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Brookside Health & Rehab Sells for $5.6M (Real Deals)

3 min read

A 143-bed nursing home in west Little Rock tipped the scales at $5.6 million.

SRN Properties LLC, an affiliate of Stein & Associates LLC of Fort Smith, bought Brookside Health & Rehab at 800 Brookside Drive.

The seller is Arkansas AVIV LLC, an affiliate of AVIV REIT Inc. of Chicago.

The deal is financed with a five-year loan of $4.8 million and a one-year loan of $1 million from Simmons First National Bank of Pine Bluff.

Arkansas AVIV purchased the 5.21-acre development for $5.1 million in November 2008 from Consolidated Industries Inc. of Fresno, California.

Park Hill Project

A 36-unit apartment project in North Little Rock sold for $2.2 million. Callahan Properties LLC, led by Robert Callahan Jr. and his wife, Patricia, acquired Park Hill Apartments at 710 M Ave.

The deal included 16 units on Rimrock Place. The seller is Rimrock LLC, led by William Corker.

The deal is backed with a $1.9 million loan from River Town Bank of Dardanelle and a 20-year mortgage of $600,000 carried by Rimrock. The combined 3.78-acre development was assembled in six deals totaling $899,500. The sellers were the namesake revocable trusts of Marvin and Ruby Barrett, $100,000 in June 2001; Barbara Biedenharn, $220,000 in June 1995; BRW Real Estate Operating Co. of Dallas, $253,000 in July 1994; William and Suzanne Gahm, $145,000 in December 1993; Vivian and Ray Hamilton, $85,500 in January 1993; and Real Estate Central Development Corp., led by Robert Mitcham, $96,000 in March 1983.

Super Sale

An 88-room motel in North Little Rock rang up an $800,000 transaction.

Shani Dev LLC, led by Shantilal Patel, purchased the SuperStay Inn at 115 W. Pershing Blvd. from Tariq Inc. of Dallas.

Tariq acquired the 1.77-acre development in June 1999 as part of a $2.29 million deal with Nahop Partners Ltd., led by G.D. Gunn.

Lakeside Buy

A 24-unit apartment project in Jacksonville changed hands in a $319,000 sale. KP Properties of Arkansas LLC, led by Kei Denker and Paul Mead, bought Lakeside Apartments at 302 Lakeside Drive.

The seller is Clay Family LLC, led by Tracy Clay. The deal is funded with a $356,000 loan from Centennial Bank of Conway.

The 5.18-acre development previously was linked with a November 2011 mortgage of $260,497 held by Arvest Bank of Fayetteville. The property was purchased for $290,000 in May 2008 from Paul and Shirley Garringer.

Woodland Home

A 3,742-SF home in the Woodland’s Edge neighborhood of west Little Rock sold in a $514,000 deal.

Nathan Sullivan acquired the house from Richard Harp Homes Inc. The deal is financed with a 30-year loan of $219,400 from First Security Bank of Searcy.

The residence previously was tied to a March 2015 mortgage of $413,000 held by Capital Bank of Little Rock.

The location was bought for $78,000 in August 2013 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

U-Haul Funding

A moving center development in Sherwood is helping secure a $270 million financial package.

Arec 8 LLC of Phoenix received the loan from JPMorgan Chase Bank of Columbus, Ohio.

The 4.02-acre U-Haul development previously helped secure a June 2005 mortgage of $240 million held by Morgan Stanley Mortgage Capital Inc. of New York.

Arec 8 purchased the facility for $2.25 million 10 years ago from Amerco Real Estate Co., led by Carlos Vizcarra.

Trailer Financing

Construction of the Utility Tri-State Trailer project in North Little Rock is in motion with a $2.7 million funding agreement.

NLR Asset Management LLC, led by Jeff Smith and John Belle, obtained the five-year loan from Mabrey Bank of Bixby, Oklahoma.

The 8.84-acre site at 12301 Eanes Road was acquired in September 2004 as part of a $992,000 deal with The Harris Family Co. LLC, led by Max Harris.

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