Apartment funding

Arkansas Business, March 24, 2008 by George Waldon

The owner of a 242-unit apartment project in southwest Little Rock landed a $7.92 million funding agreement.

St. J Apartments Ltd., led by David Henry, obtained the 36-year bond issue through the Pulaski County Public Facilities Board.

The 13-acre St. John's development at 5001 W. 65th St. previously was tied to April 2007 mortgages of $1.7 million held by First Security Bank of Searcy and a $400,000 mortgage held by Little Rock's Rector Phillips Morse Inc.

The project was acquired for $2.05 million 11 months ago from Westgate Apartments Inc., led by Claude Carpenter, Maurice Lewis, Gerald Fisher, Nick Bacon, Ralph Sims, Rex Roark and Austin Hanner.