Church sale.(Real Deals: A Look at Important Real Estate Transactions)(Brief article)

A foreclosed church property in southwest Little Rock changed hands in a $485,000 transaction.

Exalters of Christ Ministries International, led by Roderick McFadden, purchased the parcel at 8923 Sunset Lane from North Little Rock's National Bank of Arkansas.

The deal is funded with a five-year loan of $412,250 and a one-year loan of $25,000 from Summit Bank of Arkadelphia.

NBA entered the ownership picture when Promiseland Ministries Inc., led by Antoine Scruggs, forfeited the property in lieu of foreclosure in April 2009.

The 5.9-acre development previously was used to help secure an October 2007 mortgage of $960,000 held by NBA.

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