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)

High-Rise Finance

The owner of a 25-story office building in downtown Little Rock landed a $25 million funding agreement.

111 Center Street Ltd., led by Stephens Investments Holdings LLC, obtained the 20-year loan from four affiliates of Prudential Financial Inc. of Newark, N.J.: Gibraltar Life Insurance Co. Ltd., Prudential Arizona Reinsurance Universal Co., PICA Hartford Life & Annuity Comfort Trust and Par U Hartford Life Insurance Comfort Trust.

The 2.06-acre development previously was tied to an August 1995 mortgage of $25 million held by Prudential Insurance Co. of America.

The limited partnership bought the 432,000-SF Stephens Building and adjoining seven-story parking deck from Doyle and Josephine Rogers in November 1989 for $26 million.

On June 1987, the development was linked with $39.5 million in debt to Republicbank of Dallas and a $3.6 million mortgage held by FirstSouth of Pine Bluff.

The Rogers family assembled land for the project in two buys totaling $1.73 million. The sellers were First Southern Corp., led by Howard Wiechern, $1.5 million in March 1978; and Jack Collier East Co., led by James East, $233,000 in August 1980.

Access Funding

A nonprofit, special needs school in west Little Rock picked up a $2.5 million financial package.

Access Group Inc., led by Jeffrey Sebree, received a five-year loan of $2.2 million and a two-year loan of $350,000 from First Security Bank of Searcy.

The 4-acre development at 10618 Breckenridge Drive previously was linked with a December 2008 mortgage of $350,000 and a February 2013 mortgage of $2 million held by Delta Trust & Bank.

The property was purchased for $1.04 million in February 2001 from Bible Church of Little Rock.

All locations on map approximate.

 

 

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