Edwards Builds Brookhaven (Real Deals)

Edwards Design and Construction Inc. of Springdale recently bought 50 building permits valued at a combined $25 million to construct 472 apartment units off Powell Street in Springdale. Brookhaven LLC, of which Joe Edwards is a principal, is the developer. Brookhaven Apartments will have one-, two- and three-bedroom units ranging from 600 to 1,200 SF. Rental rates have not been determined yet.

Industrial Developers LLC, another Edwards entity, bought the 40-acre tract from Charles and Elaine Fowler for $635,000 in May 2003. Industrial then sold the land to Brookhaven.

Key Architecture Inc., of Fayetteville is the architect, and Engineering Design Associates of Springdale is the engineer. BancorpSouth Bank of Fort Smith is financing the construction.

The 40-acre complex will include a clubhouse with a fitness center, video game room, media center and gathering room, and will feature five playground areas, walking trails, barbecue grills, picnic tables, a pool, tennis courts and a daycare center.

Kinco Has Chemistry

Kinco Constructors LLC of Springdale will soon begin a $12 million renovation project on the 62,463-SF Chemistry Building at the University of Arkansas. The project will include the complete restoration of the 69-year-old building.

The architect is Witsell Evans Rasco of Little Rock. TVE Consulting Engineers of Little Rock is the mechanical and electrical engineer, and Engineering Consultants Inc. of Little Rock is the general contractor.

Lazenby/Heckathorn Get Sweet on Suites

Bill Lazenby and Don Heckathorn of Walton Suites LLC recently financed a mortgage through Farmers Bank & Trust of Magnolia for $11.5 million to begin construction on the 84,000-SF Walton Suites, an executive apartment complex off South Walton Boulevard in Bentonville.

Heckathorn Construction Co. of Fayetteville is the general contractor. Harrison French Architecture of Bentonville is the architect, and Tatum Smith Engineers Inc. of Rogers is the structural engineer.

The three-story building will have 56 apartment units on the first and second floors and retail/office space on the first floor, including a bar.

The units will have weekly, monthly and yearly lease options.

The building will be located on the same site as the existing 53,000-SF Executive Center office building on South Walton Boulevard, which is owned by John Hampton, Lazenby and Heckathorn.

The first units should be ready by March.

Charlton Boosts Brightwood

Charlton Development Co. recently bought a building permit valued at $2.4 million to build a 32,000-SF retail building off Arkansas Highway 12 and Bright Road in Bentonville. The structure is the first in Phase II of the 20-acre Brightwood Business Park. John Charlton and Mike Charlton of Charlton Development are partners in the project. Charlton Construction is the general contractor.

The first phase includes four office buildings ranging from 5,200 to 12,224 SF. They will total 29,000 SF and will lease from $14.75 per SF with a 700-SF minimum.

The second phase will be retail space (of which Gold’s Gym will occupy 21,000 SF) and will lease from $12 to $14 per SF with a minimum of 1,000 SF.

Charlton is offering a full-service lease, which includes build-out, utilities, janitorial services and a Gold’s Gym membership. All space will be furnished with high-speed Internet and some spaces will have a “flex/kitchen” room.

Simmons First Bank of Northwest Arkansas in Rogers is financing the construction. Mangold Architecture & Construction Inc. of Rogers is the architect, and Northstar Engineering of Bentonville is the engineer.

The land is part of several hundred acres that Charlton purchased at different times for the Wildwood and Brightwood subdivisions.

Sincerity Climbs To The Peaks

Sincerity Homes of Springdale recently started construction on 10 residential units valued at a combined $2.1 million in Rogers’ The Peaks development. Collins Haynes, Gary Combs, John Ed Chambers, John David Lindsey, Neil Johnson and Gerald Johnston are the developers of the mixed-use, 158-acre development which will include commercial, retail, and mutli-family and single-family residential and condo units. There are 54 single-family and 28 multi-family units in Phase I. Patio homes will range from 2,200 to 2,500 SF and will sell from $300,000.

The commercial and residential lots sit on the east side of Interstate 540 just north of the A.G. Russel Knives facility.

Morrison Shipley Engineers Inc. of Lowell engineered the plat. Chambers Bancshares Inc. of Danville is financing the development.

Basic Construction Co. of Springdale is completing site work for the 40,000-SF office building at The Peaks. Haynes Ltd. is the architect. EWI Constructors of Fayetteville will be the general contractor on the project. When the facility is complete, there should be about 600,000 SF of commercial space.

Carpenter Finds Brandon’s Way

Tad Carpenter of Carpenter Construction Inc. recently bought nine building permits valued at a combined $1 million to build more homes in Springdale’s Brandon’s Way subdivision. The 53-lot development is located off of Har-Ber Avenue north of the new Springdale High School.

Carpenter bought the 22-acre Brandon’s Way subdivision from Mike Pennington of Pennington Developments for $1.2 million on April 29 and will build all of the homes.

Lots average 0.25 acres. Homes will range from 1,500 to 1,663 SF and will sell from $140,000 to $160,000. They will feature 100 percent brick or stone masonry, architectural shingles, sodded yards, custom cabinets, crown molding and 10-foot ceilings.

Keystone Consultants of Springdale is the engineer. Bank of America in Springdale is the financier.

Danelle Carpenter of Springdale’s Matlock Real Estate Services LLC is the listing agent.

July Mortgage Reports

Includes only institutions with more than $2 million in lending. Dollar figures are in millions.

Benton County

Rank — Lender — Value — % of total

1 — Merril Lynch Mortgage Lending Inc.* — $66.81 — 20.7%
2 — Bank of America — $30.32 — 9.4%
3 — Arvest Mortgage Company — $26.26 — 8.1%
4 — Arkansas National Bank — $22.29 — 6.9%
5 — Arvest Bank-Bentonville — $20.91 — 6.5%
6 — Regions Bank — $17.90 — 5.5%
7 — First Security Bank — $12.68 — 3.9%
8 — Arvest Bank-Rogers — $11.76 — 3.6%
9 — Community Bank of North Arkansas — $11.72 — 3.6%
10 — First Bank & Trust Company** — $11.50 — 3.6%
11 — First Western Bank — $11.25 — 3.5%
12 — Arvest Bank-Fayetteville — $10.46 — 3.2%
13 — Wells Fargo Bank — $10.06 — 3.1%
14 — First State Bank of Lonoke — $6.98 — 2.2%
15 — First Federal Bank of Arkansas — $6.96 — 2.2%
16 — Simmons First Bank NWA — $6.55 — 2.0%
17 — Bank of Gravett — $4.85 — 1.5%
18 — United Bank — $3.53 — 1.1%
19 — Chase Manhattan Mortgage Corporation — $3.27 — 1.0%
20 — Community First Bank — $3.16 — 1.0%
21 — First National Bank of Fort Smith — $3.13 — 1.0%
22 — Bank of Oklahoma — $3.08 — 1.0%
23 — Bank of Rogers — $3.00 — 0.9%
24 — First State Bank of Fayetteville — $2.73 — 0.8%
25 — First Financial Bank — $2.55 — 0.8%
26 — Countrywide Home Loans Inc. — $2.49 — 0.8%
27 — Arvest Bank-Lowell — $2.38 — 0.7%
28 — ABN Amro Mortgage Group — $2.22 — 0.7%
29 — Decatur State Bank — $2.14 — 0.7%
Total — $322.94

*Includes amount loaned to Lodgian Hotels Fixed III LLC **Includes amount loaned to Walton Suites LLC

Washinton County

Rank — Lender — Value — % of total

1 — Keybank National Association* — $60.00 — 27.3%
2 — Arvest Bank-Fayetteville — $18.07 — 8.2%
3 — First Federal Bank of Arkansas — $17.21 — 7.8%
4 — Arvest Mortgage Co. — $16.91 — 7.7%
5 — First Security Bank — $13.93 — 6.3%
6 — Bank of America — $13.63 — 6.2%
7 — Metropolitan National Bank — $12.09 — 5.5%
8 — Community Bank — $6.54 — 3.0%
9 — First State Bank of Fayetteville — $6.07 — 2.8%
10 — The Bank of Fayetteville N.A. — $5.91 — 2.7%
11 — Arvest Bank-Springdale — $5.14 — 2.3%
12 — Arvest Bank-Prairie Grove — $4.98 — 2.3% — 13 — Bank of the Ozarks — $4.90 — 2.2%
14 — Bank of Arkansas N.A. — $4.77 — 2.2%
15 — United Bank — $4.12 — 1.9%
16 — Arkansas National Bank N.A. — $3.95 — 1.8%
17 — Simmons First Bank of NWA — $3.38 — 1.5%
18 — Wells Fargo Bank — $2.84 — 1.3%
19 — Regions Bank — $2.82 — 1.3%
20 — Community First Bank — $2.73 — 1.2%
21 — Bank of Oklahoma N.A. — $2.73 — 1.2%
22 — Pulaski Mortgage Co. — $2.46 — 1.1%
23 — Arvest Bank-Lowell — $2.45 — 1.1%
24 — Chase Manhatten Mortgage Corp. — $2.34 — 1.1%
Total — $219.97

*Total amount includes loan to Amcast Industrial Corp

Source: Waco Title Co.