Hospitality Project Draws $6.42 Million Transaction (Real Deals)

by George Waldon  on Monday, Apr. 22, 2013 12:00 am  

Holiday Inn Express at 7900 Talley Road in west Little Rock.

The sale of a west Little Rock Holiday Inn Express tipped the scales at $6.42 million.

BKS Hospitality LLC, led by Bhavin Sharolia and Kanti Patel, bought the 4900 Talley Road project. The seller is Swami Hotel Properties LLC, led by Rajesh Mehta.

The deal is backed with a five-year loan of $5.26 million from Farmers & Merchants Bank of Stuttgart.

The 1.95-acre development previously was tied to an April 2011 mortgage of $4 million held by BancorpSouth Bank of Tupelo, Miss.

Swami purchased the site for $852,000 in January 2005 from Boen Enterprises LLC, led by Leonard Boen.

Fitness Site

A 47,500-SF LA Fitness project is in motion in midtown Little Rock after a $2.18 million land deal.

LAF LR Ltd., led by Fred Gans, acquired the nearly 1.7-acre site at the Park Avenue development from SPC Park Avenue Ltd., an affiliate of Strode Property Co. of Dallas.

Construction is financed through a five-year loan of $7.3 million from First Security Bank of Searcy.

The land is part of the property assembled by SPC in September 2007 as part of a $22 million deal with Southern Real Estate & Financial Co., led by Charles Cella; the William L. Patton Jr. Family Ltd. LLLP; Arkansas Acquisitions Inc., led by John McDonald; Baird Inc., led by John Schlereth; and the Patton family.

Recycled Land

A 21.9-acre residential tract in west Little Rock is under new ownership after a $601,000 transaction. SJA Investment Partnership LLLP, led by Sam Alley, purchased the land in the Spring Valley area west of Cooper Orbit Road from Jonesboro’s Liberty Bank of Arkansas.

The bank took possession of the property in June 2010 after it was forfeited in lieu of foreclosure by One Realco Land Holding Inc., led by Ronald Akin.

The land secured a May 2003 mortgage of $1.4 million that was transferred to the bank in June 2003 by Capitol Lakes Management LLC, led by John “Jay” DeHaven.

Ownership of the property shifted from Capitol Lakes in a May 2003 deal valued at $2 million.

NLR Site Sale

A 1.08-acre commercial site in North Little Rock changed hands in a $445,000 sale.

Miguel and Teresa Casillas bought the land at the southwest corner of Smokey Lane and Stockton Drive from Woodcrest Co. LLP, led by James P. Matthews.

The deal is funded with a one-year loan of $445,000 from Southern Bancorp Bank of Arkadelphia.

The land previously helped secure an August 2011 mortgage of $1.8 million held by Malvern National Bank.

The property was part of the 400-acre Springhill Farm the Matthews family purchased in August 1959. John and Martha Matthews purchased it from Fred and Katherine Watkins for $250,000.

Multifamily Sale

A small apartment project in downtown Little Rock rang up a $425,000 transaction.

Scott Street Apartments LLC, led by Jason Bolden, acquired the 2301 Scott St. project. The seller is Scott Street Townhouses LLC, led by Ralph Cotham and Mark Reynolds.

The deal is financed with a $480,000 loan from Central Bank of Little Rock. The 0.99-acre development previously was linked with a July 2004 mortgage of unrecorded value held by First National Bank of Hot Springs.

The project was bought for $356,000 in March 2002 from Centre Rock Land LLC, led by Henry Treece.

Germay Manor

A 4,580-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development sold for $718,000. Ross and Abbie Rucker purchased the house from the Pregenzer 2007 Family Trust, led by John and Samantha Pregenzer.

The deal is backed with a 30-year loan of $417,000 from One Bank & Trust of Little Rock. The residence previously was tied to a June 2010 mortgage of $145,000 and an August 2010 mortgage of $417,000 held by the bank.

The property was acquired for $753,000 in August 2007 from John and Terry Reed.

Iron Horse Home

A 4,461-SF home in the Iron Horse Estates neighborhood of west Pulaski County drew a $649,000 transaction.

Oumitana Kajkenova and Roman Strnad bought the house from the Barry & Pat Solomon Family Revocable Trust.

The deal is funded with a 15-year loan of $417,000 from Bank of Little Rock Mortgage Corp. The residence previously was linked with a November 1993 mortgage of $200,000 held by Worthen Mortgage Co. of Little Rock.

The location was purchased for $82,000 in June 1989 from Iron Horse Estates Partnership, led by Fletcher Clement.

Robinwood Abode

A 4,026-SF home in the Robinwood area of Little Rock is under new ownership after a $630,000 sale.

Luke Ramsey acquired the house from Gresham and Anna Richter. The deal is financed with a 30-year loan of $504,000 from Regions Bank.

The residence previously was tied to July 2008 mortgages of $417,000 held by Riverside Mortgage Co. of Little Rock and $206,913 held by Riverside Bank of Sparkman (Dallas County). The property was bought for $635,000 in June 2008 from Tom and Mary Orsini.

Sezanne House

A 3,300-SF home in the Sezanne Court neighborhood of west Little Rock’s Chenal Valley development changed hands in a $580,000 transaction.

Fuller Family Trust No. 1, led by Cullen and Judy Fuller, purchased the house from Barney Taylor Construction Inc.

The residence previously was linked with a May 2012 mortgage of $208,000 held by Bank of Little Rock Mortgage Corp. The location was acquired for $85,000 in July 2007 from Deltic Timber Corp. of El Dorado.

Witry Residence

A 4,194-SF home in the Witry Court neighborhood of west Little Rock’s Chenal Valley development rang up a $515,000 sale.

Walter Mehalko and Rachida Parks bought the house from Daniel and Ellen Williams. The deal is backed with a 30-year loan of $412,000 from Arvest Mortgage Co. of Lowell. 

The residence previously was tied to two June 2009 mortgages of $111,000 and $330,000 held by BancorpSouth Bank.

The Williams family purchased the property for $490,000 nearly four years ago from Michael and Pamela Stoyanoff. 

Newoods Funding

Two industrial properties in Little Rock were used to help secure a $5 million financial package.

Newoods Inc., led by James Corbitt, received the five-year loan from Delta Trust & Bank of Little Rock.

The 0.96-acre development at 3116 S. Adams St. and the 12.77-acre Arkhola Block Plant development previously were linked with an August 2012 mortgage of $5.2 million held by the bank.

The properties were acquired eight months ago as part of a $5.4 million deal with Ready Mix USA LLC of Houston, Texas.

Pharmasite Mortgage

A Little Rock enterprise picked up a $2.2 million funding agreement.

Pharmasite LLC, led by James McCarley Jr. and Lynn McCarley, obtained the five-year loan from Regions Bank of Birmingham, Ala.

The 1.02-acre Cantrell Drug Co. development previously was tied to three mortgages held by the bank: two July 2009 loans totaling $2.25 million and an April 2012 loan of $300,000.

Pharmasite bought the former luxury car dealership for $1.5 million in July 2009 from Larock Properties LLC, led by Lee Owens.

 

 

Please read our comments policy before commenting.