$26 Million Construction Loan Closes for Medical Development

March 14, 2019

 

Little Rock, AR (March 14, 2019) — A $26 million construction loan from Arvest Bank was closed yesterday for the development of the “Premier Medical Plaza” to be located in the longtime vacant Kmart store located at 10901 Rodney Parham Road. The project is being developed by Premier Gastroenterology Associates (PGA) and Newmark Moses Tucker Partners (NMTP) of Little Rock. The architect for the project is WER Architects and the general contractor is Clark Contractors. A formal groundbreaking ceremony will take place at the property within the next three weeks. Construction will begin on Monday, March 18th. PGA is expected to occupy the building, which will include both clinical space and a surgery suite, during the 4th quarter of this year.


“The facility’s name will recognize its owner and principal occupant, Premier Gastroenterology Associates of Arkansas, who will occupy approximately 45,000 square feet of space in the building,” according to Bill Greene, Premier’s CEO. “This is an ideal location for our physicians and the thousands of patients we see each monthfrom the Greater Little Rock area and around the state. Since announcing the project last September, the feedback from the neighborhood has been overwhelming.”

 

Dr. Terence Angtuaco, Premier’s Board President explained that “Premier is a physician-owned practice, opened by a group of doctors who have worked together for several years. Our vision is to create a new culture in healthcare that focuses on the highest quality medical care possible and an exceptionally high level of patient satisfaction”. In addition to Dr. Angtuaco, Premier Gastroenterology’s partners include Drs. Angelo Coppola, Dhaval Patel, Paul Svoboda, Steve Jones, Brian Hughes and David McElreath.

 

Chris Moses, President & Chief Executive Officer of NMTP explained, “The renovation will include a complete new look for the property both inside and out. The Kmart store will not be recognizable once the exterior improvements to the building are complete. In addition, the center will have a new parking lot with extensive landscaping, a new entry off both Rodney Parham and Shackleford Roads and signage. It will transform not only this largely vacant center but also the neighborhood around it.” Upon completion in the 4th quarter of 2019, the Plaza will provide new medical, clinical and surgery facilities for several medical groups in 100,000 square feet of space.

 

For additional Information please contact Chris Moses at cmoses@newmarkmtp.com or by phone at 501-376-6555.

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