Rumblings of a new funding agreement for the long dormant K Lofts development in downtown Little Rock have reached our ears.
A new loan from an Alabama lender was supposed to close last week, by March 10 at the latest. Of course, this same loan was supposed to close the week before that.
The current financier is mindful that timelines involving Scott Reed-related projects are often abstract rather than definitive.
Creek Capital Partners LLC, led by Fort Smith’s Steve Creekmore Jr. family, set a March 13 deadline to get the deal done or it would restart the foreclosure process.
You might recall that, in January, Creek Capital stepped to the front of the line of creditors by purchasing the project’s construction loan from IberiaBank of Lafayette, Louisiana.
During the summer, IberiaBank sued to recover more than $1.4 million owed on an original June 2013 loan of $1.3 million to Reed’s K Lofts LLC. That debt is backed with the personal guarantees of Reed, of Portland, Oregon, and Brian Corbell, of Los Angeles.
Nearly completed work on 32 apartments on the upper floors of the once-dilapidated five-story building at 315 Main St. awaits.