Real Deals: The First National Bank of NWA is backing Rogers Apartments with a $30 million loan

A $30 million financing package is supporting the construction of a 228-unit apartment complex in Rogers.

STL 2 Rogers LLC, a subsidiary of Missouri-based developer Mia Rose Holdings, secured the loan from First National Bank of NWA. The loan matures in August 2027.

The 9.66-acre site is located on the corner of North 40th and West Olive streets near the Scottsdale Center retail development. Mia Rose paid $2.2 million for the site. The purchase price is $5.23 per square foot.

Seller was Tallgrass Development Inc., led by Tom Hopper. Realty Title & Closing of Rogers was the title agent.

Mia Rose Holdings President Tom Kaiman said the project was called The Junction at Scottsdale. Missouri-based Thomas Construction is the general contractor. Roseman & Associates of Kansas City, Missouri is the architect. Engenuity of Chesterfield, Mo., is the engineer. Crafton Tull in Rogers is the civil engineer. The caretaker is Trinity Multifamily of Fort Smith.

Kaiman valued the Rogers project at $55 million. Mia Rose also has a 234 unit apartment complex under construction in Washington County called Pure Springdale and a 152 unit development in Benton County called Pure Lowell. These projects are in partnership with Rogers-based ERC Construction Group.

DUPLEX OFFER
Five semi-detached houses in Fayetteville’s Rupple Meadows subdivision recently changed hands for $3.07 million.

K&C Real Estate Investments, led by Houston Texans offensive lineman Cedric Ogbuehi, bought the properties at West Sardina Lane and West Santa Maria Lane. Together they have a total area of ​​19,200 square feet. The purchase price is $160.15 per square foot.

The sellers were separate limited companies controlled by former University of Arkansas basketball player Courtney Fortson.

United Bank in Springdale provided the financing. Mockingbird Real Estate Group, led by Kezie Odunukwe, brokered the deal. City Title & Closing was the title agent.

PRIMO PROPERTY
A 14,300 square foot commercial building in Bentonville recently sold for $1.9 million. The purchase price is $132.86 per square foot.

Primo Investments LLC, managed by Reggie Greer, purchased the multi-tenant retail/office building at 701 NW McNelly Road. The seller was the Larry L. Vandevoir Charitable Remainder Trust.

Waco Title Co. of Springdale was the title agent. Batesville-chartered Citizens Bank funded the deal with a five-year, $1.9 million loan.

The one-story building was constructed in 2005.

BEAVER LAKE LIVING ROOM
A 6-acre residence on Beaver Lake in Garfield recently sold for $1 million.

OU812 LLC, led by Christian and Allison Baldwin, purchased the 3,412 square foot residence on Cedar Rock Road. The purchase price is $293.08 per square foot. Chad and Taylor Yoes were the sellers.

Little Rock’s First Horizon Bank backed the deal with a $529,631, 30-year loan. Allegiance Title Co. of Fayetteville was the title agent.

Todd Ring of Collier & Associates in Bentonville was the stockbroker. Christian Baldwin looked after the buyer side.

The two-story house was built in 2009 and has two bedrooms. The property includes a shared dock with two slips and a floating dock.

Yoes paid $431,000 for the property in March 2018.

SHADOW VALLEY SALE
A 4,286 square foot residence in Phase II of Rogers’ gated community Shadow Valley recently sold for $948,000. The purchase price is $221.18 per square foot.

Ashley and Jereme Estes bought the five bedroom property on West Valley View Road. Christopher and Rebekah Hand were the vendors.

Michigan-based Rocket Mortgage backed the deal with a $647,200 30-year loan.

Waco Title Co. of Springdale was the title agent. Terri Lynne McNaughton of the McNaughton Real Estate team in Fayetteville represented the seller. The buyer was the Beebe Group with Weichert, Realtors-The Griffin Co. in Fayetteville.

The five bedroom house was built in 2006. Pamela Olson paid Pamela Olson $675,000 for the 0.41-acre property in February 2021. Olson bought the property in November 2018 for $500,000. Guyot Trust No. 1 was the seller.

Real Deals Submissions: Send Paul Gatling tips on leasing activities, construction, transactions, or upcoming projects worth $300,000 or more at [email protected]. Please write “Real Deals” in the subject line.

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