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Real deals.

Parham View Sale

A 36-unit apartment project in Little Rock changed hands in a $950,000 sale. Stites & Morton Inc., led by Michael Morton, acquired Parham View Apartments at 7821 W. Fifth St.

The seller is Parham View Apartments Ltd., led by Elizabeth Small and Chester Phillips. The deal is funded with a three-year loan of $700,000 from BancorpSouth Bank of Tupelo, Miss.

The 1.4-acre development previously was linked with a May 1984 bond issue of $944,000 through the Arkansas Housing Development Agency.

The location was purchased for $85,000 in February 1983 from Floyd Fulkerson and Sam and Hazel Reynolds.

Mortuary Transaction

Ownership of a funeral home in Little Rock shifted in an $863,000 transaction. William Leggett bought the Little Rock Funeral Home at 8801 Knoedl Court from Nkwazi Inc., led by Harry Leggett Jr.

The deal is financed a through 10-year loan of $733,000 from Bank of Little Rock.

The 1-acre location was acquired from James Pender and Scotty Caroom for $250,000 in May 2004.

Carmel Home

A 6,000-SF home in west Little Rock's Carmel neighborhood rang up an $844,000 transaction.

Willis Stowers Jr. and his wife, Carolyn, purchased the house from Charles and Suzanne Arrington. The deal is backed with a 30-year loan of $415,000 from Little Rock's Bank of the Ozarks. The residence previously was tied to a June 2005 mortgage of $480,000 held by Metropolitan National Bank of Little Rock.

The Arringtons bought the property for $680,000 nearly five years ago from Price and Sara Gardner.

Telecom Funding

A telecom tenant's interest in a Jacksonville property was used to help secure a $600 million funding agreement. Mobilitie Investments II LLC of Newport Beach, Calif., obtained the four-year loan from a lending consortium led by General Electric Capital Corp. of Norwalk, Conn.

The financiers included Toronto Dominion (Texas) LLC of New York, CoBank ACB of Greenwood Village, Colo., The Bank of Nova Scotia, Union Bank of California in Monterey Park, Sumitomo Mitsui Banking Corp. of New York, DZ Bank AG of New York, KBC Bank N.V. of New York and SunTrust Bank of Richmond, Va.

The 3.5-acre development at 901 N. First St. is owned by Utility Support Systems Inc. of Douglasville, Ga.

The property was acquired for $702,000 in October 2004 from Jacksonville's First Electric Corp.

Multifamily Mortgage

Three multifamily properties in Little Rock are backing a $1.6 million financial package.

Little Rock Group LLC, led by Steven St. Clair, received the three-month loan from Sunwest Bank of Tustin, Calif.

The 133-unit Willow Creek Apartments project at 7515 Geyer Springs Road also is linked with a September 2007 mortgage of $3.07 million held by Imperial Capital Bank of Glen-dale, Calif.

The 4.35-acre development was purchased for $1.6 million in November 2006 from Little Rock Willow Creek Inc. of San Antonio.

The project at 8501 Dreher Cove in southwest Little Rock also is tied to a September 2007 mortgage of $1.08 million held by Imperial Capital Bank.

The 2.3-acre development was bought for $888,000 in April 2007 from Steven and Johanna McCormick. The 4815 Mabelvale Pike project also is backed with a December 2006 mortgage of $424,000 held by North Little Rock's National Bank of Arkansas and a September 2007 mortgage of $395,000 held by Imperial Capital Bank.

The 0.72-acre development was acquired for $460,000 in December 2006 from NCK LLC, led by Linda Koubek.

Inviting Loans

The owner of a North Little Rock industrial project landed a $1.2 million funding agreement.

Inviting Properties LLC, led by Sarah and Robert Mitchell and Pamela Purvis, got a four-month loan of $635,100 and a three-year loan of $614,623 from Arvest Bank of Fayetteville.

The 5.5-acre development at 4545 W. Bethany Road previously was linked with three May 2003 mortgages totaling $1.7 million.

The property was acquired for $600,000 in June 2003 from Arkansas Air Inc., led by Russell Atkinson.

A Look at Important Real Estate Transactions
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Author:Waldon, George
Publication:Arkansas Business
Geographic Code:1U7AR
Date:Apr 5, 2010
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