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Clarion Hotel Medical Center Recycled for $5M (Real Deals)

3 min read

A 262-room hotel in midtown Little Rock changed hands in a $5 million foreclosure sale.

Windsor Capital Ltd., led by Al Rajabi and Gene Liguori Jr., purchased the Clarion Hotel Medical Center at 925 S. University Ave.

The San Antonio limited partnership obtained a three-year loan of $4 million loan from Centennial Bank of Conway and borrowed an additional $64,791 from the bank to fund the deal.

The 5.22-acre development was tied to a November 2003 mortgage of $14 million held by Jonesboro’s Liberty Bank of Arkansas, which became part of Centennial Bank in 2013.

Mixed into the financing were $5.25 million in subordinated debt administered by Wilmington Trust Federal Savings Bank of Las Vegas and a $3 million bond issue through the Little Rock Residential Housing & Public Facilities Board

The debt was amassed by HLR LLC, led by Marty Belz and Bruce Burrow.

HLR acquired the project in April 2000 at a $5 million foreclosure sale.

The sale was prompted after Chicago-based Heller Finance Inc. landed a $6.9 million judgment against Huron Little Rock LLC, an affiliate of Coastal Hotel Group of Chicago.

Auto Service Deal

A Firestone project is following a $900,000 land deal in Little Rock.

SMBC Leasing & Finance Inc. of New York acquired the Arby’s location at 7426 Cantrell Road from Robert L. Davis Investment Co. I Ltd., led by John R. Davis.

The limited liability company purchased the 0.55-acre property for $495,000 in April 1992 from Hardee’s Food Systems Inc. of Rocky Mount, North Carolina.

Church Acquisition

A congregation in downtown Little Rock expanded its holdings with a $400,000 deal.

First United Methodist Church bought the Center Street Service Center at the southwest corner of Center and Seventh streets from Rook Properties LLC, led by Alec Rook.

Rook acquired the 0.48-acre property for $250,000 in December 2000 from Odis Fought.

Deauville House

A 7,262-SF home in the Deauville neighborhood of west Little Rock’s Chenal Valley development sold for $900,000.

Bhu and Jyoti Makan purchased the house from Allied Bank of Mulberry (Crawford County).

The bank recovered the residence from A.J. and Gwen Gilbert in July 2013 at an $850,000 foreclosure sale.

The property previously was linked with three delinquent mortgages of $739,571, $127,240 and $28,139 held by Allied.

The Gilberts bought the location for $117,000 in July 2006 from Deltic Timber Corp. of El Dorado.

Robinwood Abode

A 4,571-SF home in Little Rock’s Robinwood neighborhood drew a $769,900 transaction.

Ryan and Elizabeth Gill acquired the house from Cynthia Hubach and J. Ashley Campbell.

The deal is backed with a $769,258 loan from the Elizabeth Anne Gill Revocable Trust.

The residence previously was tied to a June 2009 mortgage of $417,000 held by Regions Bank of Birmingham, Alabama.

The property was purchased for $400,000 in June 1999 from Jonathan and Sarah Dove.

Hotel Funding

A Home2 Suites by Hilton project in west Little Rock is backed with an $8 million funding agreement.

Shackleford Crossing Properties LLC, led by Rajesh Mehta, received the 20-year loan from BancorpSouth Bank of Tupelo, Mississippi.

The 1.7-acre location on Shackleford Road at the southern-most entryway to the Shackleford Crossings project was bought for $1.09 million in February 2013.

The seller was Shackleford Crossings Investors LLC of Dallas.

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