Four Nursing Homes Add Up to $29M Sale (Real Deals)


Four Nursing Homes Add Up to $29M Sale (Real Deals)
Little Rock Subacute & Rehabilitation Center at 5720 W. Markham St.

A series of Little Rock-area nursing home sales combined for a nearly $29.7 million transaction.

Affiliates of Kotel Management of Wood-Ridge, New Jersey, bought four properties from affiliates of AdCare Property Holdings LLC of Atlanta:

  • The 154-bed Little Rock Subacute & Rehabilitation Center at 5720 W. Markham St., $8.2 million. Buyer: 5720 West Markham Street Holdings LLC. Seller: Little Rock HC&R Property Holdings LLC.
  • The 140-bed Woodland Hills Health & Rehabilitation project at 8701 Riley Drive in Little Rock, $7.5 million. Buyer: 8701 Riley Drive Holdings LLC. Seller: Woodland Hills HC Property Holdings LLC.
  • The 140-bed Northridge Health Care project at 2501 John Ashley Drive in North Little Rock, $7.5 million.
    Buyer: 2501 John Ashley Drive Holdings LLC. Seller: Northridge HC&R Property Holdings LLC.
  • The 120-bed Cumberland Health & Rehabilitation Center at 1516 Cumberland St. in Little Rock, $6.4 million. Buyer: 1516 Cumberland Street Holdings LLC. Seller: APH&R Property Holdings LLC.

The deal was financed in connection with five-year loans of $45.6 million and $6 million from PrivateBank & Trust of Chicago.

The properties previously were tied to a September 2015 mortgage of $21.8 million held by the bank.

AdCare purchased the properties in April 2012. Three of the deals involved affiliates of AVIV REIT Inc. of Chicago.

  • The 0.71-acre development at 5720 W. Markham St. was acquired for $17.1 million from Little Rock AVIV LLC.
  • The 4.77-acre development at 2501 John Ashley Drive was bought for $5.6 million from Northridge Arkansas LLC.
  • The 1.34-acre development at 8701 Riley Drive was purchased for $4.5 million from Woodland Arkansas LLC.

The fourth project, the 1.89-acre development at 1516 Cumberland St., was acquired for $3.6 million from SCLR LLC, led by Rick Wilson of Royal (Garland County).

Pet Projects
A preschool and day care in North Little Rock changed hands in a $775,000 deal.

Teachers’ Pet Preschool Inc., led by Suzanne and Jim Pate and Jennie and John Harrison, sold its namesake 5,220-SF project at 1801 Kierre Drive and 1,820-SF infant center at 908 W. 35th St.

The buyer is Ridgeview Properties LLC, led by Mark and Angela Todd.

The deal is backed with a 20-year loan of $678,000 and a 10-year loan of $244,000 from Little Rock’s Bank of the Ozarks.

The 1.4-acre preschool location was purchased for $97,000 in May 1994 from Pulaski Bank & Trust of Little Rock.

The 0.2-acre day care property was bought for $25,000 in September 1985 from Dave and Nita Whitson.

Office-Warehouse Sale
A 5,720 office-warehouse project in west Little Rock rang up a $440,000 sale.

9015 Kanis-WLR LLC of Nashville, Tennessee, acquired the Harvill Byrd Electric project at 9015 Kanis Road from SOC LLC, led by Larry and Donna Crenshaw.

The 0.49-acre development previously was linked with a September 1997 mortgage of $400,000 held by Metropolitan National Bank of Little Rock.

The property was purchased for $190,000 in July 1995 from Atlas Finance Co., led by Martin Borchert.

Prospect House
A 4,054-SF home in Little Rock’s Prospect Terrace neighborhood tipped the scales at $1.1 million.

John and Karen Lammers bought the house from the O’Mara Joint Revocable Trust, led by Frank and Patricia O’Mara.

The deal is funded with a 30-year loan of $417,000 from IberiaBank of Lafayette, Louisiana.

The O’Maras acquired the property for $505,000 in November 1999 from Terry and Rebecca Masching.

Hickory Creek Home
A 5,176-SF home in west Little Rock’s Hickory Creek neighborhood sold for $875,000.

SDM Trust, led by Susan Douglas Munson, purchased the house from Ed and Mindy Love.

The deal is financed with a 30-year loan of $417,000 from Gateway Mortgage Group LLC of Tulsa. The residence previously was tied to a July 2013 mortgage of $417,000 held by Regions Bank of Birmingham, Alabama.

The property was bought for $740,000 more than three years ago from Larry and Stacy Froberg.

Hickory Grove Abode
A 4,660-SF home in west Little Rock’s Hickory Grove neighborhood drew an $800,000 transaction.

Ed and Mindy Love acquired the house from Rush and Linda Harding.

The Hardings provided a $640,000 mortgage to finance the deal. The residence was previously linked with a January 2013 mortgage of $675,000 held by U.S. Bank of Cincinnati.

The property was purchased for $995,000 in May 2009 from Jim and Melinda Markus.

Arbors Residence
A 5,050-SF home in the Arbors neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $780,000 sale.

Jan Weideman bought the house from Jeffrey and Eunah Kim Henning.

The deal is backed with a 30-year loan of $417,000 from Simmons Bank of Pine Bluff.

The Hennings acquired the property for $825,000 in February 2013 from Susan Michelle Paszkiewkz.

Rural Home
A 3,356-SF home in west Pulaski County changed hands in a $595,000 deal.

Evgueni Roudachevski and Regina Yarosh purchased the house from M.D. and Harryette Graham.

The deal is funded with a 30-year loan of $475,000 from IberiaBank Mortgage Co. of Lafayette, Louisiana.

The Grahams bought the 4.9-acre location for $137,000 in October 2002.

The sellers were Christopher and Cynthia Fess.

Walton Heights House
A 2,122-SF home in west Little Rock’s Walton Heights neighborhood rang up a $563,000 sale.

Richard and Diana Gregory acquired the house from Gary Morrison and Stacy Hall.

The deal is financed with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a November 2012 mortgage of $121,000 held by Simmons Bank.

The property was purchased for $525,000 in August 2012 from Rhoda Mae Kerr.

Miramar Residence
A 3,800-SF home in the Miramar Place neighborhood of west Little Rock’s Chenal Valley neighborhood drew a $530,000 transaction.

Michael and Lee Brosh bought the house from Dillon Group Inc., led by Janet Dillon.

The deal is backed with a 30-year loan of $417,000 from Regions Bank.

Dillon Group acquired the location for $76,000 in December 2014 from Deltic Timber Corp. of El Dorado.

Leisure Mortgage
The owner of a 176-room motel in downtown Little Rock landed a $4 million funding agreement.

Leisure Hospitality LLC, led by Christopher Whitt, received the five-year loan from First National Bank of Fort Smith.

The 1.34-acre Comfort Inn & Suites development at 707 Interstate 30 previously was linked with an October 2006 mortgage held by Nationwide Life Insurance Co. of Columbus, Ohio.

The project was purchased for $1.9 million in December 2002 from HLC Properties Ltd. of Savannah, Georgia, led by J. Roger Hammond.

Seven-Digit Construction

Children’s Clinic      $3,400,000
Arkansas Children’s Hospital
9015 Dailey Drive, Little Rock
Nabholz Construction Corp., Conway

Interior Wayfinding      $1,059,390
Clinton National Airport
1 Airport Drive, Little Rock
Flynco Inc., Little Rock