$440,000 grant aids Fort Smith housing
A $440,000 grant from Arvest Bank and the Federal Home Loan Bank of Dallas was recently awarded to help finance a low-cost housing project in Fort Smith.
Strategic Community Investments, a nonprofit development company and sister organization of the Fort Smith Housing Authority, is the recipient of the Affordable Housing Program grant.
Construction of the 56-unit Electric Park mixed-income rental development is expected to begin in November and be completed late next year, according to a news release.
The complex of apartments and duplexes will include 12 units set aside for market-rate tenants. The rest will be reserved for tenants who have low incomes or special needs or are homeless, the news release said.
FHLB Dallas awards Affordable Housing Program grants annually through members such as Arvest Bank to support the creation or rehabilitation of housing, among other uses.
In 2019, FHLB Dallas awarded a total of $17 million to 35 projects that will create 2,122 new or renovated housing units. Of that, $2 million was awarded to Arkansas projects creating 231 new or rehabilitated units, according to the news release.
-- Noel Oman
Mall owner has eye on bankrupt clothier
Mall owner Simon Property Group is considering a bid to buy Forever 21 Inc., the bankrupt clothing retailer, according to people with knowledge of the matter.
Simon would work with Authentic Brands Group LLC to buy and operate the stores and the brand, said the people, who asked not to be identified because the discussions are private. The talks are continuing, and there's no guarantee that the various sides will agree on terms or that a sale will result.
Representatives for Los Angeles-based Forever 21 and Simon didn't respond to messages seeking comment, and Authentic declined to comment.
The company was talking about selling a stake to Simon and its other largest landlord, Brookfield Property Partners LP, before it filed for bankruptcy in September. Talks broke down, however, and the company had to seek court protection without a reorganization plan in place.
The chain has since struggled to raise money to exit bankruptcy, with potential lenders and buyers balking because of poor sales and the founding Chang family's insistence on maintaining control.
-- Bloomberg News
Arkansas Index slips 4.90, ends at 458.49
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Friday at 458.49, down 4.90.
Three of the index stocks rose. Shares of Simmons First fell 2.6%.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 01/25/2020