Springdale Buildings Refinanced

Triad Investments Inc. of Springdale received a $634,156 mortgage June 6 from First National Bank of Springdale. Bob Downum signed the mortgage as president of Triad and Sandra Downum signed as secretary/treasurer of the company.

The loan carries an annual interest rate of 8.75 percent and is due June 1, 2000. The money is being used to refinance an existing mortgage that was at a higher interest rate. The mortgage was accompanied by an assignment of rents to the bank.

The mortgage is secured by two building totaling 18,840 SF along Sunset Avenue in Springdale. A 7,440-SF building at 3430 W. Sunset Ave. houses a Dollar General Store and an 11,400-SF building houses several offices, retail outlets and Chace’s Grill.

Downum bought the 1.54 acres of land in 1995 for $170,000 ($2.53 per SF) and erected the two buildings last year.