Residence Inn Draws $7 Million Transaction (Real Deals)

by George Waldon  on Monday, Jul. 15, 2013 12:00 am  

Residence Inn by Marriott at 1401 S. Shackleford Road in west Little Rock. (Photo by Mauren Kennedy)

The sale of a 96-room hotel in west Little Rock tipped the scales at $7 million.

RILR Holding LLC of New York bought the Residence Inn by Marriott at 1401 S. Shackleford Road from Little Rock Lodging Associates I Ltd. of Atlanta.

The deal is financed with a 10-year loan of $5.2 million from CitiGroup Global Markets Realty Corp. of New York.

The 3.09-acre site was purchased for $628,000 in October 1996 from Peck Joint Trust, led by Cliff Peck III and Beverly Peck.

Cache Transaction

Restaurant space in the Arcade Building in downtown Little Rock changed hands in a $1.98 million transaction.

Monroe Cache LLC, led by Rush Harding III, acquired 5,502 SF on the ground floor, 2,962 SF on the second floor and 50 SF on the third floor. The seller is Clinton-Commerce LLC, led by Jimmy Moses and Rett Tucker.

The Cache Restaurant project is backed with a six-year loan of $3.5 million from Little Rock’s Bank of the Ozarks.

The 0.48-acre site at the southwest corner of President Clinton and River Market avenues was bought for $1.5 million in January 2009 from Arkansas Democrat-Gazette Inc., led by Walter Hussman Jr.

NLR Commercial

A 7,500-SF commercial building in North Little Rock is under new ownership after a $400,000 deal.

Hum’s Hardware & Furniture Inc., led by Bruce Hum, purchased the 3815 E. Broadway project. The seller is the Clifton Family LLLP, led by Norman Clifton.

The 3.38-acre property was acquired for $185,000 in November 2007 from the estate of Donald Inmon.

Rural Land

A rural parcel in west Pulaski County sold for $390,000.

Morton Enterprises LLC, led by James and Carol Morton, bought the 47 acres on the north side of Kanis Road about eight miles west of Ferndale. The seller is L&L Investments Ltd., led by H.T. Larzelere.

The deal is funded with a five-year loan of $390,000 from Arvest Bank of Fayetteville.

L&L purchased the property for $250,000 in April 1995 from Marvin Henry Maurras.

PV Residence

A 4,896-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $1.14 million sale.

Lydia Lane acquired the house from Gerald and Catherine Martindill.

The deal is backed with a 10-year loan of $1.03 million from IberiaBank of Lafayette, La.

The residence previously was tied to a December 2007 mortgage of $300,000 held by Pulaski Bank & Trust of Little Rock and a March 2010 mortgage of $250,000 and a December 2010 mortgage of $281,974 held by Bank of Little Rock.

The property was bought for $55,000 in October 1978 from Jack Dowdy & Co.

Deauville Abode

A 5,267-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development drew an $830,000 transaction.

Jason and Mary Vangilder purchased the house from Randy James Construction Co. The deal is financed with a 30-year loan of $417,000 from Bank of the Ozarks and a five-year loan of $213,000 from Malvern National Bank.

The residence previously was linked with an April 2012 mortgage of $500,000 held by BancorpSouth Bank of Tupelo, Miss.

The location was acquired for $151,000 in April 2005 from Deltic Timber Corp. of El Dorado.

Courts Home

A 4,619-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development changed hands in a $534,000 sale.

The Jay Ramsey & Terra Ramsey Living Trust bought the house from Gerald Volpe Jr.

The deal is funded with a 15-year loan of $374,000 from Bank of the Ozarks.

The residence previously was tied to an October 2006 mortgage of $479,200 from Homecomings Financial LLC of Dal-

las and a July 2007 mortgage of $72,564 from U.S. Bank of Cincinnati.

Volpe purchased the property for $599,666 in October 2006 from Coburn Construction LLC, led by Roger Coburn.

Kingwood House

A 4,161-SF home in Little Rock’s Kingwood Place neighborhood is under new ownership after a $500,000 deal.

William and Lauren Edwards acquired the house from Dana Abraham and Danny Deislinger.

The deal is backed with a 15-year loan of $250,000 from IberiaBank Mortgage Co. of Little Rock.

The residence previously was linked with a September 2010 mortgage of $409,539 from Wells Fargo Bank of Sioux Falls, S.D., and a November 2011 mortgage of $110,000 held by BancorpSouth Bank.

The property was bought for $500,000 in April 2000 from Yvonne Law.

Auto Financing

A 40,824-SF automotive facility in south Little Rock was used to help secure a $325 million funding agreement.

Car Uni Ar Lit LLC of McLean, Va., obtained the seven-year loan from Barclays Bank PLC of London.

The 4.5-acre Landers Auto Body at 6301 S. University Ave. and an adjoining 9 acres were purchased for $2.89 million in May 2005 from Automotive Group Realty LLC of Bloomfield Hills, Mich.

Prospect Mortgage

The owner of a 114,372-SF office building in midtown Little Rock picked up a $6.5 million financial package.

Prospect Building LLC, led by Kris Upton, received the seven-year loan from Malvern National Bank.

The 5.81-acre Prospect Building development at 1501 N. University Ave. previously was tied to an April 2003 mortgage of $6 million originated by Deutsche Bank AG of New York.

The location was bought for $535,000 in June 1972 from Arkansas Baptist Medical Center.

Collegiate Construction

Construction of the Community Union Building at Arkansas Baptist College in Little Rock is backed with a $3 million mortgage.

Arkansas Baptist College got the four-year loan from IberiaBank.

The 0.3-acre site at 1523 Dr. Martin Luther King Jr. Drive was acquired for $185,000 in October 2008 from Donna Redwood.

Church Funding

A North Little Rock congregation landed a $2.86 million funding agreement.

First Assembly of God North Little Rock Inc. obtained the 10-year loan from

Regions Bank of Birmingham, Ala.

The 9.3-acre development at 4501 Burrow Drive was linked with a July 2004 mortgage of $2 million and an October 2008 mortgage of $781,234 held by Twin City Bank of North Little Rock.

The location was purchased for $300,000 in March 1981.

The sellers were Reed and Katherine McConnell; Donald D. Collie; John and Susan Jackson; Joe and Mary Smith; John and Phyllis Kincannon; and Kevin and Catherine McConnell.

Seven-Digit Construction

Dormitory at Arkansas Baptist College    $6,362,192
1723 Bishop St., Little Rock
Clark Contractors LLC, Little Rock

Arkansas Blue Cross & Blue Shield cafeteria renovation    $3,656,981
601 S. Gaines St., Little Rock
Baldwin & Shell Construction Co., Little Rock

CenterPoint Energy regional HQ    $2,550,000
5300 Northshore Cove, North Little Rock
East Harding Inc., Little Rock

Office building    $1,500,000
1401 Kanis Park Drive, Little Rock
Magnificent Spaces LLC, Little Rock

New 8,350-SF house    $1,000,000
4601 Crestwood Drive, Little Rock
Fred Lord Builder Inc., Little Rock

 

 

Please read our comments policy before commenting.