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Thorofare Capital-Arranged Loan Leads to Sale of Final Condo Units at The Martin

21 Aug 2014, 8:02 pm

By Alex Girda, Associate Editor

Thorofare Capital, an alternative investment platform, has provided a $4 million short-term loan to finance the acquisition of a condo unit portfolio at The Martin. The sponsor will use the financing to acquire the final units under the ownership of the tower’s developer, and then focus on selling the condos to foreign investors. KCD Martin is buying the units from New York-based iStar Financial.

The 45-story luxury residential tower is located on Las Vegas Boulevard, and is one of the three buildings that comprise the Panorama Towers complex at the core of Las Vegas. The 372-unit condo tower, located near Las Vegas CityCenter, offers access to the nearby Cosmopolitan Hotel and The Bellagio via an overpass. After its completion in 2009, the crashing market caught up with The Martin and the property ended up as part of iStar Financial’s portfolio through foreclosure, since the company provided the original construction loan. Under the management of iStar Residential, a subsidiary of the ownership entity, the remaining units were eventually sold, with the exception of 20 units, all of which were part of this recent deal.

Units at the residential tower offer high-end features such as state-of-the-art appliances and floor-to-ceiling windows with panoramic views, including the Las Vegas Strip and the mountain range. The standout feature of the amenity package is a dedicated concierge service, while others include steam and treatment rooms, a library lounge, a 2,400-square-foot health center, pool cabanas and a garden lounge, as well as a yoga studio.  

Image courtesy of thorofarecapital.com

Venues Group Breaks Ground on Event Facility in Fremont East

14 Aug 2014, 3:31 am

By Alex Girda, Associate Editor

The Venues Group recently held a groundbreaking ceremony for its latest project, a multipurpose entertainment facility in the Fremont East District called Venue Las Vegas. Scheduled to open its doors next February, the  two-story facility will offer 36,000 square feet of special event and meeting space with a capacity of up to 2,000 guests. In all, six event spaces will be available, including a rooftop patio.

Venue Las Vegas will be located in the Fremont East District, will share a number of the capabilities offered by the company’s original concept, The Venue Scottsdale. The project is expected to bring 200 jobs to downtown Las Vegas.

The property’s design will be marked by a stone-clad exterior and urban-chic interior decor. Facilities will include an entertainment hall equipped with a stage, lighting and audio systems.

Venue Las Vegas will also feature an on-site gourmet catering service and areas for billiards and VIPs. An in-house design team for personalized events will be available, as well.

At the groundbreaking, the project team was represented by Victor Perillo, the company’s owner and founder, and Vice President David Twigger, while Mayor Carolyn G. Goodman led the city’s delegation. The event included a brief press conference, as well as a VIP event that showcased the project’s design.

 Image courtesy of facebook.com/VenueLasVegas

Bascom Group, Oaktree JV Buys New M-F Asset in Henderson

6 Aug 2014, 3:51 pm

By Alex Girda, Associate Editor

Bascom Group and funds managed by Oaktree Capital Management LP have teamed up to acquire The Edge at Traverse Point, a 296-unit multi-family property in Henderson. The deal closed at the end of last month.

Nationwide Life Insurance provided debt financing, which was sourced by Charles Halladay of HFF. Angela Powers and Carl Sims of Hendricks-Berkadia represented the seller in the transaction.

Bascom and Oaktree launched their $250 million joint venture earlier this year when the entity purchased The Springs Apartments, a 320-unit community located in Corona, Calif. The Edge is the venture’s second multi-family purchase in the past month.  

Located at 1131 Wigwam Parkway, the complex was completed last year and offers one-, two-, and three-bedroom units. Units at The Edge at Traverse Point offer stainless steel appliances, granite countertops, modern wood cabinetry, in-unit washer and dryer, as well as flat-screen TVs. Exterior finishes and amenities include a clubhouse, a resort-style pool with cabanas, a café, a business center and a 24-hour health center.

The new ownership plans to upgrade common areas and interiors in order to turn the asset into a best-in-class property, Tim Whitting, Bascom’s Senior Vice President of Operations, said a statement.

Las Vegas in the Mix for Pro Soccer’s Next Expansion

24 Jul 2014, 3:25 am

By Alex Girda, Associate Editor

A major-league sports team has ranked high on Las Vegas’ wish list for years, but there is a hitch: the nation’s football, baseball, basketball and hockey leagues all seem to be satisfied with the number of teams in their lineups. The success of the Las Vegas Summer League has galvanized discussion regarding an expansion franchise to the city, but the league is cycling through a number of potential cities. In the wake of the  FIFA World Cup tournament in Brazil, soccer seems to be gaining traction with sports fans in the United States.

Major League Soccer is aiming to expand , and Las Vegas seems to be an ideal candidate.  According to MLSsoccer.com, MLS deputy commissioner and league president Mark Abbott recently met with representatives of potential expansion cities, including Las Vegas. According to MKS officials, the league is holding preliminary discussions with a  long list of potential new locations.

According to the source, Justin Findlay-led Findlay Sports and Entertainment is leading the charge to bring a new soccer team to Las Vegass. The league has made public its intentions of growing to as many as 24 teams by 2020. Since Orlando and Atlanta have already been awarded franchises for 2015 and 2017, respectively. That leaves one slot for the 24-team plan announced in 2020.  

Earlier this year, Findlay announced plans for 24,000-seat stadium to be developed by Cordish Companies on the 61-acre Symphony Park. The open-ended facility would reportedly feature artificial turf, a retractable roof and air conditioning. The proposed project’s estimated cost ranges between $150 million and $200 million.That is considerably more than the $110 million cost of Orlando’s new stadium, which is scheduled to open in 2016,.  

IKEA Eyes Spring Valley for First Las Vegas-Area Store

17 Jul 2014, 2:20 pm

By Alex Girda, Associate Editor

IKEA has announced plans to develop its first Las Vegas-area store, part of an initiative to expand its footprint in the western United States. The Swedish retailer has reportedly filed documents with Clark County  for construction of a new facility in Spring Valley that would be completed by 2016, 13 miles from downtown Las Vegas.

Featuring IKEA’s signature design scheme, the 351,000-square-foot store will be located on a 26-acre site on the northern side of Interstate-215 at Durango Drive, near the intersection with Sunset Road. Around 1,300 parking spaces would be included.

IKEA will also implement its standard renewable energy practices, which may include renewable on-site power generation. The retailer currently has a renewable energy presence at around 90 percent of its locations in the United States.

The project will create 500 temporary construction jobs and add about 300 permanent jobs upon opening. According to a statement by Rob Olson, CFO of IKEA’s U.S. operations, the new store “would provide the already 101,000 Las Vegas-area customers a store of their own and introduce the unique IKEA shopping experience to other consumers throughout Clark County and Southern Nevada.” Other IKEA stores in the western U.S. are located in Covina, Calif., Tempe, Ariz., and Draper, Utah.

The Las Vegas store will offer 10,000 exclusively designed items, 50  room-settings, three model home interiors, a supervised children’s play area, and a 450-seat restaurant serving  classic Swedish specialties and American popular cuisine. Baby care rooms, play areas, a Children’s IKEA and preferred parking are also planned.

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