Kramer School going on auction block Monday: Update II | Arkansas Blog

Wednesday, June 24, 2015

Kramer School going on auction block Monday: Update II

Posted By on Wed, Jun 24, 2015 at 1:16 PM

KRAMER LOFTS: To be auctioned at the courthouse Monday.
  • KRAMER LOFTS: To be auctioned at the courthouse Monday.

The Arkansas Development Finance Authority has foreclosed on its mortgage loan to the Kramer School Artlofts Ltd. Partnership, owner of the Kramer Lofts at 715 Sherman St., and the lofts will auctioned at 3 p.m. Monday at the Pulaski County Courthouse. The sale will be for cash only.

ADFA loaned $452,164 to the Downtown Little Rock CDC's Redevelopment Corp. when the Kramer Lofts, developed by the Vanadis Group, faced foreclosure in 2011. The Vanadis Group was unable to meet its obligations of the same amount owed ADFA and $200,000 to Regions Bank. The loan was to be repaid at 1 percent interest. 

I have a call in to ADFA to determine what is the debt on the mortgage is.

Vanadis intended the development to serve as low-income artist housing, but federal regulations did not allow leasing restricted to artists alone. Some residents — including artist Erin Lorenzen, who posted today about the foreclosure on Facebook — would like whoever buys the lofts to restore the arts emphasis. 

UPDATE: ADFA will not reveal what is owed on the mortgage because the agency is in litigation, I'm told, and I can't seem to squeeze out any information from the agency about where the litigation is filed. 

UPDATE II: ADFA counsel Layne Anderson said the entire $452,164 is still owed the agency. She said the "litigation" she was referring to was the foreclosure notice. Beats me why that took 24 hours to get to.

Tags: , , ,

Sign up for the Daily Update email

Comments (6)

Showing 1-6 of 6

Add a comment

Subscribe to this thread:
Showing 1-6 of 6

Add a comment

More by Leslie Newell Peacock

  • High spirits at Rock Town

    The alcohol will really flow this weekend. In addition to the Great Arkansas Beer Festival and Queers & Beers, Rock Town Distillery gets in the spirit by celebrating its eighth anniversary with a grand opening of its new building in SoMa, at 1201 Main St.
    • Jun 22, 2018
  • Have yourself a beery little weekend, with GARBF, Beers & Queers

    A sudsy weekend in the river cities kicks off Saturday, June 23, at the Statehouse Convention Center with the Great Arkansas Beer Festival, at 4:30 p.m. (for V.I.P. ticketholders) and 5:30 p.m. for the hoi polloi. Then on Sunday, June 24, Argenta celebrates National Pride Day with Beers & Queers, 11 a.m. to 4 p.m. in front of Flyway Brewing in Argenta.
    • Jun 22, 2018
  • Digital kiosk to be unveiled Monday

    Mayor Mark Stodola will unveil on Monday a new digital engagement kiosk outside the Statehouse Convention Center that will provide a touchscreen for wayfinding, transit, weather, shopping and other advertisements and act as a free Wi-Fi hotspot.
    • Jun 22, 2018
  • More »

Readers also liked…

Most Viewed

Most Recent Comments



© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation