NLR Inn Sells for $4.4 Million (Real Deals)

A 123-room hotel in North Little Rock changed hands in a $4.4 million transaction.
Little Rock Hospitality LLC, led by Rupinder Dhillon, bought the Hampton Inn at 500 W. 29th St. from Equity Inns Partnership Ltd. of Memphis.
The deal is financed with a one-year loan of $2.75 million from Zions First National Bank of Salt Lake City and a one-year loan of $1.92 million from American Security Bank of Covina, Calif.
The nearly two-acre development previously was used to help secure an October 2000 mortgage of $125 million held by Bank One of Chicago.
The project was purchased for a reported $7 million in June 1997 from Hampton/GHI Associates No. 1 of Greenville, S.C.
Sherwood Acres
About 40 acres in Sherwood are under new ownership in a deal valued at $3.2 million.
107-Oakdale LLC, led by Byron McKimmey and Randy Wiggins, acquired the land, about 34 acres at the northwest corner of Highway 107 and Oakdale Road and about seven acres on the north side of Kellogg Acres Road near Simlar Road. The seller is Sherwood Land Co., led by Steve Deere.
The deal is backed with a two-year loan of $3.5 million from Bancorpsouth Bank of Tupelo, Miss. The property previously was tied to a February 2006 mortgage of $7.1 million held by Twin City Bank of North Little Rock.
The land was bought eight months ago as part of an $8 million transaction with Metropolitan Land Co., representing the heirs of Justin Matthews and his Metropolitan Trust.
Property Transfer
Ownership of industrial property and undeveloped residential land in Little Rock shifted in a $1.65 million deal.
R.E.D. Land LLC, led by Charles Davidson, Frazier Rogers and William and Alda Ellis, purchased land at 4200 Hoerner Road, 3319 Mabelvale Pike and more than 100 acres in south Little Rock.
The sellers were William and Alda Ellis. The deal is funded with two three-year loans of $1.4 million and $500,000 and a two-year loan of $250,000 from Metropolitan National Bank of Little Rock.
The Ellis family purchased the 12-acre 4200 Hoerner St. development for $1 million in July 2000 from Commercial Moving and Storage Co., led by Robert Torrans.
The acreage is on either side of Stage-coach Road in the area of Tall Timber Boulevard and at the northwest corner of Herndon Road and Stagecoach.
The sellers were Fort Smith's Superior Federal Bank, $105,000 in April 1994; Clifton and Betty Wells, $105,000 in February 1998; and Betty Wells, $60,000 in March 1999.
The 0.8-acre development at 3319 Mabelvale Pike was assembled in four transactions totaling $47,000. The sellers were RHM Co., led by John Ryles, $20,000 in November 1979; J.T. and Edith Jaynes, $14,000 in September 1999; Joseph and Grace Schmelzer and J.E. and Thelma Goodwin, $7,000 in December 1965; and L.K. and Ethel Davis, $6,000 in March 1973.
The properties previously were linked with a July 2000 mortgage of $1 million and a January 2003 mortgage of $200,000 held by Metropolitan Na-tional Bank and a November 1998 mortgage of $300,000 held by Little Rock's First Commercial Bank.
Church Land
A 9.2-acre property in southwest Little Rock sold for $350,000.
James Stewart Jr. and his wife, Sharon, bought the property north of Charity General Baptist Church at 11111 Geyer Springs Road from the church.
The property was purchased in July 1976 as part of a $42,000 transaction with Conway's Hendrix College.
Storage Acquisition
Land for a ministorage project was assembled in two deals totaling $300,000.
AA Storage Development LLC, led by Scott Richburg, acquired the property at 804 Fair Park Blvd. and 803 S. Taylor St. The sellers were Richard Massery and his Kiddie Kampus Playskool Inc.
The deal is financed with a two-year loan of $500,000 from BancorpSouth Bank. Massery bought the properties for $74,000.
The sellers were Victor and Katheryn Homan, $43,000 in January 1977; Rex and Bettye Thompson and George Rector III and his wife, Allie, $6,000 in January 1977; and Mary and Marion Young and Judy and Dennis Campbell, $25,000 in August 2006.
Clifton Purchase
A nearly four-acre parcel in North Little Rock drew a $240,000 sale.
Clifton Family LLLP, led by Norman Clifton, purchased the land on the south side of U.S. 165 near Carpenter Road. The seller is Glover-Harding Investments LLC, led by Jim Glover and Tom Harding.
The land previously was tied to a July 2003 mortgage of $100,000 held by Regions Bank.
The property was acquired for $85,000 in July 2003 from the Herschel Friday estate, William and Peggy Sutton, William and Elizabeth Terry, William and Kay Patton, William and Mary Lou Cravens and Oaklawn Jockey Club Inc., led by Charles Cella.
Chenal Sale I
A 7,000-SF home in west Little Rock's Chenal Valley neighborhood tipped the scales at $1 million.
Duncan and Carol McClain bought the house from ODS Enterprises LLC, led by Oscar Washington. The deal is backed with an $821,360 loan from One Bank & Trust.
The residence previously was linked with a June 2005 mortgage of $720,000 held by Bank of Little Rock.
The location was purchased for $117,000 in June 2005 from Deltic Timber Corp. of El Dorado.
Chenal Sale II
A 5,000-SF home in west Little Rock's Chenal Valley neighborhood rang up a $950,000 transaction.
Gary Hendershott acquired the house from Phase II Inc., led by David Pickering Jr. The deal is funded with a one-year loan of $800,000 from Regions Bank and a 12-year loan of $110,000 from First Family Trust LLC, led by Edgar Tyler.
The residence previously was tied to a December 2004 mortgage of $692,000 held by Bank of the Ozarks in Little Rock.
The homesite was bought for $185,000 nearly two years ago from Deltic Timber.
Hillcrest Home
A 3,900-SF home in Little Rock's Hillcrest neighborhood changed hands in an $880,000 sale.
Michael and Elizabeth Schneider purchased the house from Donna Bressinck. The deal is financed with a 15-year loan of $675,000 from Bank of Little Rock Mortgage Corp. The residence previously was linked with a June 2006 mortgage of $300,000 held by Bank of Little Rock.
The property was acquired for $295,000 in August 1992 from Henry Gregory III.
Estates Property
Adjoining residential lots in west Little Rock's Valley Falls Estates neighborhood combined for a $775,000 deal.
Michael Montgomery bought the property on Spring Valley Lane from VFE Inc., led by Rick Ferguson.
The deal is backed with a three-year loan of $750,000 from Metropolitan National Bank. The land previously was tied to a January 2006 mortgage of $3 million held by Twin City Bank.
The property was purchased in October 2000 as part of a $2 million deal with Miriam Parke Balding, 38 percent; Frank Parke Jr. and his wife, Ann, 26 percent; Frank Herbert Parke III and his wife, Paula, 8 percent; John and Susan Parke, 8 percent; Emily Frances Parke, 8 percent; Frances Balding Biegler and her husband, Mark, 6 percent; and Marvin Balding Jr., 6 percent.
Shady Abode
A 4,700-SF home in North Little Rock's Shady Valley neighborhood is under new ownership after a $560,000 deal.
Robert and Nancy Miller acquired the house from Grayson Living Trust, led by Keith and Melanie Grayson. The deal is funded with a 30-year loan of $320,000 from Bank of the Ozarks.
The residence previously was linked with a December 2004 mortgage of $359,650 held by Twin City Bank. The land was bought for $55,000 in September 2001 from Alvin Eanes.
Chenal Sale III
A 3,900-SF home in west Little Rock's Chenal Valley neighborhood sold for $530,000.
Ghulam Khaleel purchased the house from Sandbern Quality Homes Inc., led by Bernard Hochstetter.
The deal is financed with a 30-year loan of $450,000 from Simmons First Bank of El Dorado. The residence previously was tied to an April 2006 mortgage of $408,000 held by First Security Bank of Searcy.
The location was acquired for $60,000 in May 2003 from Deltic Timber.
Woodlands Buy
A 4,700-SF home in west Little Rock's Woodlands Edge neighborhood drew a $501,000 transaction.
Jeffrey and Krista Webb bought the house from Randy and Donna Wright. The deal is backed with a 30-year loan of $501,000 from Arvest Mortgage Co. of Lowell.
The residence previously was linked with a March 2005 mortgage of $257,000 held by Gateway Mortgage Group LLC of Tulsa.
The homesite was purchased for $50,000 in December 2003 from Rocket Properties LLC, led by Ron Tyne and Baker Kurrus.