WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week to their lowest levels of the year. The benchmark 30-year rate dipped below the key 4 percent mark.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans tumbled to 3.95 percent from 4.02 percent last week. The rate stood at 3.64 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages slipped to 3.19 percent from 3.27 percent last week.

U.S. stock prices climbed for the sixth day in a row Thursday, following steep drops last week amid concern over political turmoil in Washington.

Absorbing the earlier market declines, bond prices rose this past week and pushed down yields on long-term Treasury bonds — which mortgage rates tend to follow.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged this week at 0.5 point. The fee on 15-year loans also held steady at 0.5 point.

Rates on adjustable five-year loans dropped to 3.07 percent from 3.13 percent last week. The fee declined to 0.4 point from 0.5 point.

All contents © copyright 2017 Associated Press. All rights reserved.

Moses Tucker Real Estate Inc. and Michelle and Leroy DuBre of Kilwins on Thursday announced that the DuBres have signed a lease for 301A President Clinton Ave. in the historic Melton Building in downtown Little Rock and plan to open The Barn Mercantile there.

The DuBres’ plan is to eventually use the 1,720-SF retail space to design their own custom art pieces and serve customers who want to shop privately, according to a news release. They plan to focus on southern folk art in a modern, rustic setting.

The shop will offer products from local artisans, including custom wooden barn quilts, local t-shirts, an organic cosmetic line, local artisan gifts, local handmade soaps and candles, apparel, nostalgic candies, home decor, children’s toys and dog treats.

John Martin, principal and vice president of commercial brokerage at MTRE, is the exclusive broker for Melton Properties LLC.

Also, according to the release, the building was constructed around 1870 with a hotel on the second floor and retailers on the ground level. A 1900 tornado damaged the west side, and the exterior was remodeled by renowned Arkansas architect Charles Thompson.

A Missouri investor bought a Fayetteville apartment complex for $8 million.

Patrick O’Reilly of Springfield bought the South Creekside Apartments through Fayetteville Multifamily Apartments LLC. O’Reilly is the head of O’Reilly Development Co., which specializes in student and multifamily housing.

The 8.3-acre, 126-unit complex at 900 N. Leverett Ave. is four blocks from the University of Arkansas campus.

ALS Management LLC of North Little Rock sold the property. ALS, led by Arby and Angela Smith, received a 20-year, interest-free loan worth $7.75 million from the Arkansas Development Finance Authority in Little Rock to buy and renovate the apartments in 2009.

O’Reilly assumed the $6.88 million outstanding principal balance on the loan from the ADFC. The Bank of Fayetteville had acquired the property in lieu of foreclosure from Garden Park Apartments LLC, led by Steve Mansfield.

Third Bank a Charm?
A two-time bank branch on West Wedington Drive in Fayetteville has a new owner, and to no surprise it is a bank. Citizens Bank of Batesville paid $2.2 million for a former Simmons Bank branch at 3971 W. Wedington. The 3,442-SF site was a Metropolitan Bank location before Simmons First National Bank of Pine Bluff acquired Metropolitan National Bank of Little Rock for $53.6 million in 2013.

Simmons closed the branch, which had $3.2 million in deposits, on July 1, 2016. It had a $4.7-million branch, based on statistics from June, a couple of miles away on Martin Luther King Jr. Boulevard at the time.

Citizens has been expanding under CEO Phil Baldwin’s, pushing into Rogers, as well as Hot Springs, Arkadelphia and Monticello, through a $21.8 million acquisition of Parkway Bank.

Zweig Buys Apartments
Developer Mark Zweig paid a little more than $1 million for an apartment complex at 944 N. Storer Ave. in Fayetteville.

Mark Zweig Inc. bought the property from AJ Hammock LLC, led by Jeffrey Rich and Amy Lynn Farmer of Fayetteville. The three-story complex has 20 one-bedroom units and 10,500 SF of living space.

Signature Bank of Fayetteville provided a loan of almost $1.3 million.

Contractors Consolidation
Multi-Craft Contractors of Springdale purchased five acres next to its headquarters on Lowell Road for $1.1 million.

One parcel was 3.5 acres and the other was 1.5, and both were owned by Henry Cantrell of Benton, Louisiana. The properties are at the northwest corner of Lowell and West Randall Wobbe Lane, just south of Multi-Craft’s main location.

The two warehouses on the property will add 56,000 SF to Multi-Craft. Multi-Craft bought the property through its BLK LLC, led by Rick Barrows, Multi-Craft’s president and majority owner.

Barrows, in an interview earlier this month, said the company had 35,000 SF rented throughout Springdale and wanted to consolidate its entire workforce at its central location.

BLK agreed to pay Cantrell $900,000 by 2027.

Hunan Manor Restaurant
A Rogers investor paid more than $1.5 million for a retail strip anchored by the Hunan Manor restaurant on North Tahoe Place in Fayetteville.

Zheng Lin LLC, led by Jian Fei Lin, bought the property from EEE-GE LLC of Fayetteville, a five-person ownership group. The 1.1-acre site has 5,420 SF shared by Hunan Manor and BoBo’s Ribbon Ice.

Arvest Bank of Rogers provided a loan of slightly more than $1.2 million.

In the past year, Lin has bought Joyce Plaza in Fayetteville for $3.7 million, the Arbors Apartment complex in Springdale for $2.4 million before selling it for $3.05 million seven months later and the Casa Villa Shopping Center in Springdale for $750,000.

Shoulder Center
A medical office in Fayetteville sold for $1.375 million.

One Sixty One Holdings LLC, led by Monte Sharits of Fayetteville, bought the 7,328-SF building that houses the Shoulder Center, an orthopedic clinic led by surgeon Wesley Cox. Generations Bank of Fayetteville assisted the purchase with a loan of a little more than $1.4 million.

NWA Investors I LLC, led by Leonard Boen of Little Rock, was the seller.

A 67,935-SF mini-storage project in North Little Rock weighed in at $3.3 million.

Modern Storage Maumelle Blvd LLC, led by Keith Richardson, purchased its namesake at 9100 Maumelle Blvd. The seller is JWL I Ltd., led by William Titus.

The deal is financed with a five-year loan of $2.9 million from First Security Bank of Searcy.

The 4.16-acre development previously helped secure a December 2012 mortgage of $5.6 million mortgage held by Southern Bancorp Bank of Arkadelphia.

JWL bought the property for $2.15 million in July 1998 from the Lusk Family LLC, led by Jo O’Bryant Lusk.

Warehouse Sale I
A 59,404-SF cold storage warehouse in east Little Rock tipped the scales at $1.75 million.

Sage V Foods LLC of Los Angeles acquired the facility at 6100 Lindsay Road from Ben E. Keith Co. of Fort Worth, Texas.

The 5.7-acre development was purchased for $1.3 million in November 1987 from the estate of Theo A. Dillaha Sr.

Warehouse Sale II
A 56,880-SF warehouse in downtown Little Rock changed hands in a $1.38 million sale.

Pierce Smith LLC, led by Tyler Pierce and Blake Smith, bought the Golf Cart Wholesalers project at 1515 E. Fourth St. The seller is 1515 Holdings Inc., led by Nick Pierce and Paul Cantrell.

The deal is backed with a five-year loan of $2.1 million from Eagle Bank & Trust of Little Rock.

The 1.7-acre development previously was tied to an October 2016 mortgage of $1.4 million held by Little Rock’s Bank of the Ozarks.

The property was acquired for $525,000 in December 2009 from Harbor Distributing Co., led by Nick Pierce.

Chick-fil-A Site
A 1.49-acre commercial location in Maumelle rang up a $1.1 million transaction.

Chick-fil-A Inc. of Atlanta purchased the land near the northeast corner of Maumelle Boulevard and Odom Boulevard South.

The sellers are R&L Properties, led by Tommy Lasiter, $606,000; BAT REP LLC, led by Bruce Thalheimer, $202,000; and WMBS LLC, led by Warren Stephenson, $202,000.

The property helped secure a June 2013 mortgage of $2 million held by BancorpSouth Bank of Tupelo, Mississippi.

The site was bought in June 2004 as part of a $3.4 million deal with Capitol Development of Arkansas Inc., led by Michael Todd.

Industrial Purchase
A 35,600-SF industrial facility in east Little Rock sold for $950,000.

STT Inc., led by Shirley Heatherly, acquired the HD Supply project at 8915 Fourche Dam Pike.

The seller is AWP Investments LLC of Owasso, Oklahoma.

The deal is funded with a two-year loan of $760,000 from Merchants & Planters Bank of Newport.

The 7.23-acre development was purchased for $875,000 in March 2003 from Cepco Inc., led by Keith Riggs.

Zaxby’s Location
A Zaxby’s project is in motion in west Little Rock after a $597,879 land deal.

Quapaw Properties III LLC of Milledgeville, Georgia, bought the 1.12-acre site at the southwest corner of Kanis and Kauffman roads from Akshar 8 LLC, led by Dr. Shailesh Vora.

The deal is financed with an 11-year loan of $1.9 million from Planters First Bank of Cordele, Georgia.

The property previously was linked with a February 2016 mortgage of $375,000 held by Arvest Bank of Fayetteville.

Akshar 8 acquired the land for $500,000 15 months ago from Glenda C. Pehrson Family Ltd. and GCP Holdings LLC, led by Susan Pehrson.

Vet Redevelopment
A 6,850-SF retail building in Jacksonville drew a $435,000 transaction.

Elson Properties LLC, led by Jodie Freifeld, purchased the former Advanced Auto Parts store at 1304 N. First St. from Harold Gwatney Chevrolet Co.

The redevelopment into a veterinary facility is backed with a $1.4 million loan from Live Oak Banking Co. of Wilmington, North Carolina.

The auto dealership bought the 0.77-acre development for $350,000 in June 2015.

The seller was the Shefflette Family Trust, led by Patrick and Lois Shefflette.

Church Ground
A Little Rock congregation staked its $420,000 claim on a 5.48-acre tract in west Little Rock.

First Christian Church acquired the land near the northeast corner of Taylor Loop and Hinson roads from the Julia M. Pierce Living Trust.

The property was purchased in three transactions totaling $1,213.

The sellers included William Karzinaucki, $63 in August 1941; and Pearl Martin, $150 in August 1942. Rounding out the sellers are Chester and Etta King, $1,000 in January 1963.

Arbors Abode
A 4,115-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development rang up a $620,000 sale.

Edwin and Kathy Watson bought the house from Regions Bank of Birmingham, Alabama.

The bank recovered the house from Gary Hendershott in December at a $618,750 foreclosure sale.

Mirabel Dwelling I
A 3,983-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development changed hands in a $598,000 transaction.

Matthew and Morgan Wilkins purchased the house from HA Custom Homes LLC, led by Subrabmanyam Narravula.

The deal is funded with a 30-year loan of $476,000 from First State Bank of Russellville.

The residence previously was tied to a September 2016 mortgage of $445,600 held by One Bank & Trust of Little Rock.

The site was bought for $84,000 in June 2016 from Clinton Properties LLC, led by Bruce Clinton.

Riverview Manor
A 3,644-SF home in the Riverview Manor neighborhood rang up a $580,000 deal.

Julia Watkins acquired the house from the Schwartz Family Living Trust, led by Michael and Stacey Schwartz.

The deal is financed with a one-year loan of $580,000 from BancorpSouth Bank.

The residence previously was linked with a November 2015 mortgage of $400,400 held by Bank of America in Charlotte, North Carolina.

The Schwartz family purchased the property for $515,000 in December 2013 from David and Angela Williams.

Mirabel Dwelling II
A 3,784-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development sold for $535,000.

Anthony and Mary Hilliard bought the house from Sharlow Builders & Developers LLC, led by Reggie Clow.

The deal is backed with a 15-year loan of $350,000 from Simmons Bank of Pine Bluff.

The residence previously was tied to a December 2016 mortgage of $421,200 held by One Bank & Trust.

The location was acquired for $85,000 in December 2015 from Deltic Timber Corp. of El Dorado.

PV Residence
A 3,904-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $530,000 sale.

Brock Whisenhunt Jr. purchased the house from the Lorraine Funk Hannah Revocable Trust. The deal is funded with a 15-year loan of $424,000 from Bank of Little Rock Mortgage Corp.

The Hannah family bought the site for $11,000 in May 1971 from Pleasant Valley Inc.

Multimillion-Dollar Construction

Madison at Chenal    $20,300,000
15401 Chenal Parkway, Little Rock
Huffman Contractors Inc., Little Rock
 
Tru By Hilton    $4,500,000
11320 Bass Pro Parkway, Little Rock
Integrity Construction of Arkansas Inc., Little Rock

Arkansas mortgage brokers and other financial professionals in the state have to comply with new licensing and bonding rules. The changes were introduced by a new piece of legislation — House Bill 1801, now Act 669 of 2017 — which took effect March 27.

The bill amends the Fair Mortgage Lending Act. Anyone affected by the actions of a licensed Arkansas mortgage broker will now be able to file a claim against the broker bond up to five years after the broker has ceased operations in the state. This provides extended protection for mortgage buyers who have suffered misuse or fraud by a mortgage professional. Mortgage professionals will also have to meet a different set of licensing requirements.

Some criteria that were needed previously are removed, while new ones have been added. With the new legislation, Arkansas mortgage brokers will now be accountable for mortgage broker bond claims for a period of at least five years after the end of their activities in the state.

The surety bond is one of the main licensing requirements for mortgage brokers across the country. The licensing and bonding in Arkansas are regulated by the Arkansas Securities Department. It requires brokers to post a mortgage broker bond based on their loan activity, with a minimum amount of $100,000. The amendments in the bill allow the commissioner to set the bond amount as deemed necessary. However, the actual submission of the bond still needs to be made via the National Mortgage Licensing System. The bond form is available online.

The bond functions like an extra layer of protection for Arkansas loan buyers. If a mortgage broker fails to abide by applicable laws and engages in misuse and fraud that negatively affect a customer, a claim can be made on the bond. The new legislation clearly states that “any person who has a cause of action” can file a suit on the bond.

If a bond claim is proven, the affected parties can get a reimbursement up to the penal sum of the bond. The surety that has bonded the broker covers the expenses at first, which guarantees that the claimants will receive the compensation. The mortgage broker is then liable to repay the surety in full for all incurred costs.

Besides introducing stricter rules for mortgage broker bond claims, Act 669 makes a number of changes in the licensing for mortgage brokers and other financial professionals in Arkansas.

Previously, the licensing process entailed that the business history, qualifications and financial situation of the applicant and any officers, partners, directors and managing principals must be examined. With the new law, only the applicant and any managing principals must provide their personal and financial information.

A new requirement was added to the licensing as well. Now mortgage professionals need to undergo fingerprinting. It can be used by the FBI and any other relevant authority. The rest of the licensing criteria and fees remain the same.

Additionally, there are some changes that affect mortgage servicers only. When a servicer takes on the servicing rights on a loan, he must disclose to his clients proof of his licensing. He must also provide borrowers with any notice required under the Real Estate Settlement Procedures Act of 1974.

Vic Lance is the founder and president of Lance Surety Bond Associates of Doylestown, Pennsylvania. Email him at Marketing@SuretyBonds.org.

Sally Mengel, co-owner of Loblolly Creamery of Little Rock, is moving/has moved her Ice Cream Bar from The Green Corner Store right next door — same building, different suite.

She’s planning a grand opening of the Loblolly Ice Cream Shop at 1423 S. Main, Suite C, in July, but as of Wednesday was working on a “soft opening” in the new quarters on Sunday with a real opening — yes, three openings — June 3.

The Ice Cream Shop will feature expanded ice cream flavors — 32, Mengel says — handcrafted sodas and coffee drinks. She also plans longer hours than she had in the Corner Store, from 11 a.m. to around 8 p.m., and will have a room in the back for private events.

Business is going well, she said. Loblolly Creamery saw the volume of its ice cream sales rise 25 percent in 2016 over 2015.

Whispers has a few more details on the Chick-fil-A coming to Maumelle.

Owner Carter Tucker is giving up his Chick-fil-A in McCain Mall in North Little Rock to devote all his energies to the new restaurant at 113 Commons Drive. He’s hoping to open in late summer or early fall.

The Maumelle Chick-fil-A will be 4,907 SF and employ about 80 part-time and full-time workers.

Chick-fil-A, which calls itself the “Home of the Original Chicken Sandwich” and is based in Atlanta, took out a $850,000 building permit for the space.

More pieces have surfaced in the financial workout of the Main Street Lofts project in downtown Little Rock.

AMR Construction LLC now holds an $824,784 first mortgage claim on the 62,688-SF M.M. Cohn Building at 510 Main St. The change positions the property for a possible sale that would repay the Little Rock contracting firm.

AMR took the mortgage in exchange for releasing its lien claims for unpaid work that blossomed into an $896,756 judgment. The judgment was against the Main Street Lofts ownership group, originally led by Scott Reed of Portland, Oregon.

New low-profile investors are in town cleaning up the problems left by Reed with the intention of restarting construction and completing the project this year.

After earlier paying delinquent property taxes on the M.M. Cohn Building, the Deep Creek LR group also repaid delinquent 2013-15 property taxes on the project’s other two buildings.

Those tax bills totaled $20,979 on the 41,816-SF Arkansas Building at 524 Main St. and $16,219 on the 21,000-SF Arkansas Annex 514 Main St.

Apartments in Cabot, retail space in west Little Rock, farmland near Carlisle, residential lots near Conway, a residential swap in Pulaski County and undeveloped acreage in Saline County provide a six-pack of multimillion-dollar transactions.

• Steeplechase AR LLC of Memphis bought its namesake 128-unit complex at 2965 S. Second St. in Cabot for $6.1 million.

Seller? Emerald Properties I Ltd., led by John Stanley Jr. and Chris Tritt.

• Westchase Investors LLC, led by John Flake, sold its namesake 55,766-SF retail center and Slim Chickens restaurant at 301 N. Shackleford Road in west Little Rock for nearly $4.3 million.

Minority sellers included the Kelley Family Annual Gift Trust, led by Hank Kelley; and Central Properties Inc., led by Flake.

Who was the buyer in this shift of ownership? Markham & Shackleford LLC, led by Leonard Hasson and Kelley.

• Leopold and Johanna Bachmann sold about 760 acres of farmland on the south side of Interstate 40 on the western outskirts of Carlisle for $2.8 million. Buyer: Randall J. Snider Farm LLLP.

• Rausch Coleman Conway LLC of Sherwood purchased 72 lots in the Woodlands Edge neighborhood on the eastern outskirts of Conway for $2.1 million. Seller: Watson & Watson Construction Inc. of Conway.

• The Oscar & Doris Washington Family Trust traded an 8,832-SF home in the Orle neighborhood of west Little Rock for eight residential lots in Pulaski County.

ODS Enterprises LLC received seven lots in Waterview Estates and one in Valley Falls Estates from Rick and Deanna Ferguson and three limited liability companies associated with his real estate developments.

The swap was valued at $1.4 million.

• Glenn Crossing LLC, led by Amanda Raible, sold 184 acres in Saline County west of Congo Ferndale Road and north of Rushing Road for $1.1 million. Buyer? Congo Real Estate Holdings LLC, led by Robert Mullenax.

WASHINGTON — Americans retreated from signing contracts to buy homes in April for the second straight month, a possible sign that a declining number of homes on the market are stifling sales during the traditional spring buying season.

The National Association of Realtors said Wednesday that its pending home sales index fell 1.3 percent in April to 109.8, after slipping 0.9 percent in March to 111.3. The index has fallen 3.3 percent over the past 12 months.

Potential buyers are crowding open houses in many neighborhoods because there are fewer sales listings. Rising home values have not led more people to list their properties for sale, contrary to the expectations of many economists that great demand would lead to increased supplies. The number of properties for sale has plunged 9 percent over the past year to 1.93 million, according to the Realtors in a separate report last week.

Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed.

Signed contracts in April fell in the Midwest and South, stayed unchanged in the West and increased in the Northeast.

(All contents © copyright 2017 Associated Press. All rights reserved.)

Jonesboro's Advertising & Promotion Commission has backed out of committing $300,000 in tax revenue to the $30 million Hyatt Place Hotel & Convention Center project, saying developer Chris Keller did not provide information requested by the commission.

Keller, who is part of the Keller Family Hyatt Group of Effingham, Illinois, and CEO of Northern Arkansas Hotel & Convention Center LLC, did not immediately respond to an email for comment. Citing "serious red flags," the commission had threatened to pull its support at an April 5 meeting.

Located on a 42-acre parcel of land known as the Centre Park Complex on Brown's Access Lane near I-555, the $30 million Hyatt Place would have 147 rooms and a 40,000-SF convention center that could support 1,500 people. The project broke ground nine months ago but stalled amid liens from contractors.

The Hyatt is one of two hotel/convention centers planned for the city of 70,000. Tim O'Reilly, CEO of O'Reilly Hospitality Management of Springfield, Missouri, has a franchise agreement with Hilton Worldwide Holdings Inc. to build a 202-room Embassy Suites Hotel and a 40,000-SF convention center on the Arkansas State University campus in Jonesboro.

O'Reilly had also applied for A&P funding. But the commission, saying it could only support one of the two projects, voted in March 2016 to fund the Kellers' Hyatt. It rejected a second O'Reilly request in May 2016.

On Thursday, A&P Commission Chairman Jerry Morgan told Arkansas Business that O'Reilly had asked when he could submit a new request for funding.

"We just left it open that we'll communicate with him when he's ready to present a proposal, and we'll be glad to look at it," Morgan said.

In a May 19 letter to the commission, Keller wrote that his Hyatt project had reached an agreement with the contractors and subcontractors that claim they are owed $1.5 million. He wrote that the project was working to have the liens against it released. 

Keller's letter also stated, "Please find attached a letter from Carl Kaeding" of Kaeding Management Group LLC of Minneapolis, Minnesota, an investor in the project. But Morgan said the letter from Kaeding was not attached and the commission hasn't received a copy of it.

The commission had also asked that the lienholders be paid by the time Morgan sent his letter. Arkansas Business contacted attorneys for the contractors to see whether they've been paid and will update this story.

Returning Money

Keller wrote in the May 19 letter that the project had returned just over $71,000 of the $75,000 the commission gave it earlier this year. Morgan said the commission would not request that the rest of the money — about $4,000 — be returned because it has proof that the money was spent to advertise the project.

The May 19 letter also said the project would not request any more money from the commission until the Hyatt hotel and convention center are complete.

"Once they get the project completed, they are more than welcome to come back and apply for additional funding in the future, if they want to do that," Morgan said. "Our hopes are that it moves forward, and we're hopeful the vendors get paid and they're able to start building soon. That's what they've conveyed to us and we're hopeful that does happen, and we'd be glad to look at additional requests in the future."

The architect’s final plans are expected to be ready to submit in 60 days, and the project is expected to be "coming out of the ground" within 120 days, Keller wrote in the May 19 letter.

Morgan said the money it had committed to the Hyatt project would now be spent on local projects for which the commission had cut funding. Those local projects include the Downtown Jonesboro Association, which will now receive another $20,000; the Downtown Jonesboro BBQ Fest; the NEA Baptist Charitable Foundation's Duck Classic; Hispanic Community Services Inc.; and a Jonesboro bowling tournament. 

This week’s Arkansas Business is dedicated to our 24th class of 40 Under 40 honorees, young leaders of business, government and nonprofits selected by an internal committee from a field of about 400 nominations submitted by readers.

First, I need to point out that there are actually 41 in this year’s class because the honorees include the duo of Terrance Clark and Will Staley, founders of Thrive Inc. in Helena-West Helena. We’ve recognized married couples and twin brothers in past years, but this is the first time we’ve recognized co-founders of a nonprofit this way.

This is the 18th year I’ve edited this feature, and some members of the first group I worked on in 2000 are still making news — Shane Broadway, John N. Roberts III and Darrin Williams among them. The committee that makes the selections considers both previous accomplishments and future potential, but predicting the course of anyone’s career — or life, for that matter — is a fool’s game. Any one of these 41 names may be a breakout star in our state’s business community — but that’s true of one of the hundreds of nominees who weren’t selected.

That’s why I would never claim that these are the best or the most promising young leaders in our state. But our committee did find them very impressive, and we think that readers of Arkansas Business will benefit from being introduced to them.

More: Read profiles of each member of the 2017 40 Under 40 class here.

As usual, this year’s honorees tend to be from the state’s population centers in central and northwest Arkansas. That’s where most of our readers are clustered, so that’s where most of the nominees were. But in addition to Helena, our tour of young leaders also passed through Marion, Jonesboro, Heber Springs, Searcy, Batesville, El Dorado and Fort Smith. Wherever there is talent, we want to call it to the attention of the Arkansas Business audience.

We also look for leadership in a variety of industries. Last year it seemed like government had a lot of representation; this year the list is heavy on banking and law, but health care, restaurants, construction, marketing and others are also represented.

At a time when the topic of immigration is almost too hot to mention, our committee discovered that some of the nominees who impressed us most were immigrants or the children of immigrants, and Arkansas is better for them.

The number of nominations gives us confidence that we have a quality class of honorees, just like a bigger school has a better football team. But there is a common drawback: The starters tend to be upperclassmen. Sixteen of the 41 were either 38 or 39 when they were chosen — one actually turned 40 after being selected — and this year we have no 20-somethings.

This problem is the very reason Arkansas Business introduced a 20 in Their 20s feature eight years ago. We’ll be featuring those New Influentials in the Sept. 25 issue, so don’t forget to submit your nominations by June 30 at ArkansasBusiness.com/20. (Don’t worry: Nominees for 40 Under 40 who are still in their 20s will also be considered.)

A luncheon recognizing this year’s honorees will be held at the Embassy Suites in west Little Rock on Wednesday, June 14. The luncheon is open to those of us who never made the cut. For more details, go to ArkansasBusiness.com/40Lunch.

Gwen Moritz
Editor

A 72-unit townhome project in Maumelle tipped the scales at $4.4 million.

AHBI Windsor Park LLC, led by James Kincannon, purchased its namesake property at 2 Windsor Drive. The seller is Windsor Park Maumelle LLC, led by Hal Crafton.

The deal is financed with a 10-year loan of $3.3 million from CBRE Capital Markets Inc. of Houston, Texas.

The 7.4-acre development previously was tied to an April 2007 mortgage of $3 million originated by Regions Bank of Birmingham, Alabama.

The location was acquired for $300,000 in January 1999 from Capitol Development of Arkansas Inc., led by Michael Todd.

Apartment Land
The site of a future apartment project near the Arkansas River in North Little Rock weighed in at $1.75 million.

Arkopolis Properties LLC, led by Blake Jackson, bought 39.5 acres along River Road east of Paul Duke Drive. The seller is Pine Bluff Sand & Gravel Co., led by Brian McGeorge.

The deal is funded with a one-year loan of $1.7 million from First Security Bank of Searcy.

The property was purchased for $170,000 in January 1974 from the Ben M. Hogan Co.

Automotive Transaction
A used car dealership in Sherwood changed hands in a $1.47 million transaction.

I-40 RV Exchange Holdings LLC, led by Jim Pender, acquired the Evans Motors project at 6701 Warden Road.

The seller is Evans Properties, led by Paul, Darrell and Ralph Evans. The deal is backed with a five-year loan of $1.1 million from Arvest Bank of Fayetteville.

The 4.88-acre development previously was linked with a February 2006 mortgage of $397,500 and an October 2004 mortgage of $660,000 held by Simmons Bank of Pine Bluff.

The property was assembled in three deals with Southern Glass & Mirror Co., led by Charles King, $292,000 in May 2001; PR Properties LLC, led by Paul Minton, $150,000 in January 2002; and Kiehl Holiday Properties Inc., led by Byron McKimmey, $398,000 in March 2006.

Warehouse Sale
A 21,630-SF warehouse in North Little Rock sold for $800,000.

CLD Holdings LLC, led by Kevin Copeland, Larry Young and David Taylor, purchased the Discount Auto Glass project at 4119 Richards Road. The seller is Yes Dear LLC, led by Dale Dues and John Smotrilla.

The deal is financed with a five-year loan of $808,128 from Arvest Bank. The 1.59-acre development previously was tied to a January 2005 mortgage of $960,000 held by North Little Rock’s National Bank of Arkansas.

Yes Dear acquired the property for $960,000 more than 12 years ago from Jacksonville Double R LLC, led by Bradley Blakeway and James W. Rodgers.

Commercial Combo
A 10,302-SF convenience store-retail combo in southwest Little Rock is under new ownership after a $750,000 transaction.

Mustafa Al Maqaleh bought the 13420 Otter Creek Parkway project from E-Z Mart Stores Inc. of Texarkana, Texas.

E-Z Mart Stores purchased the 1.15-acre development for $713,000 in April 2013 from Greatstone Equities Inc. of Dallas.

Multifamily Buy
A 24-unit apartment project in Little Rock rang up a $718,000 sale.

Cozywood Apartments LLC of Toquerville, Utah, acquired the 2301 Scott St. project from Scott Street Apartments LLC, led by Jason Bolden.

The deal is funded with a $592,000 loan from Central Bank of Little Rock.

The 0.99-acre development previously was linked with a December 2012 mortgage of $480,000 held by the bank.

The property was bought for $425,000 more than five years ago from Scott Street Townhouses LLC, led by Ralph Cotham and Mark Reynolds.

Chenal Manor
A 9,326-SF home in west Little Rock’s Chenal Downs neighborhood tipped the scales at $1.75 million.

Rowan Development LLC, led by Jasen Chi, purchased the house from Steve Landers Jr. and his wife, Karmen.

The deal is backed with an 18-month loan of $1.8 million from Southern Bancorp Bank of Arkadelphia.

The residence previously was tied to a December 2011 mortgage of $1.5 million held by Simmons Bank.

The location was acquired for $183,000 in June 2005 from Rick Ferguson Inc.

Greathouse Home
A 3,244-SF home in the Greathouse Bend Estates neighborhood in Pulaski County drew an $835,000 transaction.

Andrew Rogers acquired the house from David and Brandy Hubener. The deal is financed with a 30-year loan of $424,100 from One Bank & Trust of Little Rock.

The residence previously was linked with an October 2006 mortgage of $103,000 held by One Bank and a June 2015 mortgage of $377,035 held by Carroll Mortgage Group Inc. of Little Rock.

The Hubeners purchased the location for $160,000 in June 2005 from Kenneth and Patricia Hastings.

Club House I
A 3,500-SF home near the Country Club of Little Rock changed hands in an $825,000 deal.

Jennifer Dalton bought the house from Davis Fitzhugh. The deal is funded with a one-year loan of $829,528 from First Security Bank.

The property was acquired for $88,000 in September 1988 from Vann Smith.

Prospect Abode
A 3,356-SF home in Little Rock’s Prospect Terrace neighborhood sold for $685,000.

John and Kristin Clark purchased the house from Andrew Rogers. The deal is backed with a 30-year loan of $511,000 from Ark-La-Tex Financial Services LLC of Plano, Texas.

The residence previously was tied to a July 2012 mortgage of $407,000 held by United Wholesale Mortgage of Birmingham, Michigan.

The property was bought for $610,000 in March 2007 from The Furrer Living Trust, led by Rachel Furrer.

PV Residence
A 3,904-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after a $530,000 transaction.

Brock Whisenhunt Jr. acquired the house from the Lorraine Funk Hannah Revocable Trust. The deal is financed with a 15-year loan of $424,000 from Bank of Little Rock Mortgage Corp.

The Hannah family purchased the site for $11,000 in May 1971 from Pleasant Valley Inc.

Club House II
A 2,169-SF home near the Country Club of Little Rock rang up a $500,000 sale. Nathan and Lauren Steel bought the house from John and Kristin Clark.

The deal is funded with a 30-year loan of $400,000 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with a July 2011 mortgage of $324,400 held by Moore Mortgage Inc. of Little Rock.

The Clarks acquired the property for $406,000 nearly six years ago from Eric and Misty Fox.

Multimillion-Dollar Construction

eStem School $19,800,030
400 Shall Ave., Little Rock
Eco Construction Inc., Little Rock

50 Apartments $3,200,000
Ascent at Aldersgate
1310 Aldersgate Road, Little Rock
Consolidated Construction Inc., Little Rock

Creek Plaza $2,030,000
11312 Bass Pro Parkway, Little Rock
VCC LLC, Little Rock

The expected sale of the Hall and Davidson buildings at 201-215 W. Capitol Ave. in downtown Little Rock recently closed.

Price tag: $2.3 million.

The property, which encompasses the five-story, 41,672-SF Hall Building and three-story 19,725-SF Davidson Building, was bought in the name of 201 W. Capitol LLC.

Some of the folks behind this local investment group include members of Rock Capital Group and Rock Capital Real Estate: Dan Roda, Danny Brickey, Jordan Haas and Blake Smith.

Other equity partners are Reimagine Hospitality Corp., led by Kunal Mody, and the Sam Alley family of Little Rock.

Reimagine developed and owns the 105-room Sheraton Four Points Hotel in Bentonville. The Alleys helped redevelop and are investors in the 192-room, 15-suite Chancellor Hotel in Fayetteville.

You might recall that the Hall-Davidson property is earmarked for redevelopment as a boutique hotel.

The Shulte Hospitality Group of Louisville, Kentucky, which manages the Chancellor, will manage the new hotel.

Hall-Davidson was acquired from Capitol Lofts LLC, led by Scott Reed.

Known for starting but not finishing projects in Little Rock, Reed envisioned redeveloping the property into 56 apartments in the upper floors, with maybe a brewery and restaurants on the ground floor.

As part of the acquisition, the new ownership group assumed $286,532 of debt owed to the Pulaski County Brownfields Revolving Loan Fund.

Redevelopment work is targeted to begin in October.

Zips Car Wash of Little Rock is buying 10 more car washes in Florida next month.

Zips founder and CEO Brett Overman said the acquisition is really three separate deals that are scheduled to close in July. He said the acquisitions will push Zips’ car wash count to more than 80.

Overman said the company isn’t done expanding, either. He said Zips is under contract to purchase another 27 car washes in a deal that is expected to close in August or September; he didn’t share details on where those 27 car washes are located.

Zips is one of the largest tunnel car wash companies in the United States, and Overman said he expects Zips to soon be the unquestioned second largest. A tunnel car wash, for the uninformed, is a facility in which the vehicle is taken through the wash on a conveyor-type belt.

Tunnel car washes are a capital-intensive business because the equipment and construction can cost about $3 million or so. Overman said Zips is constantly looking for existing tunnel car washes to buy or promising locations for new ones.

“It’s really a fragmented industry,” Overman said. “I’ve been in it for a long time, but we’ve turned it up the last 36 months,” referring to his company’s expansion push.

Overman said buying an existing car wash is preferable because there is less uncertainty about the location’s viability and none of the headaches that come with new construction.

“We’re trying to get real strong in markets we’re in,” Overman said.

Overman didn’t share financial information about the purchases nor which car washes are involved since the deals have not been finalized. He did say the car washes are located on both coasts of Florida.

Zips operates car washes in nine states, including Arkansas, where the company was founded by Overman in 1994. Overman, who lives in south Florida, and Zips have been on a buying spree in the past year; it bought a car wash in Tennessee in May, four locations in San Antonio in April and 44 locations in 2016.

The 2016 total was enhanced greatly by Zips buying 31 Boomerang car washes. Zips was founded in Jonesboro but has relocated its headquarters to Little Rock after buying Boomerang, which was based in Little Rock.

A 38-room motel, a 6,470-SF house and an 80,685-SF industrial facility form a trio of recent multimillion-dollar transactions.

BRIJ Hospitality LLC, led by Brijen Patel, bought the Best Western at 8219 Interstate 30 in Little Rock for $1.8 million.

Seller: Windsor Hospitality LLC, led by Bhavin, Jiger and Jagdish Patel.

Ernie and Karen Cline sold their home in the Greathouse Bend Estates neighborhood along the south bank of the Arkansas River in Pulaski County for nearly $1.4 million.

Buyer: Zachary and Charrell Roe.

6200 Sears LLC, led by Andrew Holbert, purchased its namesake Little Rock address, home to Acadian Building Products, for $1.1 million.

Seller? Dyke Industries Inc., led by Merritt Dyke.

Sears Holdings Corp. is closing the last Kmart in Little Rock in early September, spokesman Howard Riefs confirmed. 

He called the decision difficult but necessary, and said the store at 10901 N. Rodney Parham Road would begin its liquidation sale on June 15.

"We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced," Riefs wrote in an email to Arkansas Business. 

"We often hear from our members who are disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors," he added. "As a result, we hope to retain a portion of the sales previously associated with this store by maintaining our relationships with the members who shopped this location."

Riefs also said how many associates the store employs is "not publicly available" but most are part-time or hourly workers. He said those who are eligible will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores. 

Business Insider reported that Sears Holdings is closing 72 stores, including the one in Little Rock, but no other Arkansas Sears or Kmart stores were on that list. 

Once the Little Rock Kmart closes, there will be two Kmarts in Arkansas, in Russellville and Cabot.

This closing also follows that of the Sears on University Avenue near Park Plaza Mall. That store closed in July, part of a round of 150 store closings nationwide by its parent company that also owns Kmart. 

At one time, there were two Kmarts in Little Rock, but the other store at 6221 Asher Ave. closed in 2003 after the company filed for bankruptcy. The site is now owned by Mosaic Church of Central Arkansas. 

Arkansas Business will update this story.

WASHINGTON — Long-term U.S. mortgage rates fell this week, as the benchmark 30-year rate declined for the fourth straight week to its lowest level in nearly seven months.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans dropped to 3.89 percent from 3.94 percent last week. The rate stood at 3.60 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages eased to 3.16 percent from 3.19 percent.

Mortgage rates often track the yield on the 10-year Treasury note. Prices for the key bond rose last week, pushing down its yield. The yield was at 2.18 percent Wednesday, down from 2.21 percent a week earlier. It rose back to 2.21 percent Thursday morning.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged this week at 0.5 point. The fee on 15-year loans also head steady at 0.5 point.

Rates on adjustable five-year loans remained at 3.11 percent. The fee rose to 0.5 point from 0.4 point.

(All contents © copyright 2017 Associated Press. All rights reserved.)

LITTLE ROCK — The Arkansas Supreme Court has upheld the capital murder and kidnapping convictions of a man sentenced to life in prison for the 2014 killing of a real estate agent.

The court on Thursday affirmed the conviction of Aaron Michael Lewis, who was convicted of luring Beverly Carter to fake home showing, then kidnapping and killing her.

Prosecutors said Lewis targeted Carter in a failed ransom plot, believing she was a "rich broker."

In his appeal, Lewis challenged some of the evidence admitted at trial, including a cellphone that had been used to contact Carter and some statements Lewis made to police. The court said police and prosecutors didn't abuse their subpoena power.

Various court records list Lewis' first name as either "Aaron" or "Arron."

(All contents © copyright 2017 Associated Press. All rights reserved.)

A store, rental property and a day care center in Conway plus woodland in Saline County and home sites in Alexander add up to five multimillion-dollar transactions.

• PB General Holdings (Conway) LLC, led by Leonard Boen, sold a Dollar General at 2550 Donaghey Ave. in Conway for $2.3 million.

Buyers? The Frank Alex Vedres 20076 Living Trust and Vedres Family Investment Partnership of Marina Del Ray, California.

• Travis and Brittany Wood bought 480 acres about 6 miles northwest of Benton along Highway 298 around the Bland community in Saline County for more than $1.6 million.

Seller: Red Mountain Timberco III LLC of Birmingham, Alabama.

• DRT Properties LLC, led by Todd Denton, sold 12 duplexes along the 300 block of Mildred Street in Conway for nearly $1.3 million.

Buyer: Sherwood Family Holdings LLC, led by Chad Sherwood.

• Child Development Schools Inc. of Columbus, Georgia, acquired the Children's Center at 2611 Prince St. in Conway for $1.2 million.

Seller? BSI Properties, led by Lundy Colvert.

• Meadows Edge Co. LLC, led by Walter Woodward III, sold 36 residential lots in its namesake Alexander subdivision for more than $1 million.

Buyer? RCEM LLC, an affiliate of Rausch Coleman Homes of Fort Smith.