Downtown Office Building Mortgaged

An 8,230-SF office building at 130 N. College Avenue in Fayetteville was mortgaged April 28 for $359,000.

The building is owned by Ronnie and Rebecca Sherwood of Fayetteville. Ronnie Sherwood signed the mortgage as trustee of a trust that was established in 1980.

The mortgage was obtained from the Bank of Fayetteville and is due April 28, 1998. The loan is secured with the building and the .285-acre lot on which the building sits.

Sherwood received another mortgage on the building May 21 for $30,000 from the Bank of Fayetteville.

A release of a mortgage taken on the building March 7, 1994, from Boatmen’s National Bank of Northwest Arkansas in Fayetteville and an accompanying assignment of rents for the building was signed April 25. Boatmen’s had given Sherwood a $400,000 mortgage on the building that was due March 20.

The building was appraised in 1995 for $328,350. It was appraised in 1994 for $239,200.