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)

The sale of a motel in midtown Little Rock tipped the scales at $2.5 million.

Fair Park Lodging LLC, led by Samir Pothi and Jitendra Patel, purchased the 901 Fair Park Blvd. project from Supreme Bright Portfolio LLC of Irving, Texas.

The former La Quinta Inn is now operating as a 110-room Days Inn.

The deal included the neighboring Riviera Maya restaurant at 801 Fair Park Blvd.

The transaction is backed with a six-month loan of $2.49 million from Farmers & Merchants Bank of Stuttgart.

Before flipping the 2.92-acre development, Supreme Bright acquired the motel-restaurant combo for $2.33 million from BRE/LQ Properties LLC of New York.

The properties previously helped secure a July 2007 funding agreement of $2.4 billion from Merrill Lynch Bank of New York, Merrill Lynch Lending Inc. of New York, UBS Real Estate Securities Inc. of New York and Bank of America in Charlottle, N.C.

BRE/LQ bought the properties for $5.92 million in January 2006 from La Quinta Properties Inc. of Irving, Texas.

Mapco Project

A future convenience store site in North Little Rock rang up a $925,000 sale.

NTI Springhill Drive LLC of Brentwood, Tenn., acquired the 3300 Springhill Drive location from Metropolitan National Bank of Little Rock.

Construction of a Mapco project is financed with a 26-year loan of $2 million from Standard Insurance Co. of Hillsboro, Ore.

Metropolitan purchased the land for $841,000 in March 2006 from Woodcrest Co. LLP, led by James Matthews.

Office Transaction

A 2,675-SF office building in midtown Little Rock is under new ownership after a $477,000 transaction. BFJW Properties LLC, led by Tim Johnson and Mark Watkins, bought the 5420 W. Markham St. project. The seller is F&F Associates LLC, led by Gregory Foster and Richard Fleming.

The deal is funded with a $467,500 loan from Bank of Rison (Cleveland County).

The 0.3-acre development previously was tied to a November 2008 mortgage of $149,655 held by Pulaski Bank & Trust of Little Rock.

The property was acquired for $65,000 in April 1995 by St. Vincent Development Foundation.

Apartment Sale

A 12-unit apartment project in midtown Little Rock changed hands in a $350,000 sale.

Scott Street Apartments LLC, led by Jason Bolden, purchased 19th Street Apartments at 5919 W. 19th St. The seller is KMN Properties LLC, led by Kevin Nutting.

The deal is backed with a $310,000 loan from Central Bank of Little Rock. The 0.53-acre development previously was linked with a November 2012 mortgage of $225,000 from First Arkansas Bank & Trust of Jacksonville.

The property was bought for $360,000 in November 2002 from the James S. Scott & Betty L. Scott Living Trust.

Waffle Acquisition

A commercial site in North Little Rock drew a $250,000 transaction.

Ozark Waffles LLC of Norcross, Ga., acquired the 0.54-acre location on the north side of the Mexico Chiquito property at 4511 Camp Robinson Road from HSRE LLC, led by Lisa Glidewell.

The property was purchased in March 2005 in a $200,000 deal with Rent-Way Inc. of Erie, Pa.

Germay Manor

A 5,753-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development sold for $960,000.

Dennis and Tina Porter bought the house from Jeffrey and Melissa Stewart. The deal is financed with a 30-year loan of $560,000 from Regions Bank of Birmingham, Ala.

The residence previously was tied to a May 2005 mortgage of $984,000 held by the bank.

The Stewarts acquired the property for $984,000 more than eight years ago from Keathley Construction Co., led by Charles Keathley.

Hickory Creek Abode

A 6,366-SF home in west Little Rock’s Hickory Creek neighborhood rang up an $888,000 transaction.

Tacy Sundell purchased the house from Doyne and Margaret Dodd. The deal is funded with a 30-year loan of $665,000 from Bank of America.

The residence previously was linked with a March 2012 mortgage of $470,000 held by the bank.

The Dodds bought the property for $699,000 in September 1997 from Harry and Elizabeth Janson.

Palisades Home

A 4,613-SF home in Little Rock’s East Palisades neighborhood is under new ownership after an $815,000 sale.

James Moody Jr. and Melinda Carelock acquired the house from Robert and Gaye Lanford. The deal is backed with a 30-year loan of $365,000 from First Financial Bank of El Dorado.

The residence previously was tied to an August 2003 mortgage of $475,000 held by Bank of Little Rock Mortgage Corp.

The Lanfords purchased the property for $458,000 in December 2002 from Charles and Marisa Ensminger.

Grandview Residence

A 3,184-SF home in Little Rock’s Grandview neighborhood changed hands in a $599,000 transaction.

Joseph and Kristie Hadden bought the house from E.W. and Tamara Moore. The deal is financed with a 30-year loan of $417,000 from Delta Trust & Mortgage Inc. of Little Rock.

The residence previously was linked with a March 2008 mortgage of $100,000 held by Bank of America and a January 2011 mortgage of $399,382 held by Merrill Lynch Credit Corp. of Jacksonville, Fla.

The Moores acquired the property for $430,000 in March 2009 from DeeNita Moak.

Country Club House

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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