Pavilion in the Park Sells for $4.2 Million (Real Deals)

by George Waldon  on Monday, Jul. 23, 2012 12:00 am  

Hotel Conversion

A $5.49 million funding agreement is backing a hotel conversion in west Little Rock.

Westrock Hotels LLC, led by Pravinchandra Patel, Ishver Govind and Manish Patel, obtained the six-month construction loan from Heartland Bank of Bryant.

The 128-room Chenal Suites at 10920 Financial Centre Parkway is undergoing transformation to become the 119-room Holiday Inn West Financial Parkway.

Other investors include Pankesh Jariwaia, Hiren Jetha, Naresh Patel, Nayan Nagin, Hasmukhlal Patel, Laxmi Patel, Janak Patel, Shailesh Patel, Keyur Vyas, Jayantilal Patel, Arvind Patel and Suresh Patel.

The project was purchased for $2.8 million in August 2011 from Jameson Crestwood I LLC of Smyrna, Ga. The 3-acre development previously was linked with a $2 million mortgage held by Heartland.


Madison Health Mortgage

The owner of a 140-bed nursing home in south Pulaski County landed a $3.2 million mortgage.

Trinik Holdings LLC, led by Saeed Niksefat, received the three-year loan from Farmers Bank & Trust of Magnolia.

The 9.09-acre Madison Health & Rehabilitation development at 2821 W. Dixon Road previously was tied to a June 2008 mortgage of $2 million held by Jonesboro's Liberty Bank of Arkansas.

It remains linked with a June 2008 mortgage of $3 million held by the Niksefat Family Trust of Los Angeles.



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