Car Dealership Secures Loan

Jim and Carol Ray of Bella Vista mortgaged about three acres of land and the two buildings that house Superior Pontiac Cadillac Isuzu at 4264 N. College Ave. in Fayetteville.

Ray received the $750,000 mortgage May 30 from Boatmen’s National Bank of Northwest Arkansas in Fayetteville. The loan has a variable interest rate and is due May 31, 2002. It is classified as a line of credit with a limit of $1.15 million.

Ray sold the dealership in March 1995 but retained ownership of the land and buildings, which are leased to Superior.

The Cadillac/Pontiac dealership is in a 17,232-SF building that was built in 1980. The building and car lot are on almost an acre of land and were appraised in 1995 for $625,500.

The Isuzu dealership is in an adjacent 3,600-SF building that was built in 1987. That complex and the acre of land it occupies were appraised in 1995 for $434,800.