowitz family purchased the property for $185,000 in May 1991 from Betty Obergfell.
Multifamily Note
The owner of a 224-unit apartment complex in west Little Rock picked up a $7.4 million funding agreement.
Bristol Park Apartments Ltd. of St. Louis obtained the 10-year loan from SA Affordable Housing LLC of Los Angeles.
The 16.3-acre project at 12201 Mara Lynn Drive was developed with a September 1997 bond issue of $10.8 million through the Arkansas Development Finance Authority.
The limited partnership acquired the site in September 1997 for $780,600. The seller was the Hall Phillips Trust, led by Dan Phillips.
Scrap Financing
A scrap metal enterprise in west Little Rock is backed with a $2 million financial package. ABC Salvage & Scrap Metal Inc., led by Daniel Harris, received the 10-year loan of $2 million from Metal Recycling Corp. of Little Rock.
The 9,200-SF facility at 8116 Stage-coach Road previously was tied to a July 2012 mortgage of $680,000 held by Arkansas Capital Corp. of Little Rock.
The 1.2-acre property was bought for $65,500 in April 1992 from Shirley and James Bias.
Seven-Digit Construction
St. Mark’s Youth Building $8,000,000
5722 W. 12th St., Little Rock
Nabholz Construction Corp., Conway
Utility Tri-State Trailer $2,795,000
12301 Eanes Road, North Little Rock
CBM Construction Co., Little Rock
MedExpress $1,000,000
12300 Chenal Parkway, Little Rock
Hart Construction LLC, Searcy
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