Southfork Land Secures Loan

Fifty-five acres of the Southfork housing development in Lowell were used to secure a $1 million mortgage from NationsBank in Fayetteville on July 22. The loan was signed by Tim Graham of Springdale.

On Aug. 3, Graham transferred ownership of the land to Red Rock Development Inc. of Lowell. Red Rock Development had received a $1 million mortgage on the property April 15 from First National Bank of Lowell but it wasn’t filed at the Benton County Courthouse until Sept. 8. Graham is listed as president of Red Rock Development and his wife, Beverly Graham, is listed as vice president.

Graham, an agent with Dykes Bassett Mix & Associates Inc. real estate agency in Fayetteville, acquired the 55 acres from J.B. Hunt, the patriarch of the nation’s largest publicly traded truckload carrier. Graham is a former vice president with J.B. Hunt Transport Services Inc. of Lowell.

Graham traded Hunt a 2,000-acre hunting club in Missouri for the land in Southfork. Graham intends to develop the 240 lots in the housing addition.

Southfork is a 400-acre, 970-lot housing development being built on a cattle ranch Hunt owns in Lowell.