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Summit Mall peaks out?

Summit Mall Peaks Out?

The proposed site for the 975,000-SF Summit Mall isn't listed in the Chapter 11 filling by developer Jim Wilson Jr., of Montgomery, Ala., but perhaps it should be.

The property is indirectly tied to one of the four companies and partnerships that Wilson recently took into Chapter 11.

The 97.45-acre tract at Shackleford Road and I-430 is linked to New Orleans Land Associates Ltd. through a financial package with Manufacturers Hanover Trust Co. in New York.

The bank loaned Wilson $11.4 million to cover acquisition costs and predevelopment improvements for the west Little Rock property, and the land is now wrapped into a maze of revolving credit lines and debt associated with Wilson's NOLA Ltd. et al.

This cross-collateralization notwithstanding, Wilson's name-sake son has said the property is held by a solvent partnership set up by his father. Real estate records indicate Jim Wilson Jr. holds the land personally.

Whether or not the Summit ever becomes reality, Little Rock owes Wilson a nod of thanks because his effort forced Melvin Simon & Associates and The Marathon Group to upgrade and enlarge University Mall and Park Plaza respectively.
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Title Annotation:Real Deals
Author:Waldon, George
Publication:Arkansas Business
Date:Nov 5, 1990
Previous Article:Getting fiscally fit; good marketing plans mean fat bottom line.
Next Article:Sale pending.

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