$8.5M Transaction Visits Residence Inn (Real Deals)

A 96-room hotel in west Little Rock tipped the scales at $8.5 million.

Heart Residence Management LLC, led by Jack Grundfest and Rajesh and Pumposh Mehta, purchased the Residence Inn by Marriott at 1401 S. Shackleford Road.

The seller is RILR Holding LLC, an affiliate of BPM & Co. of Ridgefield, Connecticut.

Heart Residence assumed a February 2013 loan of $5.2 million held in a mortgage-backed securities portfolio administered by U.S. Bank of Cincinnati.

The 3.09-acre development was acquired for $7 million more than five years ago.

The seller was Little Rock Lodging Associates I Ltd. of Atlanta.

Best Western Sale
A 65-room hotel in North Little Rock weighed in at $3.04 million.

Sun Rise Lodging LLC, led by Animeshbhai Patel, bought the Best Western JFK Inn & Suites at 2500 Main St.

The seller is Bhakto LLC, led by Sami Pothi.

The deal is financed with a five-year loan of $4 million from Farmers & Merchants Bank of Stuttgart.

The 0.97-acre development previously was linked with a January 2013 mortgage of $3.5 million held by Relyance Bank of Pine Bluff.

Bhakto purchased the location for $240,000 in June 2007 from Perkins Pharmacies Inc., led by Hugh Perkins.

Red Roof Acquisition
A 52-room hotel in North Little Rock changed hands in a $2.19 million deal.

SAI Lodging Inc., led by Rajendrakumar Patel, acquired the Red Roof Inn at 5711 Pritchard Drive.

The seller is RRI Lodging LLC, led by Kanti Sharolla.

The deal is backed with a $2.1 million loan from First Bank of Southern Pines, North Carolina.

The 2.21-acre development previously was tied to an October 2012 mortgage of $1.5 million held by Conway’s Centennial Bank.

The location was bought in February 1998 in a $218,000 deal ($2.44 per SF) with FSC Properties LLC, led by Will Pritchard, and the Roman Catholic Diocese of Little Rock.

Apartments-Land Swap
A 64-unit apartment complex in south Little Rock was the big-ticket item in a real estate swap valued at $980,000.

A Baby Acre by Grid LLC, led by Andrew Adkins, traded Berwyn Square Apartments at 6320 Butler Road to Town Creek LLC, led by Rick Ferguson.

In return several Ferguson-led entities traded four residential lots covering 5.4 acres in the Waterview Estates neighborhood of west Pulaski County and a 0.3-acre commercial site at the northeast corner of Asher Avenue and Cedar Street in Little Rock.

Berwyn Square previously was linked with an October 2014 mortgage of $1 million held by Portland’s HomeBank of Arkansas. The complex was purchased for $800,000 in July 2012 from One Bank & Trust of Little Rock.

The residential lots are now securing a $936,767 funding agreement with HomeBank.

The Waterview property previously helped secure a January 2013 mortgage of $3.5 million held by Malvern National Bank.

The commercial land was acquired in a transaction valued at $320,000 in July 2007 from OAC Holdings LLC, led by Gene Cauley.

Warehouse Duo
A pair of 40,000-SF warehouses in Jacksonville sold in successive deals totaling $752,000.

Zata Group LLC, led by Richard Adams, bought the 1030 N. Redmond Road project for $450,000. The deal for the 6.9-acre development is funded with a $360,000 loan from U.S. Bank.

Centark Truck & Equipment Parts LLC, led by Kip Glaze, acquired the 2.66-acre development at 1028 N. Redmond Road for $302,000.

The seller in both deals is Legacy Associates Inc., led by Thomas Hall.

The land in both deals was purchased for $145,540 in October 1972 as part of a 30-acre transaction with Pulaski Industrial Park Inc., led by Billy Rector.

Another Warehouse
A 10,000-SF warehouse in Sherwood drew a $335,000 transaction.

Edwin Valencia acquired the 6136 Getty Drive project from Greg Heslep, who carried $300,000 of the sale.

Heslep bought the 3.76-acre development for $150,000 in November 1997 from Bamar Plastics Inc., led by Barry Lee.

River Ridge Residence
A 5,103-SF home in Little Rock’s River Ridge neighborhood rang up a $600,000 sale. Todd Sears purchased the house from Mark and Leianne McGinnis.

The deal is financed with a $480,000 loan from First Security Bank of Searcy.

The residence previously was tied to a November 2012 mortgage of $386,000 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The McGinnis family acquired the property for $660,000 in February 2011 from the namesake family trust of William and Carol Bane.

Heights House
A 2,827-SF home in the Heights area of Little Rock is under new ownership after a $590,000 deal.

Adam and Julia Crow bought the house from Joel and Mimi Whicker.The deal is backed with a 30-year loan of $354,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with a December 2017 mortgage of $240,000 held by Relyance Bank.

The Whickers purchased the property for $310,000 in September 2008 from Carol McCarty.

River Ridge Manor
A 4,118-SF home in Little Rock’s River Ridge Manor neighborhood changed hands in a $565,000 transaction.

Hunter and Rebecca Lard acquired the house from the C. Allen Bradley & Judith E. Garrett Revocable Trust. The deal is funded with a 30-year loan of $380,000 from Simmons Bank of Pine Bluff.

The property was bought for $106,800 in October 1973 from Jack Dowdy & Co.

Lamarche Abode
A 4,765-SF home in the Lamarche Place neighborhood of west Little Rock’s Chenal Valley development sold for $509,000.

John and David Namir purchased the house from Matthew and Leann Linam. The deal is financed with a six-month loan of $663,000 from Greenwood’s State Bank of Lake Mills, Wisconsin.

The Linams acquired the residence for $505,000 in February 2009 from Steve and Brandy Joplin.