Super 8 Transformation Follows $2.6M Purchase (Real Deals)

by George Waldon  on Monday, Nov. 4, 2013 12:00 am  

Rebranding to a Super 8 accompanied the sale of the former La Quinta Inn at 11701 Interstate 30 in Little Rock.  (Photo by Jason Burt)

A 145-room motel in southwest Little Rock tipped the scales at $2.65 million.

Otter Creek Lodging LLC, led by Animesh Patel, bought the La Quinta Inn at 11701 Interstate 30 from Supreme Bright Portfolio LLC of Irving, Texas.

The rebranded Super 8 project is financed with a three-year loan of $4.28 million from Simmons First National Bank of Pine Bluff.

Supreme Bright acquired the property for $2.49 million three months ago from BRE/LQ Properties LLC of New York.

The 4.23-acre development 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 Charlotte, N.C.

The property was purchased for $2 million in July 1993 from Marathon U.S. Realties Inc. of Dallas.

Branch Location

A future credit union branch site in Sherwood rang up a $1.23 million sale.

Telcoe Federal Credit Union of Little Rock acquired the 4.06-acre parcel near the northeast corner of Wildwood Avenue and Country Club Road from St. Vincent North.

St. Vincent bought the property in June 1998 as part of a $1.3 million deal with Lilac LLC, led by Andy Collins.

Warehouse Sale I

A 67,500-SF warehouse in Little Rock is under new ownership after an $850,000 transaction.

United Cerebral Palsy of Central Arkansas Inc., led by Larry Stang, purchased the 8121 Distribution Drive project. The seller is 8121 Distribution LLC, led by Justin Muller.

The deal is funded with a $680,000 loan from Centennial Bank of Conway. The 10-acre development previously was tied to a December 2011 mortgage of $675,000 held by First Security Bank of Searcy.

The property was acquired for $500,000 nearly two years ago from Arkansas Food Bank Network Inc., led by Phyllis Haynes.

Warehouse Sale II

A 60,000-SF warehouse in southwest Little Rock changed hands in a $390,000 sale.

Russell Allison bought the 5207 Scott Hamilton Drive project from Kurios Investor Holdings LLC, led by Dru Phillips and Roger Tucker.

The deal is backed with a three-year loan of $524,518 held by Farmers & Merchants Bank of Stuttgart.

The 4.2-acre development previously was linked with a November 2012 mortgage of $270,000 held by Capital Properties LLC of Little Rock.

Kurios purchased the property for $300,000 a year ago from Capital Properties, led by Gus Blass III.

Conceptual Transaction

A 3,000-SF day care in North Little Rock drew a $185,000 transaction.

Food Marketing Concepts Inc., led by Arlis Harvey, acquired the Lakewood Child Care project at 2500 Lakeview Road from John and Angelica Rogers.

The deal is financed with a five-year loan of $140,000 from Wells Fargo Bank of Sioux Falls, S.D. The 0.66-acre development previously was tied to a September 2007 mortgage of $240,000 held by Little Rock’s Bank of the Ozarks.

The Rogers family bought the property for $210,000 in August 2007 from Lakewood Daycare Inc., led by Wray and Joy Jones.

Woodland’s Residence

A 4,317-SF home in west Little Rock’s Woodland’s Edge neighborhood sold for $550,000.

Christopher Long II purchased the house from the Randy L. Wright and Donna R. Wright Revocable Trust.

The deal is funded with a 30-year loan of $415,250 from U.S. Bank of Cincinnati. The residence previously was linked with June 2011 mortgages of $162,400 and $250,000 held by Arvest Bank of Fayetteville.

The Wrights acquired the location for $80,000 in April 2010 from Rocket Properties LLC, led by Ron Tyne.

Country Club House

A 2,563-SF home near the Country Club of Little Rock rang up a $537,000 deal.

David and Shay Matthews bought the house from Ruth McDonough.

The deal is backed with a seven-year loan of $375,900 from Bank of the Ozarks.

McDonough purchased the property for $475,000 in March 2004 from Shane and Kristin Hall.

Rural Abode

A 3,400-SF home in west Pulaski County is under new ownership after a $530,000 sale.

Kristin Zorn acquired the house from Bradley and Sara Hughes.

The deal is financed with a 30-year loan of $417,000 from Bank of the Ozarks and a 20-year loan of $60,000 from Arkansas Federal Credit Union of Jacksonville.

The 15.5-acre spread previously was tied to a December 2007 mortgage of $200,000 and a February 2013 mortgage of $250,000 held by Magna Bank of Memphis.

The property was bought for $558,000 nearly six years ago from Dewey and Betty Thomas.

Sologne Home

A 3,652-SF home in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development changed hands in a $525,000 transaction.

G.D. and Darla Goodwin purchased the house from Joseph and Kristie Hadden.

The deal is funded with a 30-year loan of $397,000 from Bank of America, and a 20-year loan of $100,000 from IberiaBank of Lafayette, La.

The residence previously was linked with a March 2009 mortgage of $405,000 from One Bank & Trust of Little Rock.

The Haddens acquired the property for $658,000 in October 2006 from Charles and Sue Lewis.

Lamarche Property

A 4,632-SF home in the Lamarche Place neighborhood of west Little Rock’s Chenal Valley development drew a $525,000 sale.

Craig and Nancy Comish bought the house from Randall and Lisa Alberius. The deal is backed with a 30-year loan of $417,000 from Regions Bank of Birmingham, Ala.

The residence previously was tied to March 2007 mortgages of $350,000 and $106,400 held by Metropolitan National Bank of Little Rock.

The site was purchased for $62,000 in August 2000 from Deltic Timber Corp. of El Dorado.

Penney’s Financing

A 103,765-SF store in west Little Rock was used to help secure a $2.2 billion funding agreement.

J.C. Penney Properties Inc. of Plano, Texas, obtained the five-year loan from Goldman Sachs Bank USA of New York.

The 9.96-acre site at 2600 S. Shackleford Road was acquired for $903,000 in February 2007 from Shackleford Crossings LLC, led by Steve Clary.

Inn Mortgage

A 119-room Hampton Inn & Suites project in downtown Little Rock is backing a $15.6 million mortgage.

MHG Little Rock HN Ltd. of Gainesville, Ga., an affiliate of McKibbon Hotel Group, got the 10-year loan from Regions Bank.

The 0.68-acre development at 320 River Market Ave. previously was linked with an August 2007 mortgage of $13.1 million originated by Century Bank of Texarkana, Texas.

The location was bought for $1.2 million in March 2007 from River Market South LLC, led by Jimmy Moses and Rett Tucker.

Multifamily Note

The owner of a 100-unit apartment project in southwest Little Rock landed a $2.3 million financial package.

Auxora Arms 2007 LLC, an affiliate of American Community Developers Inc. of Detroit, received the 40-year loan from Pillar Capital Finance LLC of Bloomfield Hills, Mich.

The 6.1-acre development at 9101 Auxora Road previously was tied to a June 2008 mortgage of $2.3 million held by St. James Capital LLC of Bloomfield Hills, Mich.

The project was purchased for $2.2 million in August 2007 from Auxora Arms Apartments Ltd., led by James Kincannon.

 

 

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