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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 fiveyear 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...