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.