Asbury Park Complex Sells for $3.2 Million (Real Deals)

by George Waldon  on Monday, Feb. 11, 2013 12:00 am  

Asbury Park Apartments are undergoing a facelift after new ownership acquired the 106-unit complex at 8500 Keller Drive in Little Rock. (Photo by Jason Burt)

An apartment complex in west Little Rock tipped the scales at $3.2 million. Asbury Park Apartments Ltd. of Knoxville, Tenn., purchased its namesake 106-unit complex at 8500 Keller Drive from Kanis Properties Ltd. of Atlanta.

The deal is financed with a $4.8 million bridge loan from Regions Bank of Birmingham, Ala., and a 30-year loan of $250,000 from the Arkansas Development Finance Authority.

The 9.64-acre development previously was tied to a July 2002 mortgage of $2.86 million originated by Reilly Mort-gage Group Inc. of McLean, Va.

Kanis Properties acquired the location for $244,000 in May 1982 from Kelton Brown Packing Co.

Motel Transaction

A 58-room motel in Jacksonville is under new ownership after a $2.1 million sale.

Shree Ganesh Krupa Inc., led by Chandrika Patel, bought the Super 8 at 1850 John Harden Drive. The seller is J&R Associates Inc. of Jacksonville, led by Jitrendrakumar Patel.

The deal is funded with an assumed loan of $1.5 million from First Arkansas Bank & Trust of Jacksonville and a $150,000 loan from the seller. The 2.44-acre site was purchased for $110,000 in September 1990 from the bank.

Office Resale

An 8,754-SF office building in downtown Little Rock rang up a $450,000 deal.

The Gregory Hatcher Revocable Living Trust acquired the Mehlburger Building at 201 Izard St. from First State Bank of Russellville.

The deal is backed with a $450,000 loan from Centennial Bank of Conway. The 1.03-acre development previously was linked with a January 2008 mortgage of $714,000 held by First State Bank of Russellville. The bank recovered the property at a $525,000 foreclosure sale in July 2010 from The Harrison Company LLC, led by Myron Jay Harrison.



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