Springhill Suites Hosts $4.5M Transaction (Real Deals)

by George Waldon  on Monday, Feb. 17, 2014 12:00 am  

Springhill Suites by Mariott at 306 Markham Center Drive.  (Photo by Jason Burt)

The seller provided a 10-year mortgage of $858,746 to finance the deal. Faithland assembled the property in four transactions totaling $1.4 million.

Three sellers in September 2005 included GEM Enterprises, led by Gene Eberle and Martin Morgan, $610,000; the Louis E. Bona & Mary K. Bona Joint Revocable Trust, $458,000; and Gary and Elizabeth Houston, $153,000. The fourth parcel was purchased for $204,000 in June 2013 from the Malek Family LLC, led by Kourosh Malek.

Office Purchase

A 6,567-SF office building near the state Capitol sold for $625,000.

1300 West 6th LLC, led by Kevin Huchingson, acquired its namesake property from the Greg L. Hatcher Revocable Living Trust.

The deal is funded with a 12-year loan of $445,000 from Greenwood’s State Bank of Lake Mills, Wis.

The 0.41-acre development, once home to The Hatcher Agency, previously was linked with an October 2013 mortgage of $747,000 held by Delta Trust & Bank of Little Rock.

Hatcher bought the property for $190,000 in March 1996 from Bushman Family Ltd., led Janie Bushman.

Eatery Investment

Ownership of a 5,500-SF restaurant in west Little Rock was consolidated in a transaction valued at $488,000.

Raymond Boshears Non-Exempt Trust and the Boshears Exempt Family Trust purchased the new home of Vesuvio Bistro at 1315 Breckenridge Drive. The trust bought out the 50 percent stake in the property held by Bill and Constance Bowen.

The former El Chico is now backed with two loans totaling $492,347 from First Federal Bank of Harrison.



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