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Weeping Willow.

Weeping Willow

Willow Creek Apartments is under new ownership after going through a $2 million foreclosure. The 133-unit complex is now held by two general partnerships: Willow Rock Partnership of Humbolt, Minn., and Nashville/Little Rock Investor in Tennessee.

The two entities bid $1.16 million, which largely represented Willow Rock's second mortgage, to take back the property at 7515 Geyer Springs Rd. Aetna Life Insurance has a $810,000 first mortgage on the apartments.

This marks the second go-around for Willow Rock Partnership, which sold the complex for $2.65 million back in 1982. The buyer was J.M. Mortgage Inc. in Nashville, Tenn., followed by a couple more Tennessee investment groups that included Willow Creek Associates Ltd. and Willow Group Ltd.

In a curio footnote, one billy goat was listed among the assets of Willow Creek Apartments used to secure a 1985 mortgage. Lawn maintenance and trash control no doubt.
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Title Annotation:RealDeals; Willow Creek Apartments
Publication:Arkansas Business
Date:Oct 22, 1990
Words:152
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