Three Sisters, Bakery Building Reorganized and Refinanced

John Tyson, David Buckley and John Maier III of HMT of Fayetteville LLC, BT Properties LLC and Dunbar Development Co. LLC have refinanced the Three Sisters project on West Dickson Street for twice the amount of the original planned cost.

The five-story, 60,000-SF complex began construction in September 1998. Its original plan of a two-story, 58,000-SF complex was to be a $6 million project, but HMT of Fayetteville on May 11 got a $12 million loan from Bank of America in Little Rock to refinance the project.

The office/retail complex also has 12 apartments, including five condominiums. Tyson has the 2,700-SF unit on the fifth floor that also takes up part of the fourth floor.

The apartments range from 1,000-2,700 SF and lease from $1,000-$1,700 per month.

Greg House was an original partner on the project but is no longer.

Neither is House part of Bakery Building LLC, which owns the buildings at 311 and 313 W. Dickson St. and 326 N. West Ave., site of the former Superior Linen Service. Tyson, Buckley and Maier also got that project refinanced from Bank of America for another $12 million.

L&E Offers Unique Living in Rogers

Kirk Elsass and John David Lindsey of L&E Equity Investments have made an investment of about $2.22 million to build what they believe is a one-of-a-kind subdivision in Rogers.

Hiett Valley subdivision, in east Rogers near New Hope Road, will have 23 houses that will lease for $825 per month. The houses will be about 1,250 SF each. Two of the houses will have four bedrooms each, with the other 21 having three bedrooms each.

There are as many as seven different plans for the houses, which come with a washer, dryer, refrigerator and all exterior maintenance, including lawn service on the fully sodded yards.

The houses will also have two baths, a double garage and a backyard. The six-acre site will be landscaped with plenty of trees. A fully furnished executive unit will be available if requested.

There will be a property owners’ association that will control the covenance in the subdivision.

Woodworks Plus Inc. of Farmington is building 18 of the homes, while Lance Johnson Building Co. of Springdale is the general contractor on the other five houses.

L&E will look at how well the project is received in Hiett Valley before developing similar properties in other areas of Northwest Arkansas.

There will be a six-month minimum lease. Ten of the houses are finished.

Upscale Development in Full Force at Bent Tree

Several builders have secured loans for their initial construction projects at Bent Tree of Rogers, a 127-home subdivision that a Dallas developer said will offer a traditional family atmosphere with many amenities.

Five loans totaling $1.21 million were obtained through Northwest Arkansas banks.

JV Custom Homes Inc. of Springdale on May 14 got a loan of $422,400 from Bank of America. United Arkansas General Contractors Inc. of Bentonville got two loans totaling $396,000 from Arkansas National Bank. Legend Builders of Fayetteville got a loan of $204,000 from Bank of America. And Jim Jones Construction of Lowell got a $187,000 loan from Arvest Springdale Bank & Trust.

Other general contractors building at Bent Tree include Austin Homes Inc. of Bentonville, Lifestyle Custom Homes of Fayetteville and McMahon Brothers Construction Inc. of Fayetteville.

The west Rogers development will enjoy tree-lined avenues with antique street lights. Dallas-based developer Randy Winski and Mike Philip of Fayetteville are partners on the projects.

High-speed Internet access, LAN-wired homes and variable home wiring and network configurations are some of the plans available to home owners at Bent Tree.

The lots are oversized with 20 cul de sac lots and 21 corner lots.

Several Projects Keep L&E Busy

L&E Equity Investments is building several homes at Bentonville’s Maidstone subdivision, getting a loan on May 11 for $811,750 from Arvest McIlroy Bank for the projects.

Woodworks Plus Inc. of Farmington and Lance Johnson Building Co. of Springdale are the general contractors of the homes, which will be priced from $140,000-$150,000 and range from 1,700-2,000 SF.

L&E is adding four buildings at Millennium Place business park in northeast Fayetteville.

Two buildings will be 6,500 SF each with the target date for completion by late November. Leasable space in those buildings ranges from 1,600-2,500 SF.

There will also be two smaller buildings constructed soon at Millennium Place. They will be 3,300 SF and 2,500 SF, respectively. Those may be purchased or leased.

There are visual tours of the Millennium Place buildings available at the Web site www.lindsey.com.

In addition, L&E has purchased eight more lots from WHM Investments in Meadowlands, a west Fayetteville subdivision. The lots cost a total of $232,000. L&E will build eight four-bedroom homes ranging from 1,900-2,000 SF.

Carlton Investments also purchased two lots at Meadowlands from Ahmad Bayyari.

L&E has four homes being built in Fayetteville’s Cambridge subdivision by Gordon Wilkins Builders of Fayetteville. Those homes, at 1,500 SF each, will be priced at $125,000 each or can be leased. L&E on May 11 got a loan of $216,750 from Arvest McIlroy Bank of Fayetteville for construction at Cambridge.

Brightwood Addition Entering Third Phase

Tommy Walker Construction Co. of Rogers on May 11 got six loans totaling $552,000 from Superior Federal Bank to build more homes at a Bentonville subdivision.

Brightwood subdivision near Arkansas Highway 12 will offer homes ranging from a minimum of 1,600 SF to about 2,200 SF, priced from about $110,000-$150,000.

Phase III of the subdivision will have 31 lots. There are 143 lots in the first three phases.

Tyson Foods Freezer Finally Gets New Hat

Tyson Foods Inc. of Springdale on May 7 purchased a building permit valued at $450,000 to replace a 43-year-old roof at one of its plants.

Tyson’s Randall Road Freezer at 671 Randall Wobbe Road was originally built in 1958. The roof being replaced is the original.

Lazenby Continues Lyle Construction

Bill Lazenby of Lazenby Construction of Fayetteville on May 15 got four loans totaling $280,000 from First State Bank to build more houses in the David Lyle Addition in Fayetteville.

Located off Arkansas Highway 16 in east Fayetteville, the homes will range from $75,000-$110,000. There are 43 lots in the subdivision.