$5.3 Million Sale Visits Marriott Hotel (Real Deals)

by George Waldon  on Monday, Sep. 2, 2013 12:00 am  

Townplace Suites by Marriott at 12 Crossings Court in west Little Rock.  (Photo by Mauren Kennedy)

A 92-room hotel in west Little Rock tipped the scales at $5.3 million.

LVP TPS Little Rock LLC of Lakewood, N.J., acquired the 92-room Townplace Suites by Marriott at 12 Crossings Court from TPLR Partners LLC of Fort Smith, led by Chris Whitt.

The deal is financed as part of a five-year loan of $24.4 million from the New York office of Barclays Bank PLC.

The 2.69-acre development previously helped secure a July 2008 mortgage of $7.8 million and a February 2012 mortgage of $2 million.

Both mortgages were held by First National Bank of Fort Smith.

TPLR bought the site for $899,000 in July 2008 from Shackleford Crossings LLC, led at the time by Steve Clary.

Migrating Brewery

A 15,313-SF building in downtown North Little Rock is under new ownership after an $820,000 sale.

Diamond Bear Brewing Co., led by Russell Melton, purchased the 600 N. Broadway project. The seller is Orbea USA LLC, led by Tony Karklins.

The redevelopment is backed with a 20-year loan of $2.35 million from Regions Bank of Birmingham, Ala.

The 2.83-acre development previously was tied to a March 2008 mortgage of $610,000 held by Pulaski Bank & Trust of Little Rock.

Orbea acquired the property for $467,000 in August 2004 from Hendricks Commercial Properties LLC, led by Kenneth and Diane Hendricks.



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