Real Deals: First National Bank of NWA backs Rogers apartments with $30 million loan

A $30 million funding package is backing construction of a 228-unit apartment complex in Rogers.

STL 2 Rogers LLC, an affiliate of Missouri-based developer Mia Rose Holdings, secured the loan from First National Bank of NWA. The loan matures in August 2027.

The 9.66-acre site is at the corner of North 40th and West Olive streets near the Scottsdale Center retail development. Mia Rose paid $2.2 million for the site. The purchase price equals $5.23 per square foot.

Tallgrass Development Inc., managed by Tom Hopper was the seller. Realty Title & Closing of Rogers was the title agent.

Mia Rose Holdings president Tom Kaiman said the project is called The Junction at Scottsdale. Missouri-based Thomas Construction is the general contractor. Roseman & Associates of Kansas City, Mo., is the architect. Engenuity of Chesterfield, Mo., is the engineer. Crafton Tull in Rogers is the civil engineer. The property manager is Trinity Multifamily of Fort Smith.

Kaiman valued the Rogers project at $55 million. Mia Rose also has a 234-unit apartment complex under construction in Washington County called Pure Springdale and a 152-unit development under way in Benton County called Pure Lowell. Those projects are a partnership with Rogers-based ERC Construction Group.

DUPLEX DEAL
Five duplexes in Fayetteville’s Rupple Meadows subdivision changed hands recently for $3.07 million.

K&C Real Estate Investments, led by Houston Texans offensive lineman Cedric Ogbuehi, bought the properties on West Sardina Lane and West Santa Maria Lane. Combined they total 19,200 square feet. The purchase price equals $160.15 per square foot.

Separate limited liability companies controlled by former University of Arkansas basketball player Courtney Fortson were the sellers.

United Bank in Springdale provided financing. Mockingbird Real Estate Group, led by Kezie Odunukwe, brokered the deal. City Title & Closing was the title agent.

PRIMO PROPERTY
A 14,300-square-foot commercial building in Bentonville sold recently for $1.9 million. The purchase price equals $132.86 per square foot.

Primo Investments LLC, managed by Reggie Greer, bought the multitenant retail/office building at 701 N.W. McNelly Road. The Larry L. Vandevoir Charitable Remainder Trust was the seller.

Waco Title Co. of Springdale was the title agent. Batesville-chartered Citizens Bank financed the deal with a five-year loan worth $1.9 million.

The single-story building was built in 2005.

BEAVER LAKE ABODE
A 2.5-acre residence on Beaver Lake in Garfield sold recently for $1 million.

OU812 LLC, led by Christian and Allison Baldwin, bought the 3,412-square-foot residence on Cedar Rock Road. The purchase price equals $293.08 per square foot. Chad and Taylor Yoes were the sellers.

First Horizon Bank in Little Rock backed the deal with a 30-year, $529,631 loan. Allegiance Title Co. in Fayetteville was the title agent.

Todd Ring with Collier & Associates in Bentonville was the listing agent. Christian Baldwin handled the buyers’ side.

The two-story home was built in 2009 and has two bedrooms. The property includes a co-owned dock with two slips and a swim dock.

Yoes paid $431,000 for the property in March 2018.

SHADOW VALLEY SALE
A 4,286-square-foot residence in Phase II of Rogers’ gated Shadow Valley neighborhood sold recently for $948,000. The purchase price equals $221.18 per square foot.

Ashley and Jereme Estes bought the five-bedroom property on West Valley View Road. Christopher and Rebekah Hand were the sellers.

Michigan-based Rocket Mortgage backed the deal with a 30-year loan worth $647,200.

Waco Title Co. of Springdale was the title agent. Terri Lynne McNaughton with McNaughton Real Estate Team in Fayetteville represented the seller. The Beebe Group with Weichert, Realtors-The Griffin Co. in Fayetteville represented the buyer.

The five-bedroom home was built in 2006. Hand paid Pamela Olson $675,000 for the 0.41-acre property in February 2021. Olson bought the property for $500,000 in November 2018. Guyot Trust No. 1 was the seller.

Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.