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Apartment foreclosure.

Apartment Foreclosure

First Savings of Arkansas, under the conservatorship of the RTC, now owns the Markhamwood Apartments -- a 20-unit complex in the Union Depot addition in Little Rock. The takeover stems from a $235,000 foreclosure suit filed March 1, 1989.

The property was formerly owned by Arthur Erwin, Gary L. Jones and Glenn Farinacci. This investment group held the property since December 1986 when they inked a $20,000 assumption deal with the Shirey-Howard Partnership.

The partnership, made up of Janie Shirey and Jerry and Claudette Howard, developed the low-income housing project with a $530,000 bond issue. This group acquired the site for $164,000 in September 1983, courtesy of a $204,000 note with First Federal Savings of Arkansas.
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Title Annotation:RealDeal$; First Savings of Arkansas; Markhamwood Apartments
Author:Waldon, George
Publication:Arkansas Business
Date:Sep 24, 1990
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