A friend in the real estate business notes reports in the Daily Record on legal filings related to the development of the massive Amazon distribution center at the Little Rock Port.
Documents on file in Pulaski County show that Amazon sold the 80 acres it obtained at the port to a subsidiary of the Fortress Investment Group of New York for $3.2 million, precisely what it had paid the port for the land.
Fortress put a $1.68 billion (yes, billion) mortgage on the property, through Goldman Sachs financing. Amazon lease payments are pledged to the mortgage. The amount of the payments under the 20-year lease wasn’t included in documents on file, but the lease starts Sept. 13, 2021, or earlier if the building is completed. That gives some idea of when jobs may begin.
A $1.6 billion facility, if given that full appraised value by the assessor, would eventually produce $19 million in annual property taxes, about two-thirds of it for the Pulaski County School District, in which the facility sits. The appraisal likely will fall somewhere below that.