$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.

New Bedford Recovery

Thirty-three lots and 8.4 acres in The Villages of New Bedford project in Maumelle changed hands in a $780,000 transaction.

New Bedford LLC, led by Graham Smith, bought the residential property from North Little Rock’s National Bank of Arkansas. The deal is funded with a two-year loan of $624,000 from Little Rock’s Bank of the Ozarks.

NBA recovered the property in October 2012 from River Crossing Partners LLC, led by Clint Aguiar, Gary Washam and Robert Aguiar.

The bank obtained a $1.3 million judgment plus an award of more than $500,000 for outstanding interest and attorney fees.

River Crossing Partners purchased 19 acres on Odom South Boulevard south of Blue Mountain Drive for $1.3 million in May 2005.

The seller was Odom Boulevard LLC, led by Gene Pfeifer III.

International Buy

A 12,000-SF building in downtown Little Rock rang up a $295,000 sale.

The International Association of Fire Fighters Local No. 34 Inc. acquired the Grueny Stamp Building at 210 Gaines St.

The seller is Haybar Properties LLC, led by Bryan Hosto.

Haybar bought the 0.43-acre property for $170,000 in June 2010 from the Mary Ellen Wood Revocable Trust.

Faithland Purchase

A 1.56-acre commercial site in west Little Rock drew a $204,000 transaction.

Faithland Commercial and Properties No. 5, led by Ed Daniel, purchased the land at the southwest corner of Kanis Road and Michael Cove.

The seller is Malek Family LLC, led by Kourosh Malek.

The limited liability company acquired the property for $25,000 in November 2003 from Sandra and Byron Magness.

Oaks Residence I

A 4,994-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development sold for $749,000.

Jack and Mary Caldwell bought the house from the Meacham Revocable Trust, led by Kenneth Meacham.

The residence previously was linked with a February 2013 mortgage of $410,000 held by One Bank & Trust of Little Rock.

Meacham purchased the property for $750,000 in February 2010 from Margaret Mosley.

Country Club House

A 3,572-SF home in Little Rock’s Country Club Heights neighborhood is under new ownership after a $666,667 deal.

Lucas and Megan Hargraves acquired the house from Mark and Tammie Davis.

The deal is financed with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Corp. and a $50,000 loan from First Security Bank of Searcy.

The residence previously was tied to a May 2009 mortgage of $399,580 from NBA Mortgage Group of Little Rock and an August 2009 mortgage of $146,970 from Bank of America in Charlotte, N.C.

The Davis family bought the property for $615,000 in December 2006. The sellers were Hubert Mayes Jr. and his wife, Susan.

Oaks Residence II

A 4,600-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development changed hands in a $650,000 sale.

Patricia Tull purchased the house from Allyson and Todd Lamb. The deal is backed with a 30-year loan of $350,000 from IberiaBank Mortgage Co. of Little Rock.

The location was acquired for $68,000 in January 2003 from Deltic Timber Corp. of El Dorado.

Ferncrest Abode

A 4,605-SF home in the Ferncrest Estates neighborhood of west Pulaski County rang up a $600,000 transaction.

Jon Jones bought the house from Theseus Holdings LLC, led by Winthrop Rockefeller Jr.

The 16.9-acre property was assembled in two October 2007 deals totaling $545,000.

The sellers were Juan Carlos Tyler and his wife, Monica, $490,000; and Unleashed Innovations Inc., led by Paulette Richie, $55,000.

Arbors Home

A 3,200-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development drew a $532,000 sale.

Allyson Lamb acquired the house from Steven and Caryn Smith.

The residence previously was linked with a May 2009 mortgage of $412,500 held by Regions Bank.

The Smiths bought the property for $525,000 in November 2007 from Distinguished Homes LRD LLC, led by Michael Love and Erick Stock.

Industrial Funding

Two industrial properties in Maumelle were used to secure a $5.35 million funding agreement.

100 Murphy Drive LLC, led by Kevin Huchingson, obtained the seven-year loan from Relyance Bank of Pine Bluff.

The 60,600-SF Propak Logistics fa-cility at 701 Carnahan Drive and the 154,800-SF facility at 100 Murphy Drive previously were tied to an August 2011 mortgage of $2.9 million held by Delta Trust & Bank of Little Rock and a November 2012 mortgage of $2.2 million held by Pine Bluff National Bank, the old moniker of Relyance.

The Windsor Door properties, encompassing more than 30 acres, were purchased for $3.25 million in November 2005 from Maumelle Ltd., led by Henry F. Miller.

Commercial Mortgage

The owner of a west Little Rock commercial site landed a $2.69 million financial package.

Jamie Saad got the loan from Coastal Bank & Trust of Florida in Pensacola.

The mortgage is secured by a 1.57-acre property near the northwest corner of Highway 10 and Sam Peck Road.

The location was acquired in September 1993 as part of a $255,000 deal with Grace Community Church.

Nursing Home Note

The owner of a 35,183-SF nursing home project in Jacksonville picked up a $2.37 million financial package.

Woodland Hills Healthcare & Rehabilitation of Jacksonville LLC, led by Alington Kilgore, received the nine-month loan from First Arkansas Bank & Trust of Jacksonville.

The 6.43-acre development at 1320 Braden St. was linked with a May 2011 mortgage of $3.5 million held by the bank.

The project was acquired for $4.6 million in May 2006 from Beverly Enterprises Arkansas Inc. of Fort Smith. n

 

 

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