Frates Building sells for $3M
HL Investments LLC has bought the Frates Building, 5005 N Lincoln Blvd., for $3 million from Bricktown Properties LLC, which had owned it for 10 years. The 37,000-square-foot, two-level building consists of two structures, one built in 1969 and the other built in 1974, according to the county assessor. Tim Strange, president of Newmark Grubb Levy Strange Beffort, represented the buyer and Craig Tucker, senior vice president of Price Edwards & Co., represented the seller. “The building is in excellent condition since it housed the operations of the longtime occupant C.L. Frates & Co.,” Strange said. The longtime tenant is an insurance agency founded in 1924.
Awards will help fund housing
Oklahoma Housing Finance Agency’s Board of Trustees has approved Home Investment Partnerships Program awards to provide affordable housing to the following:
• Little Dixie Community Action Agency Inc., $360,000 to build 18 single-family homes for sale in Atoka, Bryan, Carter, Choctaw, Love, Marshall, McCurtain, and Pushmataha counties.
• Native American Housing Services Inc., $400,000 to build two single-family homes for sale in Harrah.
• The city of Midwest City, $100,000 to provide down-payment assistance to 20 home buyers.
• Native American Housing Services Inc., $400,000 to construct two single-family homes for sale in Moore.
• Muskogee Community Action Foundation Inc., $268,512 to acquire and rehabilitate two single-family homes for rent in Muskogee.
Prime Source expands licensing
Oklahoma City-based Prime Source Mortgage Inc. has added Arizona and Virginia to the states where it is licensed to do business, bringing the total to 25. Prime Source Mortgage Inc., wholly owned subsidiary of PSM Holdings Inc., provides mortgage brokerage and banking services. “We already have an operation in Arizona ready to join our platform and we will begin receiving leads in Virginia from some of our primary lead sources in the very near future,” said Jeff Smith, chairman of PSM Holdings and president and CEO of PSMI.
Citywide appoints two officers
MOORE— Citywide Mortgage of Moore has appointed Johnnell Jones as vice president of sales and marketing and Michael J. Hobson as loan officer. Jones previously was vice president of Republic Bank & Trust from 2004. Before that, she was vice president and regional mortgage loan originator for Bank of the West and vice president and loan originator for First State Bank. She holds a degree in finance from the University of Oklahoma. Hobson has been a mortgage banker with Capital Mortgage since 2005. Previously he was a loan officer and assistant branch manager with Wells Fargo. He is a graduate of OU and was a participant in Leadership Norman in 2009.
From staff reports