Apartment building.(Real Deals: A Look at Important Real Estate Transactions)

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Construction of a 7.49-acre apartment development in North Little Rock is in motion with a $12.3 million financial package.

Burkhalter Commercial Group LLC, led by John Burkhaher, obtained the three-year loan from Arvest Bank of Fayetteville.

The Fountaine Bleau Apartments site near the northeast corner of Counts Massie Road and Paul Eells Drive previously was linked with a March 2007 mortgage of nearly $2.1 million held by Little Rock's Bank of the Ozarks.

The property was part of the 40-acre Maumelle Golf Driving Range at 8108 Counts Massie Road purchased for $1.96 million more than two years ago from John and Mary Hearnes.

The balance of the land is securing a three-year loan of $2 million from Arvest Bank.

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