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Berkadia Secures $107M Financing Package for M-F Portfolio

15 Oct 2014, 9:58 pm

By Alex Girda, Associate Editor

The Orange County, Calif., office of Berkadia Commercial Mortgage L.L.C. recently arranged $106.9 million in financing for a seven-property multi-family portfolio on behalf of Angelo, Gordon & Co. and Interwest Capital Corp.

The effort was led by Jackson Cloak, a Berkadia vice president, who secured the floating-rate financing through the company’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass. The Freddie Mac loan totals around half of the financing, with the remainder provided by Berkadia and BBVA.

The portfolio totals 2,149 age-restricted units. All assets feature an occupancy rate of at least 90 percent. Three of the four properties were part of a portfolio acquired by the borrowers late last year for about $75 million.

In a statement, Cloak noted that the operation required the company to leverage its expertise across a number of capital sources and said that Berkadia provided the borrowers with “unique and flexible loan structures not generally offered in the overall market to help them execute their business plans.”

Image: Destinations at Spring Valley, courtesy of destinationslivingatspringvalley.com


NorthMarq Secures Acquisition Financing for LaPour Corporate Center

2 Oct 2014, 2:57 pm

By Alex Girda, Associate Editor

NorthMarq Capital secured $12.3 million in acquisition financing for LaPour Corporate Center in Las Vegas. The Denver office of the company handled the financing with Senior Vice President Greg Benjamin and Senior Investment Analyst Jeff DeHarty heading the process on behalf of NorthMarq.

Located at 9075 West Diablo Drive in Las Vegas, LaPour Corporate Center is near the northwest corner of I-215 and Russell Road.  The property is fully leased and offers 70,188 square feet of space.

Built in 2008, the tilt-up concrete building has paneled glass window bands at each level and earned LEED certification from the U.S. Green Building Council. The building offers citywide views of the Las Vegas Strip, the Las Vegas Valley and the mountains.

The 10-year financing secured by NorthMarq is structured with a fixed-interest rate in the mid-4 percent range and a 25-year amortization schedule. The financing was provided by a correspondent relationship with a Midwestern life insurance company.  

Prologis Starts Spec Industrial Project in North Las Vegas

24 Sep 2014, 8:13 pm

By Alex Girda, Associate Editor

Prologis Inc. has started construction of a 464,203-square-foot speculative industrial park at Pecos and Gowan roads, the first property of its kind to be developed in the area since the recession. The REIT is counting on continued local demand, despite  Tesla’s recent decision to bypass Las Vegas and pick Reno as the site of its giant battery factory.

Located at 3700 Bay Lake Trail in North Las Vegas, the Prologis Las Vegas Corporate Center has an estimated delivery date of February 2015.

The property will feature 112 dock doors, 36-foot minimum clear heights, 56-foot by 60-f00t column spacing, 1,800 square feet of office space, 316 parking stalls, 37 trailer parking stalls, 4,000 amps of power, concrete tilt-up construction, full concrete truck courts and the ESFR Sprinkler System.

The 27.9-acre site in North Las Vegas offers ready access to I-15. Prologis Las Vegas Corporate Center will feature electric utilities provided by NV Energy, water and sewer services by Clark County Water Reclamation and the city of North Las Vegas, gas provided by Southwest Gas, and telephone service by Century Link.

Griffis Residential Rebrands Pair of M-F Assets

17 Sep 2014, 10:24 pm

By Alex Girda, Associate Editor

Griffis Residential recently unveiled new names for a pair of Las Vegas area multi-family properties it owns. The Denver-based residential investment and management specialist has rebranded the premium assets by introducing the Griffis brand name. The Wellington Apartments is now known as Griffis Summerlin South, while Quest Apartments was renamed Griffis Cornerstone Park. According to a company statement, Griffis plans a series of improvements at the two properties.

Griffis Summerlin South is located at 9550 West Sahara Ave. in Las Vegas. The 322-unit community is located near the I-215 beltway, in a great school district, in the vicinity of the Red Rock Canyon area, as well as shopping and entertainment options, including Downtown Summerlin.

One-, two- and three-bedroom units are available, with unit sizes ranging between 759 and 1,322 square feet. Amenities include a resort-style swimming pool, spa, clubhouse, fitness and business centers.

Griffis Cornerstone Park is a similarly equipped apartment community located at 210 Quest Park St. in Henderson, about 15 minutes from the Las Vegas Strip. The 310-unit asset, feature a variety of floor plans with one-, two- and three-bedroom apartments. Units range in size between 739 and 1,258 square feet of space. The resident amenity package also resembles that at Griffis Summerlin South.

Image courtesy of thewellingtonbygriffis.com

Officials Delay Vote on Parcel Eyed for Global Business District; Triple Five Markets Site Near Riveria

11 Sep 2014, 2:48 pm

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor

At least for now, the acquisition of a site crucial to the Las Vegas Convention and Visitors Authority’s vision for an innovative business magnet is on hold., VegasINC reported.

Citing unspecified concerns, on Tuesday officials postponed a vote on the purchase of a 4.8-acre site on Convention Center Drive. Owned by Tarsadia Investments of Orange County, Calif., the property includes Vegas Indoor Skydiving and a nearby parking lot.

The parcel would be part of the Global Business District, envisioned as a hub for companies to interact with businesses visiting the convention center. So far the agency has acquired 18.7 acres toward that goal at a cost of $49 million. Of that total, the single largest transaction was a $21 million deal last fall for a 5-acre site.

The decision to postpone a vote on the purchase coincided with the release of a feasibility study prepared by Cordell Corp. on the Global Business District, which also includes a $2.3 billion expansion of the convention center itself from 3.2 million square feet to almost 5.7 million square feet. During the first phase, the convention center would gain 750,000 square feet of exhibit space and 187,500 square feet of meeting space in the first phase. In phase two, the entire facility would be renovated and 100,000 square feet each of meeting space and general session space would be added.

In other development news, Triple Five is attempting to unload a 5.4-acre property on the north Strip, a move that signals the end of plans for a resort neighboring the Riveria. Triple Five paid $180 million for the site prior to the recession and is now asking $16 million per acre. At that price the developer would recoup only about half of its investment. The parcel may find some takers as the new SLS Resort and a planned project recently announced by Genting Group indicate that a revival of the Strip’s northern end may be gaining momentum.

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