A new player has entered the financial fray at the dormant K Lofts development in downtown Little Rock.
Creek Capital Partners LLC of Fort Smith last month stepped to the front of the line of creditors by purchasing the project’s construction loan from IberiaBank of Lafayette, Louisiana.
The faces behind Creek Capital Partners: the Steve Creekmore Jr. family.
You might recall that four months ago IberiaBank sued to recover more than $1.4 million owed on an original June 2013 loan of $1.3 million to K Lofts LLC.
That debt bears the personal guarantees of Scott Reed of Portland, Oregon, and Brian Corbell of Los Angeles.
Another K Lofts creditor is Pulaski County Brownfields Revolving Loan Fund, which provided a $275,000, zero-interest loan for asbestos abatement.
Work on the renovated 115-year-old building at 315 Main St. remains incomplete six years after Reed trumpeted the mixed-use project.
The K Lofts contractor, Little Rock’s AMR Construction LLC, pulled off the job after April Fools’ Day 2015. The company has a lien claim of $196,440 divided between two contracts.
More than $143,700 of that is owed on the original $2.1 million contract to redevelop the upper floors of the once-dilapidated five-story building into 32 apartments.
The remaining $52,600-plus is owed on an $825,300 contract to repair a partial collapse of the east wall in 2013.
AMR filed a foreclosure action in June, and at last report, its dispute with K Lofts is in arbitration.