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Arc mortgage.

Two nonprofit properties in Little Rock were used to secure a $1.7 million funding agreement. The Arc Arkansas, led by Steven Hitt, picked up the one-year loan from Bank of the Ozarks.

The group's quarters, a 0.37-acre development at 2004 Main St., and its 43-acre Oasis Renewal Center development at 14913 Cooper Orbit Road, previously were tied to a May 2008 mortgage of $1.3 million held by the bank.

The downtown property was acquired for $1,000 in October 1992 from Trinity Court Nursing Home Ltd., led by David McCollister. The Oasis Renewal Center merged with Arc Arkansas in July 2004.

The bulk of the Oasis property was purchased in September 1971 in a $64,900 deal with James and Charlotte Culberson. Other sellers included Frances Dalme, $297,000 in October 1988, and Jeff and Coralie Maxwell, $72,000 in April 1999.
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Title Annotation:Real Deals: A Look at Important Real Estate Transactions
Author:Waldon, George
Publication:Arkansas Business
Date:Jul 13, 2009
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