Days Inn Follows $2.5 Million Sale (Real Deals)

by George Waldon  on Monday, Oct. 28, 2013 12:00 am  

The former La Quinta Inn at 901 Fair Park Blvd. in midtown Little Rock was rebranded as a Days Inn in the wake of a $2.5 million sale. (Photo by Jason Burt)

A 2,668-SF home near the Country Club of Little Rock drew a $540,000 sale.

Dorsey and Lucy Jackson purchased the house from James Moody Jr.

The residence previously was tied to a July 2012 mortgage of $280,500 held by First Financial Bank.

Moody bought the property for $530,000 in March 2011 from Susan Overton Sutton.

WestLake Mortgage

The owner of a west Little Rock office development picked up a $20 million funding agreement.

ISB Investors LLC, led by Jim Irwin, obtained a 10-year loan of $19 million and one-year loan of $1 million from First Federal Bank of Harrison.

The debt is secured by a 4.85-acre undeveloped office site and the six-building WestLake Corporate Center:

  • The 95,960-SF Danville Building at 10810 Executive Center Drive, a 5.34-acre project.
  • The 93,206-SF Searcy Building at 10809 Executive Center Drive, a 5-acre project.
  • The 72,820-SF Shannon Building at 10801 Executive Center Drive, a 4.74-acre project.
  • The 69,336-SF Redding Building at 1701 Center View Drive, a 4.01-acre project.
  • The 43,200-SF Benton Building at 10802 Executive Center Drive, a 2.91-acre project.
  • The 43,200-SF Conway Building at 10816 Executive Center Drive, a 2.62-acre project.

The property previously was linked with a September 2003 mortgage of $20.2 million held by Wachovia Bank of Charlotte, N.C.

ISB acquired the former Koger Center and adjoining undeveloped land in March 1999 for $30.4 million. The seller was Koala Little Rock Realty Holding Co., an affiliate of J.P. Morgan Investment Management Inc.

Office Funding

A 21,219-SF office project in downtown Little Rock is backing a $1.6 million financial package.

KRL Properties LLC, led by Mark Leverett, received the three-year loan from Simmons First National Bank of Pine Bluff.

The 0.96-acre development at 1501 Main St. previously was used to help secure December 2011 mortgages of $2.2 million and $1.68 million held by One Bank & Trust of Little Rock.

The project was purchased for $1.3 million in October 2005 from Arvest Bank of Fayetteville.



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