Hunt Ventures to Buy Pinnacle Point Properties

Hunt Ventures LLC had the winning bid on 10 class “A” commercial buildings on 22 acres formerly owned by Bill Schwyhart and Robert Thornton, all of which were under the Pinnacle Point Properties LLC, an umbrella company.

The properties, located in the Pinnacle Point development of Rogers, were put up for bid on the steps of the Benton County Courthouse on Sept. 28 after U.S. Bankruptcy Judge Ben Barry dismissed bankruptcies filed by several LLCs operated by Schwyhart and Thornton earlier this month.

Hunt Ventures had the winning bid – $24.1 million. Hunt Ventures is a partnership between Johnelle Hunt and Tim Graham and was formerly called the Pinnacle Group. Metropolitan National Bank of Little Rock and Chambers Bank of Danville had first and second liens on the properties, valued at $34.93 million and $6.65 million, respectively.

Lunsford Bridges, president and CEO of MNB, issued the following statement through a spokesman: “We are pleased to have the sale of Pinnacle Point behind us. This sale is a step in the process of helping us achieve our goal of reducing nonperforming assets.”

Schwyhart said he had tried to negotiate with the bank for a lower rate, asking for 5 percent, but the bank wouldn’t come off it’s locked 7.75 percent rate. Schwyhart also said he recently offered to buy the properties “for millions more” than the winning bid, but the bank wouldn’t sell it.

“I think there was some kind of incestuous side deal with other people involved,” he said.

A Benton County commercial realtor with no ties to any of the parties, spoke on the condition of anonymity. He said $24 million was a fair price for the properties.

Schwyhart said he plans to fight the deal in federal court.

– Worth Sparkman