Hampton Inn Financing, Construction Underway
by January 12, 1998 12:00 am 63 views
A $4.5 million mortgage from First National Bank & Trust Co. of Rogers is being used to finance the construction of a Hampton Inn in Rogers.
The construction loan was given to C.J. Raymond and Reinhart Postweiler on Nov. 11. It is secured by 2.5 acres the men bought in the Times Square development at the intersection of West Walnut and 46th streets.
Raymond and Postweiler bought the land at 4501 W. Walnut St. for $742,000 ($6.81 per SF) in June from Hospitality Lodging Associates Inc. of Mississippi. That purchase was financed with a $350,000 loan from First National Bank & Trust Co. The men leased the land to Rogers Lodging Associates LLC, which they also control, until Dec. 31, 2047. The 58,800-SF hotel will have 155 rooms.