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Riviera sale includes land swap.

Riviera Sale Includes Land Swap

You probably knew that Riviera Apartments Ltd. sold its namesake apartment complex for about $3.125 million to Heartland Properties Corp. of Little Rock, led by Wengroup exec Larry D. McCraw. Here are some more details.

The deal was financed with $2.89 million from Pope Mortgage Co. in Memphis. The seven-year note was subsequently sold to Federal National Mortgage Co. in Dallas for $2.8 million. That debt carries an interest rate of 9.6 percent.

The balance of the transaction was covered by about 26.3 acres in west Pulaski County in the area of Studer Road off Ferndale Cutoff Road. McCraw conveyed the undeveloped property, valued at $325,000, to Riviera Apartments Ltd. as part of the purchase price.

McCraw still owns about 22.2 acres out west, part of an original tract of 79.66 acres he bought during the summer of 1985 from former congressman J.W. Fulbright for about $156,000 ($1,958 per acre). McCraw also owns 2.5 acres off Lou Ellen Drive in Little Rock that was deeded to him in February 1989 by Wengroup Riverview Associates Ltd.
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Title Annotation:Riviera Apartments Ltd.; Real Deals
Publication:Arkansas Business
Date:May 7, 1990
Words:192
Previous Article:Arkansas Freightways.
Next Article:A Git-N-Go sale.
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