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

by George Waldon  on Monday, Aug. 18, 2014 12:00 am  

The Clarion Hotel Medical Center in January 2013, shortly after changing its name from being a Hilton. | (Photo by Michael Pirnique) (Photo by Michael Pirnique)

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.

 

 

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