A new lender and a new contractor are accompanying a restart of the dormant K Lofts project in downtown Little Rock.
A subsidiary of Ardent Financial of Atlanta provided a one-year funding agreement of $2 million to get the 32-unit apartment redevelopment moving again.
According to loan documents, $1.8 million was used to refinance the original construction loan and pay outstanding bills for work to bring new life to the 115-year-old building at 315 Main St.
Most of that money went to repay Fort Smith’s Creek Capital Partners LLC, which in December purchased the original $1.3 million first mortgage from IberiaBank.
Another chunk went to Little Rock’s AMR Construction LLC, the original contractor on the project.
After pulling off the job on April Fools’ Day 2015, AMR filed a lien claim of $196,440 divided between two contracts.
More than $143,700 was owed on the original $2.1 million contract to redevelop the upper floors of the once-dilapidated five-story building.
More than $52,600 was owed on an $825,300 contract to re-pair a partial collapse of the east wall in 2013.
The remaining $200,000 from the Ardent loan is devoted to pay for work needed to complete the project.
Who is finishing the job?
That would be MWF Construction LLC, led by Matt Foster.
We understand that installation of appliances and flooring are the biggest items remaining. These tasks and the necessary final inspections could be completed before Memorial Day.