Duck Lodging Inc. has filed a $5 million construction loan for property on U.S. 51 North in Millington. Separate documents filed with the Shelby County Register of Deeds show the property as being at 8900 U.S. 51 N. or 9000 U.S. 51 N.
The parcel is five acres, according to loan documents, and is part of a nearly 20-acre parcel at the northeast corner of U.S. 51 and Shipp Road.
Besides being a construction loan, the loan filed last week is a revolving line of credit, or a loan in which the borrower can borrow and pay off debts in varying amounts up to a certain limit.
Puneet Bakshi and Mahesh Bakshi - who respectively signed the mortgage as president and vice president/secretary of Duck Lodging Inc.