The $2.3 million purchase of adjoining buildings set in motion a multproperty redevelopment in downtown Little Rock.
201 W. Capitol LLC bought the Hall and Davidson buildings at 201-215 W. Capitol Ave.
The seller is Capitol Lofts LLC, led by Scott Reed.
The 201 investment group includes members of Rock Capital Group and Rock Capital Real Estate: Dan Roda, Danny Brickey, Jordan Haas and Blake Smith.
Other equity partners are Reimagine Hospitality Corp., led by Kunal Mody, and the Sam Alley family of Little Rock.
The boutique hotel development is financed with a five-year loan of $13.6 million from Little Rock’s Bank of the Ozarks.
The 201 investment group also assumed $286,532 of debt owed to the Pulaski County Brownfields Revolving Loan Fund.
Capitol Lofts acquired the property for $850,000 in October 2013 from Robert Davidson.
Best Western Sale
The sale of a 38-bed motel in southwest Little Rock tipped the scales at $1.8 million.
BRIJ Hospitality LLC, led by Brijen Patel, purchased the Best Western at 8219 Interstate 30 in Little Rock.
The seller is Windsor Hospitality LLC, led by Bhavin, Jiger and Jagdish Patel.
The deal is funded with a 25-year loan of $1.6 million from BankUnited of Miami Lakes, Florida.
The 1.48-acre development previously was tied to a June 2015 mortgage of $1.3 million held by One Bank & Trust of Little Rock.
The property was bought for $1.39 million in April 2005 from D.M.V. Inc., led by David Patel.
Reservoir Transaction
A 13,020-SF retail property in west Little Rock changed hands in a $567,500 deal.
Prachi Investment Inc., led by Dipesh Patel, acquired the 812 Reservoir Road project along with an adjoining 0.51-acre parcel and a 0.32-acre parking lot. The seller is ICV Little Rock LCC, led by Mark Self.
The deal is backed with a five-year loan of $400,000 from Arvest Bank of Fayetteville.
ICV purchased the property as part of a $1.6 million foreclosure sale in November 2009. The previous owner was Southway Corp., led by Newman McGee.
Kanis Commercial
A 4,320-SF office building in west Little Rock rang up a $455,000 sale.
Kanis Road Investment LLC, led by Josh and Jennifer Malone, bought the Kanis Professional Center at 11523 Kanis Road.
The seller is Accountable Property Management LLC, led by Ted Upshaw.
The deal is financed with a 25-year loan of $364,000 from BancorpSouth Bank of Tupelo, Mississippi.
The 0.4-acre site was acquired for $40,000 in May 1999 from Elmer Tucker Jr. and his wife, Ruth, and Doyle and Ruth Tucker.
Land Purchase
Undeveloped commercial land in west Little Rock drew a $185,000 transaction.
Corco Investments LLC, led by Justin Bennett, purchased the 1.19-acre parcel near the northwest corner of Pride Valley and Kanis roads.
The seller is Chenal Storage Center LLC, led by Graham Smith.
Chenal Storage Center bought the property as part of a $612,000 deal with Peggy Robbins in July 2012.
Chenal Downs Manor
A 7,476-SF mansion in west Pulaski County’s Chenal Downs neighborhood weighed in at $1.2 million.
David and Shuo Rainosek acquired the 7-acre residential spread from Gregg and Brandy Tarini.
The deal is funded with a 30-year loan of $960,000 from Bank of America in Charlotte, North Carolina.
The house previously was linked with a June 2008 mortgage of $1.1 million originated by Riverside Mortgage Co. of Little Rock and a June 2008 mortgage of $514,119 held by Riverside Bank of Sparkman (Dallas County).
The Tarinis purchased the location for $150,000 in January 2006.
The seller was Deltic Timber Corp. of El Dorado.
Prospect Abode
A 3,147-SF home in Little Rock’s Prospect Terrace neighborhood is under new ownership after an $850,000 deal.
Joshua and Meredith Dilley bought the house from Jason Garner.
The transaction is backed with a six-month loan of $680,000 from Riverside Bank.
The residence previously was tied to a June 2015 mortgage of $438,500 from U.S. Bank of Cincinnati.
Garner acquired the property for $210,000 in May 2014 from Bret and Julian Killian.
Rural Residence
A 3,070-SF home in west Pulaski County sold for $820,000.
Greg and Brandy Tarini purchased the 17.7-acre spread from the estate of Carolyn Cress English and the Robert G. Cress Trust.
Robert Cress carried a $670,000 note to finance the deal.
The property was bought in September 2008 for $820,000 from Bob and Angie Alexander.
Miramar House
A 3,102-SF home in the Miramar Place neighborhood of west Little Rock’s Chenal Valley development changed hands in a $585,000 transaction.
Michael and Emma Randazzo acquired the house from Christie and Deno Grumbos.
The deal is funded with a 26-year loan of $425,000 from Regions Bank of Birmingham, Alabama. The residence previously was linked with an October 2015 mortgage of $350,600 held by Arvest Bank.
The Grumbos family purchased the property for $550,600 21 months ago from E. Ward Construction Inc., led by Eric Ward.
