Quality Inn Acquisition Checks In at Nearly $1.4M (Real Deals)

Quality Inn Acquisition Checks In at Nearly $1.4M (Real Deals)

A 59-room hotel in Jacksonville tipped the scales at $1.38 million.

Sohang Krupa LLC, led by Jaiminbhai and Zalakben Patel, bought the Quality Inn at 1500 John Harden Drive. The seller is Shree Laxmi Krupa Inc., led by Chandrika Patel.

The deal is backed with a $1.1 million loan from Bodcaw Bank of Stamps. The 1.64-acre development previously was linked with a November 2019 mortgage of $1.1 million held by Merchants & Planters Bank of Newport.

Shree Laxmi acquired the project for $1.3 million in October 2015 from OM Associates Inc., led by Jitendra Patel.

Senior Living Site

A 120-unit senior living project is in motion after an $855,000 land deal in Maumelle. Maumelle Senior Living LLC, an affiliate of Minnesota’s Silver Creek Equity, purchased the 5.89-acre site on the north side of Country Club Parkway at Diamond Park Lane.

The seller is Country Club Development LLC, led by John T. Wright. The deal is financed with a one-year loan of $500,000 from American National Bank of Minnesota in Baxter.

Country Club Development bought the land in October 2002 as part of a $589,000 deal with the city of Maumelle.

Comfort Land

A 2.95-acre commercial site on the northern outskirts of Sherwood changed hands in a $640,000 sale. Comfort Systems USA (Arkansas) Inc., led by Clyde Jester, acquired the land at the southwest corner of Landers Road and Terra Glenn Lane.

The seller is Terraforma LLC, led by David Bruning and Doug Meyer.

Terraforma purchased the property for $225,000 in January 1998 from Ralph and Debra Doty.

Mobile Purchase

Two mobile home parks in Jacksonville shifted ownership in a $500,000 transaction as part of a deed in lieu of foreclosure.

Gypsy Properties LLC, led by Christopher and Shanna Holmes, bought the 37-unit Paradise Village project at 300 Taylor St. and the 65-unit Phoenix project at 2205 Green Acres Road.

The seller is Paradise-Phoenix Properties LLC, led by Dennis Downing. The deal removed a big piece of debt: an August 2014 mortgage of $600,000 held by Tandem Inc., led by Dawn Rickabaugh.

The 7.06-acre Phoenix development and 3.58-acre Paradise development now secure a $175,000 mortgage held by Dennis Stroth and a $100,000 mortgage held by John O’Sullivan Jr.

Paradise-Phoenix acquired the project for $1.3 million in May 2018 from Paradise & Phoenix Mobile Home Parks LLC, led by O’Sullivan.

Skills Acquisition

A 3,936-SF office-retail building in west Little Rock rang up a $415,000 sale.

Skills Unlimited Inc., led by Sam Giglio, purchased the 11614 Huron Lane project. The seller is TMB of Little Rock LLC, led by Thomas Schneider.

The deal is funded with a 15-year loan of $332,000 from BancorpSouth Bank of Tupelo, Mississippi. The 0.42-acre development previously was tied to a February 2013 mortgage of $304,314 held by Simmons Bank of Pine Bluff.

TMB bought the project for $408,000 in October 2011 from RPM Realty Fund, led by Pete Hornibrook.

Office Transaction

A 7,462-SF office building in North Little Rock drew a $220,000 transaction.

Patrick Eaton acquired the 516 W. Pershing Blvd. project from Multi-Management Services Inc., an affiliate of Baptist Health.

Multi-Management purchased the 0.83-acre development for $545,000 in February 2000 from Pediatric Building & Equipment Inc., led by Robert Choate and Eric Fraser.

St. John’s Wood

A 4,640-SF home in the St. John’s Wood neighborhood of Little Rock sold for $950,000.

John Day bought the house from Brad and Elisabeth Walker.

The deal is backed with a five-year loan of $950,000 from Encore Bank of Little Rock.

The residence previously was linked with a November 2015 mortgage of $776,000 held by JPMorgan Chase Bank of Columbus, Ohio.

The Walkers acquired the location for $105,000 in October 2004 from Herb Rule.

Mountain Park

A 4,000-SF home in Little Rock’s Mountain Park neighborhood is under new ownership after a $799,000 deal.

Scott and Megan Martin purchased the house from East-Collins Construction LLC, led by Hunter East and Chuck Collins.

Construction of the residence was financed with an August 2019 loan of $629,897 from Southern Bancorp Bank of Arkadelphia.

The location was bought in October 2017 as part of a $1.7 million deal with Little Rock Enterprises I-IX LLCs, led by the namesake revocable trust of Edward and Mildred Gruber.

Hillcrest Residence

A 3,696-SF home in the Hillcrest area of Little Rock changed hands in a $743,900 deal.

Ned and Victoria Garrett acquired the house from Jack Welbourn. The deal is funded with a 30-year loan of $669,500 from Relyance Bank of Pine Bluff.

The residence was purchased for $445,000 in November 2015 from H.L. and Eve Yancey.

Woodlands Edge

A 4,525-SF home in the Woodlands Edge neighborhood of west Little Rock rang up a $630,000 sale.

The William T. Henry Jr. Revocable Trust bought the house from Daniel and Allyson Parkinson. The deal is backed with a 30-year loan of $567,000 from Arvest Bank of Fayetteville.

The residence previously was tied to an October 2017 mortgage of $522,750 held by Simmons Bank.

The Parkinsons acquired the property for $615,000 more than two years ago from Parkinson Building Group Inc., led by Bill Parkinson.

The Maisons

A 5,209-SF in the Maisons neighborhood of west Little Rock drew a $555,000 transaction.

Kelly and Chris Brown purchased the house from Scott and Cristi Searls.

The deal is financed with a 30-year loan of $444,000 from Gateway Mortgage Group of Jenks, Oklahoma. The residence was bought for $655,00 in July 2005 from Little Rock’s Rector Phillips Morse Inc.