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Holiday Inn Express Visited by $6M Deal (Real Deals)

5 min read

A 138-room hotel in east Little Rock weighed in at $6 million.

LIT Hotels LLC, led by Shashwat Goyal, bought the Holiday Inn Express at 3121 Bankhead Drive. The seller is Airport Hotels LLC, led by Rajesh Mehta.

The deal is backed with a three-year loan of $6.2 million from Farmers & Merchants Bank of Stuttgart.

The 5.61-acre development previously was linked with a September 2014 mortgage of $6.2 million held by Centennial Bank of Conway.

Airport Hotels acquired the property for $4.2 million seven months ago from H&C Little Rock Holiday Inn Express LLC, led by David Curry.

Economy Transaction

A 50-room motel in southwest Little Rock changed hands in a $900,000 sale.

Ranchhod G LLC, led by Pravinchandra and Meenachumari Patel, purchased the Knights Inn at 9709 Interstate 30. The seller is D&B Hospitality LLC, led by Dilip and Bhavna Patel.

Renamed as the Economy Inn, the 3.4-acre development now secures a 20-year wrap-around mortgage of $800,000 held by D&B Hospitality.

The property also is tied to February 2015 mortgages of $585,000 and $613,572 held by First Arkansas Bank & Trust of Jacksonville.

D&B Hospitality bought the project for $600,000 in July 1993 from Brandon Construction Co., led by Fred Brandon.

Seven-Digit Construction

162-Slot Parking Deck $3,800,000
333 President Clinton Ave., Little Rock  
East-Harding Inc., Little Rock  
11,000-SF Office Building $1,500,000
1700 Kirk Road, Little Rock  
Clark Contractors, Little Rock  
Dialysis Clinic  $1,402,146
1 Children’s Way, Little Rock  
Nabholz Construction Corp., Conway  

 

Retail Sale

A 1,843-SF Little Rock liquor store rang up a $297,929 deal.

AR Liquor LLC, led by Gurmit Singh, acquired JR’s Liquor at 2824 W. 12th St. from the Norma F. Nash Living Trust.

The seller provided a $150,000 mortgage to fund the deal.

The 0.21-acre property was assembled in two deals totaling $37,000. The sellers were Marian Ferguson, $25,000 in December 1982; and Bernice West, $9,000; Joni Taylor Nichols, $1,000; Rita Taylor Rodgers, $1,000; and Michael Taylor, $1,000, all in February 1997.

Land Acquisition

A 1.25-acre commercial site in North Little Rock is under new ownership after a $165,000 sale.

James D. Harper Trust 1 bought the property near the northwest corner of MacArthur Drive and 38th Street from the Witkowski Family Ltd., led by Susan Witkowski and Georgia W. Rogers.

The Witkowski family acquired the land in February 1945 as part of a $1,500 deal with Georgia Shipton.

Edgehill Manor

A 5,800-SF home in Little Rock’s Edgehill neighborhood tipped the scales at $1.46 million.

51 Edgehill Road Trust, led by David Glover and Theresa Wyrick, purchased its namesake residence from John and Diana Young.

The deal is financed with a seven-year loan of $1.26 million from Simmons First National Bank of Pine Bluff.

The Youngs bought the property for $1.6 million in September 2008 from Sue Gaskin.

Country Club House I

A 1,917-SF home in Little Rock’s Country Club Heights neighborhood sold for $699,000.

WG Arkansas LLC, led by Will Rockefeller, acquired the house from the Donna Jane Barnett Trust One.

The residence previously was linked with a December 2012 mortgage of $250,000 held by Centennial Bank and an October 2014 mortgage of $130,000 held by Simmons First National Bank.

Barnett purchased the property for $355,000 in June 2011 from Luis Zabala and Paulina Diaz.

Heights Residence

A 3,248-SF home in the Heights area of Little Rock drew a $670,000 transaction.

Philip Wilson Jr. and his wife, Karson, bought the house from Matthew and Melissa Katz. The deal is backed with a 30-year loan of $400,000 from BOK Financial of Tulsa.

The residence previously was tied to March 2011 mortgages of $417,000 and $130,000 held by IberiaBank Mortgage Co. of Little Rock.

The Katz family acquired the property for $562,000 in May 2009 from Brian and Kristin Matthew.

Woodlands Home

A 4,220-SF home in the Woodlands Edge neighborhood of west Little Rock changed hands in a $644,000 deal.

Jerry Pack and Vicki Mills purchased the house from the Wilson Co., led by Janet Dillon. The deal is funded with a 30-year loan of $200,000 from IberiaBank Mortgage Co.

The location was bought for $149,000 in May 2014 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Country Club House II

A 2,946-SF home near the Country Club of Little Rock rang up a $550,000 sale.

Sandra Yeary acquired the house from Stacy Sells. The deal is financed with a 30-year loan of $417,000 from Malvern National Bank.

The property was purchased for $455,000 in May 2003 from Max and Kaki Mehlburger.

Waterview Abode

A 3,414-SF home in the Waterview Meadows neighborhood near Roland is under new ownership after a $529,000 sale.

Bradley and Julie Wood bought the house from WVM Construction LLC, led by Bill Parkinson. The deal is backed with a 30-year loan of $417,000 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with a June 2013 mortgage of $379,600 held by Centennial Bank. The lot was acquired for $65,000 nearly two years ago from Waterview Meadows LLC.

In addition to Parkinson, the Waterview Meadows investors include homebuilders Rick and Randy Ferguson, Mike Kuhn, Mark Baker, Carl Henson, Thomas Chambers, Bret Franks, Richard Harp, Chuck Hamilton and Oscar Washington.

Riverpointe Mortgage

The owner of a 48-unit apartment project in North Little Rock landed a $3 million financial package.

Riverpointe North LLC, led by Keith Richardson, obtained the two-year loan from First Security Bank of Searcy.

The 2.28-acre site at 10600 Richsmith Lane was purchased in May 2003 as part of a $399,000 deal with William, Charles IV, Linda, Brian, Denia and Tanya Stanley.

Block 2 Funding

The owner of the Block 2 redevelopment in downtown Little Rock picked up a $3 million funding agreement.

MIMG XXIX Block 2 LLC, an affiliate of Monarch Investment & Management Group of Franktown, Colorado, got the loan from One Multifamily Finance LLC of Bethesda, Maryland.

The 1.05-acre development also is secured by a December 2012 mortgage of $9 million held by Beech Street Capital LLC of Bethesda, Maryland.

The Block 2 project includes the 82,000-SF Democrat Printing & Lith-ograph Building at 114 Scott St., home of Arkansas Business Publishing Group and 32 apartments; the 85,000-SF Archer Drug Building at 107 E. Markham St., 69 apartments; and the 69,000-SF Wallace Building at 101 Main St., 44 apartments.

The property was bought for $9 million 18 months ago from LSF5 Block Two LLC, an affiliate of Lone Star U.S. Acquisition LLC of Dallas.

Land Loan

A 19.6-acre tract in west Little Rock was used to secure a $2 million mortgage.

16500 LLC, led by Gene Pfeifer, received the loan from Centennial Bank.

The pastureland at 16500 Cantrell Road was purchased for $280,000 in November 1988.

The sellers were Martin and Carol Dorman.

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