Arkansas

Greystone Provides $179.2M Refinancing for Suburban Multifamily Portfolio Across Three States

by Kristin Harlow August 22, 2019

FAYETTEVILLE, ARK.; LONGMONT, COLO.; PARKER, COLO.; AND MISSOURI CITY, TEXAS — Greystone has provided $179.2 million in Freddie Mac loans for the refinancing of four suburban multifamily properties totaling 1,188 units in Arkansas, Colorado and Texas. Watermark Residential was the borrower. The properties include: the 306-unit Watermark at Steele Crossing in Fayetteville, Ark.; the 276-unit Watermark on Harvest Junction in Longmont, Colo.; the 294-unit Watermark on Twenty Mile in Parker, Colo.; and the 312-unit The Ranch at Sienna Plantation in Missouri City, Texas. The newly constructed, Class A communities are at or near full stabilization. PJ McDevitt of Greystone originated the four separate loans, which carry 15-year terms, fixed interest rates, 30-year amortization schedules and seven years of interest-only payments. 3G Capital Advisors LLC arranged the loans. The financing will enable Watermark to redeploy capital more efficiently and effectively, says Paul Thrift, CEO of the Indianapolis-based apartment development and management firm. — Kristin Hiller

August 22, 2019

Acquisitions Arkansas Healthcare Southeast

Flagship Healthcare Acquires Medical Office Building in Little Rock for $34.8M

by Alex Tostado July 11, 2019

LITTLE ROCK, ARK. — Flagship Healthcare Properties has acquired Little Rock Diagnostic Clinic, a 96,692-square-foot medical office building (MOB). The sales price was not disclosed, although several local media outlets report the MOB traded for $34.8 million. The MOB was fully leased at the time of sale to Catholic Health Initiatives St. Vincent Medical Group. Little Rock Diagnostic Clinic is situated on Baptist Medical Center’s campus in the West Little Rock district. It offers an ambulatory surgery center; a comprehensive diagnostic imaging suite containing two MRIs, CT, ultrasound, X-ray and bone densitometry machines; a COLA Laboratory of Excellence-accredited lab; and an infusion therapy center. Flagship Healthcare Properties acquired the MOB from the physician partners of Little Rock Diagnostic Clinic on behalf of its private REIT, Flagship Healthcare Trust Inc. Brock Martin of Orion Capital Partners represented the buyer in the transaction. Todd Rice of Colliers International represented the seller. Capital Bank, a member of the First Horizon family of companies, provided acquisition financing for the transaction.

July 11, 2019

Arkansas Development Office Southeast

Walmart Unveils Expansion Plans for 350-Acre Corporate Campus in Bentonville, Arkansas

by Alex Tostado May 22, 2019

BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, green space and lake views. The campus will also feature solar panels atop parking decks and energy-efficient lighting and HVAC systems, as well as regionally sourced building materials. A price for construction was not disclosed.

May 22, 2019

Arkansas Loans Multifamily Southeast

Greystone Provides $35.5M Fannie Mae Loan to Refinance New Multifamily Community in Little Rock

by Alex Tostado May 17, 2019

LITTLE ROCK, ARK. — Greystone has provided a $35.5 million loan to refinance Fitzroy Chenal, a newly constructed apartment community in Little Rock. The 12-year Fannie Mae loan offers a fixed interest rate and a 30-year amortization schedule. Fitzroy Chenal is a 294-unit apartment community that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a conference room, business center, pet park, swimming pool, hot tub, grilling area, wine lounge, golf simulator room and a 24-hour fitness center. Clint Darby of Greystone originated the loan on behalf of the borrower, Little Rock-based developer Huffman & Co.

May 17, 2019

Acquisitions Arkansas Louisiana Multifamily Southeast

BSR Sells Four Multifamily Properties in Arkansas, Louisiana for $31.7M

by Alex Tostado May 2, 2019

LITTLE ROCK, ARK. AND SHREVEPORT, LA. — BSR REIT has sold four multifamily properties in Little Rock and Shreveport for a total of $31.7 million. The two properties in Little Rock are Briarwood Apartments, a 280-unit complex built in 1972, and Spring Valley Apartments, a 245-unit community built in 1975. The Shreveport assets are Fox Trail Apartments, a 144-unit property built in 1971, and South Pointe Apartments, a 104-unit complex built in 1972. The seller(s) was not disclosed.

May 2, 2019

Arkansas Development Loans Multifamily Southeast

Grandbridge Provides $26.1M HUD Construction Loan for Little Rock Apartment Community

by John Nelson April 25, 2019

LITTLE ROCK, ARK. — Grandbridge Real Estate Capital has provided a $26.1 million construction loan for The Residences at Harbor Town Apartments, a planned 175-unit community in Little Rock. Alan Tapie of Grandbridge’s Atlanta office originated the loan through HUD’s 221(d)(4) program, which is the agency’s flagship loan product for the construction of new market-rate apartments and affordable housing projects. The loan will feature a 40-year term, fixed interest rate and a 40-year amortization schedule. Situated along the Arkansas River, The Residences at Harbor Town will be within walking distance of the Clinton Library and downtown Little Rock. The property will be situated behind the planned Rock City Yacht Club and will add 80 more boat slips to the marina, according to development plans on the yacht club’s website. The borrower/developer and construction timeline were not disclosed.

April 25, 2019

Arkansas Development Industrial Southeast

Logistics Management Firm to Move into New Industrial Center in Northwest Arkansas

by Alex Tostado March 29, 2019

ROGERS, ARK. — Transplace, a Texas-based provider of transportation management services and logistics technology solutions, will occupy a new operations center in Rogers. Transplace will expand its existing operations center from 80,000 square feet to 150,000 square feet and add hundreds of new employees over the next several years, according to a press release. Construction of the new industrial complex will begin immediately, and Transplace is expected to move in by early 2021. HCH Consulting is developing the project and will serve as landlord. Corgan is the interior architect. Robbie Baty, Bill McClung and Marshall Saviers of Cushman & Wakefield represented Transplace in the lease transaction. Betty McIntosh and Carol Henderson, also of Cushman & Wakefield, provided business incentives services, and Kyle Bramlett of Cushman & Wakefield will help oversee construction management.

March 29, 2019

Arkansas Loans Multifamily Southeast

Arbor Provides $9.4M Acquisition Loan for Multifamily Portfolio in Jonesboro, Arkansas

by Alex Tostado March 19, 2019

JONESBORO, ARK. — Arbor Realty Trust Inc. has provided a $9.4 million Fannie Mae loan for a multifamily portfolio in Jonesboro. Fox Run Apartments, a 76-unit property, was purchased for $5.2 million while Hidden Pointe Apartments, a 60-unit property, was bought for $4.2 million. The 12-year loan was underwritten with a fixed interest rate, an unspecified period of interest-only payments and a 30-year amortization schedule. Fox Run Apartments is a gated community that was built in 2011 and offers covered parking and in-unit washers and dryers. Hidden Pointe Apartments is also a gated community that was built in 2012. Jonathan Chaim of Arbor originated the loan. The borrower was not disclosed.

March 19, 2019

Acquisitions Arkansas Industrial Southeast

Apex Tool Group Sells 242,000 SF Manufacturing Facility in Arkansas

by Alex Tostado February 6, 2019

SPRINGDALE, ARK. — Apex Tool Group LLC has sold its 242,000-square-foot manufacturing facility in Springdale to Trickling Creek Properties LLC. The buyer plans to look for new tenants for the building. The facility sits on 52.8 acres less than a mile from the Springdale Municipal Airport, and about 10 miles north of downtown Fayetteville. The building includes eight- to 10-inch reinforced concrete floors, seven-inch concrete block walls, ceiling heights ranging from 20 feet to 32 feet, approximately 24,000 square feet of air-conditioned office space, four eight-by-10-foot and two eight-by-eight-foot dock-high loading doors, and paved and lighted parking for approximately 430 vehicles. Holmes Davis of Binswanger represented the seller in the transaction. Marshall Saviers of Sage Partners represented the buyer. The price was not disclosed.

February 6, 2019

Arkansas Loans Multifamily Southeast

Dougherty Mortgage Provides $22.8M Fannie Mae Loan for Multifamily Property in Little Rock

by Alex Tostado January 15, 2019

LITTLE ROCK, ARK. — Dougherty Mortgage LLC has provided a $22.8 million Fannie Mae refinancing loan to Bowman Pointe LLC for Phase II of Bowman Pointe in Little Rock. The second phase of Bowman Pointe will comprise 202 units. The loan features a 10-year term and a 30-year amortization. The borrower plans to build Bowman Pointe in three separate phases.

January 15, 2019

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