Little Rock Nursing Home Sells for $3.6 Million (Real Deals)

by George Waldon  on Monday, Aug. 27, 2012 12:00 am  

The sale of a 120-bed nursing home in downtown Little Rock tipped the scales at $3.6 million.

APH&R Property Holdings LLC, an affiliate of Adcare Health Systems Inc. of Columbus, Ohio, purchased Abington Place Health & Rehab Center at 1516 Cumberland St. The seller is SCLR LLC, led by Rick Wilson of Royal (Garland County).

The deal is backed with a six-month loan of $3.4 million from Metro City Bank of Atlanta. The 1.89-acre development previously was linked with a July 2011 mortgage of $3.1 million held by Great Southern Bank of Springfield, Mo.

SCLR bought the project out of bankruptcy for $2.95 million from Quapaw Associates LLC, led by Keith and Wilda Head, Stafford and Mary Kees and Jimmy Taylor.

The property was acquired for $1.1 million in July 2003 from Quapaw Quarter Nursing Center LLC, led by Michael Morton.

 

Motel Transaction

The Little Rock Inn in North Little Rock is under new ownership after a $1.3 million sale.

Little Ark Hospitality Inc., led by Amrut Patel, bought the former Quality Inn at 500 W. 29th St. from Zion's First National Bank of Salt Lake City.

The deal is financed with a $1.1 million loan from Atlanta Mortgage LLC of Irving, Texas. Only 65 of the 121 rooms are operational.

The bank recovered the project from Little Rock Hospitality LLC, led by Rupinder Dhillon, at a $1.5 million foreclosure sale four months ago.

The nearly 2-acre development previously was tied to an August 2006 mortgage of $2.75 million held by Zion's and an August 2008 loan of $2.75 million originated by Little Rock's Six Bridges Capital Corp., an affiliate of Arkansas Capital Corp.

Little Rock Hospitality purchased the project when it was a Hampton Inn for $4.4 million in August 2006. The seller was Equity Inns Partnership Ltd. of Memphis.

 

 

Please read our comments policy before commenting.