Brad Bell, John Bell, Sammie James, John Reese and Bruce Marchant acquired the project, at 701 S. Elm St., from Stephen and Debra Morrison.
The deal is financed with a five-month loan by First Security Bank of Searcy.
The 0.67-acre development previously was tied to January 1996 mortgages of $200,000 held by Boatmen's National Bank of Arkansas in Little Rock (now Bank of America) and $190,000 held by National Bank of Arkansas in North Little Rock.
The Morrisons purchased the property five years ago from Jonathan and Jullia Foy for $400,000. The Foys bought it in June 1994 from Jay and Barbara Lucas for $350,000.
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|Title Annotation:||Little Rock apartment project sold|
|Comment:||Multifamily Sale.(Little Rock apartment project sold)|
|Article Type:||Brief Article|
|Date:||Jan 29, 2001|
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