Midtown Sheraton Hotel Visited by $10.4M Sale (Real Deals)

by George Waldon  on Monday, Oct. 8, 2018 12:00 am   4 min read

The Four Points by Sheraton at 925 S. University Ave. in Little Rock

The sale of a 263-room hotel in midtown Little Rock tipped the scales at $10.42 million. Newstream Hotel Partners-LIT LLC of Roanoke, Texas, bought the Four Points by Sheraton at 925 S. University Ave. from Windsor Capital Ltd., led by Al Rajabi.

The deal is backed with a 30-month loan of $14 million from UC Funding LLC of Boston. The 5.25-acre development previously was linked with a September 2015 mortgage of $4.1 million held by U.S. Bank of Cincinnati.

Windsor Capital acquired the project in May 2014 at a $5 million foreclosure sale. The previous owner was HLR LLC, led by Marty Belz and Bruce Burrow.

Back then, the project was known as the Clarion Hotel Medical Center. It was linked with a November 2003 mortgage of $14 million held by Jonesboro’s Liberty Bank of Arkansas, which became part of Centennial Bank in 2013.

Steakhouse Flip
Tandem transactions of a North Little Rock eatery began with a $1.75 million deal.

New York’s Ocean Block Real Estate LLC of purchased the Outback Steakhouse at 4401 Warden Road from the Woodcrest Co. LLLP, led by James P. Matthews.

Ocean Block flipped it for $2.13 million to DG North Little Rock LLC of Montvale, New Jersey. The 1.96-acre parcel previously was tied to a November 2013 mortgage of $1.3 million held by One Bank & Trust of Little Rock.

John and Martha Matthews acquired the Warden Road property in August 1959 as part of a $250,000 deal with Fred and Katherine Watkins.

Electric Development
A utility control center in southwest Little Rock sold for $1.4 million. Entergy Arkansas Inc., a subsidiary of New Orleans-based Entergy Corp., bought the project at 8105 Baseline Road from Coral Gables LLC of New York.

A predecessor, Coral Gables Ltd., purchased the 9.33-acre development in May 1997 from Mid-West Equities Ltd., led by James Mintzer and Charles Hack.

Maumelle Dirt
Undeveloped land in Maumelle changed hands in a $1 million transaction.

Daryl Brock Custom Homes Inc. of Conway acquired 14.5 acres on the west end of Carnahan Drive between Audubon and Club Manor drives from Baptist Health of Little Rock.

The deal is financed with a one-year loan of $1.8 million from First Service Bank of Greenbrier.

Baptist bought the property in December 1984 as part of a $600,000 deal with Maumelle Land Development Inc., led by Dowell Naylor.

Mobile Transaction
A small mobile home park in Little Rock rang up a $823,846 sale. Little Rock Propco LLC of Gainesville, Georgia, purchased the 46-unit Legion Hut Mobile Home Park at 11221 E. Legion Hut Road.

The seller, So Bryant Co. LLC, led by Brett Bolan, provided a $698,846 mortgage to fund the deal.

The property was acquired for $233,000 in March 1999 from Randall and Diane Davis.

Enhanced Acquisition
A 10,320-SF industrial project in Cabot is under new ownership after a $518,000 deal.

Enhanced Environmental & Emergency Services Inc. of Clinton, Mississippi, bought the 6105 John Harden Drive project from Haybar Properties LLC, led by Bryan Hosto.

The deal is backed with a 15-year loan of $689,502 from Regions Bank of Birmingham, Alabama. Haybar purchased the former home of Jacksonville Motorcycle Sales for $300,000 in November 2014 from Holdco One Sub 1 LLC, an affiliate of Fidelity Life Insurance Co. of Overland Park, Kansas.

Multifamily Sale
An 18-unit apartment complex in south Little Rock drew a $385,000 transaction. Fason Properties LLC, led by Brian Fason, acquired Chasyn Apartments at 4725 Hoffman Road.

The seller is Chasyn Management LLC, led by Chris and Shacuna Jones. The deal is financed with a $348,500 loan from Central Bank of Little Rock.

The 0.95-acre development previously was linked with an August 2009 mortgage of $238,000 held by Summit Bank of Arkadelphia. The property was bought for $260,000 in August 2009 from William and Debra Voque.

Hall Cove Abode
A 7,019-SF home in the Hall Cove neighborhood of Little Rock sold for $985,570.

Chad and Kim Crank purchased the house from Clark Trim and Henrik Thostrup. The deal is funded with a 25-year loan of $788,456 from Regions Bank.

The residence previously was tied to a March 2012 mortgage of $417,000 held by First Financial Bank of El Dorado.

The property was acquired for $465,000 in August 2009 from James and Dede Smith.

Hillcrest Manor
A 4,486-SF home in Little Rock’s Hillcrest neighborhood changed hands in an $849,000 deal. Joyce Carter and Rebecca Rickly bought the house from Haney Custom Homes LLC, led by Kevin Haney.

The deal is backed with a five-year loan of $760,000 from Riverside Bank of Sparkman.

The residence previously was linked with a July 2008 mortgage of $600,000 held by Bear State Bank of Little Rock.

The location was purchased for $249,000 in May 2008 from the Lyndae Allison Living Trust.

Heights Home
A 3,391-SF home in Little Rock’s Country Club Heights rang up a $790,000 sale. Jason and Emily Nadeau acquired the house from Benjamin and Kimberly Bailey.

The deal is financed with a 15-year loan of $424,100 from IberiaBank of Lafayette, Louisiana.

The residence previously was tied to a September 2017 mortgage of $501,500 held by Raymond James Bank of St. Petersburg, Florida.

The Baileys bought the property for $449,000 in August 2012 from the Emily H. Means Revocable Trust.

Ensbury Place
A 4,500-SF home in the Ensbury Place neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $725,000 deal.

Thomas Morris III and his wife, Allison, purchased the house from Jeff Fuller Homes LLC.

The deal is funded with a 30-year loan of $725,000 from IberiaBank. The residence previously was linked with a December 2017 mortgage of $464,000 held by Centennial Bank of Conway.

The site was acquired for $98,000 10 months ago from Deltic Timber Corp. of El Dorado.

Oaks House I
A 3,302-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development drew a $650,000 transaction.

The Wilimzig Revocable Living Trust, led by Robert and Sheila Wilimzig, bought the house from Robert and Debra Fehlman. The residence previously was tied to a May 2016 mortgage of $345,00 held by Simmons Bank of Pine Bluff.

The Fehlmans purchased the property for $635,000 more than two years ago from Jill Willey.

Oaks House II
A 3,397-SF home in The Oaks neighborhood sold for $500,000. Katherine Friend acquired the house from Hugh and Ann Weatherford.

The deal is backed with a 30-year loan of $450,000 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with a March 2017 mortgage of $300,000 held by Simmons Bank.

The Weatherfords bought the property for $465,000 19 months ago from Roxanne Townsend.

 

 

Please read our comments policy before commenting.