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Whisperwood Sale.

A 94-unit apartment project in southwest Little Rock changed hands in a $1 million deal ($10,600 per unit).

Richdale Development Group LLC, led by William Richardson, and Tisdale Properties and Development LLC, led by Tracy Tisdale; purchased the Whisperwood Townhouses & Apartments project at 8419 Base Line Road.

The sellers were W.J. and rune Walker. The deal was financed with a $700,000 loan from Bank of the Ozarks in Little Rock. The property previously was linked with an October 1997 mortgage of $450,000 held by Little Rock's Central Bank & Trust, now part of the Arvest chain.

The Walkers acquired the 4.1-acre development in August 1993 from the Federal Home Loan Mortgage Corp. for an undisclosed sum FHL Mortgage entered the ownership picture via a $760,000 foreclosure sale in June 1991.

The corporation recovered the project from Whisperwood Group Ltd., led by Jere M. Ervin. The limited partnership defaulted on a $1.1 million loan from Southern Federal Savings & Loan Association of Atlanta that was assigned to FHL Mortgage.

Whisperwood Group bought the property for $2.4 million in. May 1986 from Whisperwood Associates Ltd., led by C. David Griffin.
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Author:WALDON, GEORGE
Publication:Arkansas Business
Date:Jun 26, 2000
Words:194
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