Arvest Bank Backing Memory Care Center in Rogers (REAL DEALS)

by Paul Gatling ([email protected]) 414 views 

Rogers Memory Care LLC, an entity controlled by Constant Care Management Co. of Plano, Texas, recently picked up a construction mortgage from Fayetteville-chartered Arvest Bank for $5.8 million.

The mortgage is tied to a 5.06-acre lot at the northwest corner of South Pinnacle Hills Parkway and West Pleasant Grove Road.

CCMC bought the lot from Great Southern Bank for $655,000, with plans to build a 36-bed, 28,000-SF facility called Grand Brook Memory Care of Rogers.

Arrive Architecture Group of Bedford, Texas, is handling the design work and CCMC’s in-house construction division is the contractor.

The project has a scheduled completion date of summer 2017.

CCMC owns three similar communities in Texas — Garland, McKinney and Grapevine. The company will open another in Allen later this year.

 

Pinnacle Residence

A 6,535-SF estate home inside the gated Pinnacle Country Club neighborhood recently sold for $1.81 million, a purchase price of $277.37 per SF.

Karisa Sprague bought the residence on West Pinnacle Drive from Mike and Sherri Long.

Fayetteville-chartered Arvest Bank provided financing with a three-year mortgage of $1.81 million.

Cody Long with Portfolio Luxury Real Estate of Rogers had the listing.

City Title & Closing LLC of Fayetteville was the title agent.

The five-bedroom home was built in 2013 by Mark Smith Construction LLC of Rogers and appraised earlier this year for $1.43 million. Long bought the 0.98-acre lot in May 2012 for $295,000.

 

Link Land

A Wisconsin businessman has added to his real estate holdings in Bentonville with a $1.4 million purchase of a bank branch.

Link Realty Holdings LLC, organized by Troy J. Link, purchased the 10,977-SF building at 808 S. Walton Blvd.

Bank of America is the tenant. The single-story building is situated on two parcels totaling 2.36 acres at the southwest corner of South Walton Boulevard and Southwest Eighth Street.

First States Investors LLC, an affiliate of New York-based Gramercy Property Trust, was the seller.

The property appraised earlier this year for $1.73 million.

Link is president of Link Snacks Inc. of Minong, Wisconsin, which produces Jack Link’s Beef Jerky products and is the largest meat snack brand in the country.

He is the main investor in 8W Center LLC, developer of the six-story, 80,000-SF office/retail development under construction at the southeast corner of South Walton Boulevard and Southwest Eighth Street.

 

Candlewood Claim

A 5,712-SF residence in east Fayetteville’s Candlewood neighborhood has a new owner after a recent sale worth $1.3 million, a purchase price of $228 per SF.

Jacqui and James Lefler bought the home on East Township Street from the Shelby P. Field Trust. The residence and 1,368-SF pool house are situated on 3.27 acres.

First Security Bank of Searcy provided financing.

Anthony Clark of Clark Partners Realty Group of Fayetteville has the listing. Ginger Demaris with Crye-Leike Realtors in Rogers was the selling agent.

Field paid $1.5 million for the property in July 2014. Red Lion Properties LLC, managed by Chris May, was the seller.

Red Lion acquired the property in February 2011 for $1.95 million. 3122 Township LLC, led by Justin Salter, was the seller.

Salter paid $2 million for the property in December 2009. Jeff and Marshawn Whorton were the sellers.

Whorton paid Brandon and Keri Barber $1.55 million for the property in October 2008. The five-bedroom home was built in 2005 by Celtic Custom Homes of Fayetteville.