$1.7M Transaction Visits Motel 6 Property (Real Deals)

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

A 128-room motel in southwest Little Rock changed hands in a $1.7 million sale. Sargam Hospitality Inc. of Irving, Texas, bought the Motel 6 at 7501 Interstate 30.

The seller is G6 Hospitality Property LLC, an affiliate of Blackstone Real Estate Investors of New York. The deal is financed with a $1.47 million loan from Wilshire State Bank of Los Angeles.

The 3.23-acre development previously was used to help secure an October 2012 mortgage of $1.05 billion held by a trio of New York lenders: JPMorgan Chase Bank, German American Capital Corp. and Citigroup Global Markets Realty Corp.

The property was purchased for $3.65 million in November 2011 from M-Six VI Business Trust of Wilmington, Del.

JFK Dental Care

A 3,000-SF dental clinic in North Little Rock is under new ownership after a $470,000 deal. Flaherty Family Holdings LLC, led by Stephanie Flaherty, acquired the 5125 JFK Blvd. property from the Josef A. Villiger Revocable Trust.

The deal is funded with a five-year loan of $471,639 from Little Rock’s Bank of the Ozarks.

The trust bought the 0.44-acre property for $260,000 in November 1998 from MS Partnership, led by Jack Patterson.

Rural Residence

A 4,781-SF home in west Pulaski County tipped the scales at $1.15 million.

Christopher and Brandi Wylie purchased the house from Ben and Kristen Eiler. The deal is backed with a 30-year loan of $417,000 and a five-year loan of $503,000 from One Bank & Trust of Little Rock.

The residence previously was tied to a May 2009 mortgage of $100,000 and an October 2011 mortgage of $380,000 held by First Security Bank of Searcy.

The Eilers acquired the 5.4-acre location for $190,000 in August 2008 from Pinnacle View Farm LLC, led by Rush Harding III.

Bretagne Manor

A 5,485-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development rang up an $875,000 transaction.

Richard and Julie Nix bought the house from Gilbert and Peggy Arnold. The deal is financed with a 15-year loan of $700,000 from Wells Fargo Bank of Sioux Falls, S.D.

The residence previously was linked with an October 2011 mortgage of $563,500 held by Bank of the Ozarks.

The Arnolds purchased the property for $1 million in May 2004 from Dennis and Beverly Whipple.

High-Rise Home

A 2,274-SF condo in downtown Little Rock’s River Market Tower sold for $658,000.

Valerie and Nezih Erkman acquired the 12th-floor unit at 315 Rock St. The seller is River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

The deal is funded with a 30-year loan of $526,400 from Regions Bank of Birmingham, Ala.

The property helped secure a May 2007 mortgage of $47.6 million held by River Market Tower BDF III LLLP of Denver.

The 1.2-acre site on the east side of Rock Street between Third and Fourth streets was bought in October 2005 as part of a $5.08 million deal with the Arkansas Teacher Retirement System.

Multifamily Mortgage

The owner of a 240-unit west Little Rock apartment complex picked up a $4.5 million financial package.

Out-In-The-Woods LLLP, led by James E. Jackson and Haskell Dickinson II, received the loan from Grandbridge Real Estate Capital LLC of Charlotte, N.C.

The Out-In-The-Woods Apartments project at 9201 Kanis Road previously was tied to a September 2003 mortgage of $3.9 million held by Collateral Mortgage Capital LLC of Birmingham, Ala.

The Dickinson family has had ownership in the 13.2-acre property since June 1943.

Distribution Financing

A 178,750-SF warehouse project in North Little Rock is backing a $3.65 million funding agreement.

Blue Water Holdings LLC, led by Sidney Richmond, obtained the six-year loan from Bank of Little Rock.

The 23.7-acre development previously was linked with a March 2012 mortgage of $1.9 million held by the bank.

The property was purchased for $1.85 million in November 2010.

The seller was JM-Ark Acquisitions LLC, led by Gregory Schain.



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