Real Deals: $48M Loan Supports Fayetteville Student Housing Project
A $47.88 million funding package is supporting the construction of a 142-unit housing project in Fayetteville marketed to students at the University of Arkansas.
Retreat at Fayetteville LLC, a subsidiary of Georgian developer Landmark Properties, secured the loan from First Citizens Bank & Trust Co. of North Carolina. The loan matures in December 2027.
The 14.6-acre site is on Razorback Road near Baum-Walker Stadium, approximately 800 feet south of the intersection with Martin Luther King Jr. Boulevard. Landmark reached an agreement in June to purchase the property for $5.25 million. This equals $8.22 per square foot. ARKA Inc., headed by Franklin L. Haney, was the seller.
The site is largely undeveloped except for a large storage building.
Landmark plans to develop the property with 16 multi-family buildings, a clubhouse/rental office and a four-story parking structure.
A 14.09-acre multi-family development in Centerton recently changed hands for $36.3 million.
A subsidiary of Dallas real estate company Lurin has purchased the 199-unit apartment complex at 1389 W. Centerton Blvd. at the southwest corner of Arkansas Interstates 102 and 279. The purchase price is equivalent to $182,500 per unit. Tennessee developer Vita Residential was the seller.
TPG RE Finance Trust Inc. of New York backed the deal with a $31.2 million loan.
Lurin renamed the property from Center Pointe West Apartment Homes to The Maddox. It is made up of one, two and three bedroom apartments and two bedroom townhouses.
Vita opened the development in 2019. Bacar Constructors of Nashville, Tennessee, was the general contractor. Vita paid $1.22 million ($2 per square foot) for the land in December. Centrex LLC, managed by Ramsay Ball and Kent Starr, was the seller.
Coin Harvey LLC, managed by Tom Rystrom, recently secured a five-year financing deal worth $10.33 million from Simmons Bank in Fayetteville.
The loan is tied to a 1.74 acre lot on Northgate Road in the Pinnacle Hills area of Rogers, near the intersection with Pinnacle Hills Parkway. Coin Harvey recently bought the lot for $1.21 million. The purchase price is $16 per square foot. The Plaza at Pinnacle Hills LLC, managed by real estate investor John Schmelzle of Rogers, was the seller. City Title & Closing of Fayetteville was the title agent.
Schmelzle paid $3.95 million for the 10.09-acre ($8.99 per square foot) land in September 2019.
Rystrom is an investment broker at Colliers Arkansas commercial real estate firm in Rogers. The company plans to develop the land to include a three-story, 30,000 square foot mixed-use building. Colliers officials said the building was “significantly pre-listed” with retail and office tenants.
Nabholz at Rogers is the general contractor.
A six-building industrial portfolio at Rogers recently changed hands in a $7.6 million 1031 exchange deal.
Limited liability companies controlled by Greg House purchased the 7.74-acre property at 549-555 N. 13th St. Hews Ark LLC, led by Edward Hurley, was the seller.
Danville-based Chambers Bank backed the deal with a six-year, $5.39 million loan. City Title & Closing of Fayetteville was the title agent. Jordan Jeter and Philip Schmidt represented the buyer. Kevin Kestner represented the seller. All brokers work for Kelley Commercial Partners in Springdale.
The properties range in size from 9,800 square feet to 26,600 square feet, comprise a total of 120,000 square feet and are all leased to multiple tenants.
Hews Ark paid $2.5 million for the buildings in November 2015. The Dean Garman Revocable Trust was the seller.
A 32-unit multi-family development in Rogers has a new owner after a $3.1 million sale. The purchase price is $93.89 per square foot.
Red Ace Rivendell Apartments LLC, a subsidiary of Red Ace Capital Management of Florida, purchased the Rivendell Apartments at 2605 W. Olive St. Sosa Properties LLC in Fayetteville, led by Saul Sosa, was the seller.
Pine Bluff-based Simmons Bank backed the deal with a five-year loan worth $2.92 million.
The 2.68-acre development comprises four two-story apartment buildings and a one-story office/clubhouse building. Each apartment building contains 7,924 square feet. The office/clubhouse building contains 1,320 square feet.
Sosa bought the property in May 2014 for $1.19 million. Silva Properties of Farmington, led by Mark Silva, was the seller.
CAR WASH PLOT
A Texas-based car wash chain has secured land in Bentonville for $2.5 million.
Glide Xpress has purchased the 2.98 acre property at 807 SE Walton Blvd. Terry and Jo Ann Law were the sales people.
BancorpSouth, a division of Cadence Bank, in Texarkana, Texas, backed the deal with a three-year, $2.02 million loan. Clay Porter with Lindsey & Associates represented the seller. Matt Hutcherson with Lindsey & Associates represented the buyer. City Title & Closing was the title agent.
The property includes a vacant residence (2,550 square feet).
A new restaurant is coming to Siloam Springs following a $400,000 land purchase.
Brick Oven Properties Inc., led by Scott Stevens, purchased the 1.01 acre lot on Ravenwood Plaza behind Freddy’s Frozen Custard & Steakburgers. The purchase price is $9.09 per square foot. Cale Properties LLLP, managed by Douglas Wade Allen, was the seller.
Zac Qualls with Haag Brown Commercial in Jonesboro represented the buyer. Realty Title & Closing Services at Rogers was the title agent.
The site will be developed to include a La Torcia Brick Oven Pizza restaurant. The company opened its first store in 2004 and operates 15 locations in Arkansas, Missouri, Mississippi and Texas.
HTP Contractors of Fayetteville, led by Scott Hill, is constructing the 3,000 square foot building. It should be finished this fall.
Real Bid Submissions: Submit advice on rental activity, construction, transactions or upcoming projects worth $300,000 or more to Paul Gatling at [email protected]. Please write “Real Deals” in the subject line.