Berkadia Arranges $36M Loan for Sin City Communities

by Evelina Croitoru

Pine Hills Lodge

Las Vegas—Berkadia has arranged a $36.5 million loan for the acquisition of Pine Hills Lodge and Sonoma Shadows, two multifamily communities in Las Vegas. The properties are owned and managed by Westland Real Estate Group, and were previously purchased for the combined price of $45 million, according to Yardi Matrix.

Located at 1500 Karen Ave., the 376-unit Pine Hills Lodge community features one-, two- and three-bedroom units and offers a plethora of amenities including a clubhouse, tennis court, pool and full covered parking. Sonoma Shadows is located at 1750 E. Karen and comprises 376 units with amenities including two spas, two swimming pools, clubhouse and 500 parking stalls.

The 10-year loan has a 3.9 percent fixed-interest rate with interest-only payments, followed by a 30-year amortization schedule. The debt was limited to an 80 percent loan-to-value ratio and had better than 1.25 times debt-service-coverage ratio.

“We worked closely with the borrower to understand the property’s past issues and create a business plan that would address them going forward. This approach was critical in getting Freddie on board for the loan request and closing the transaction ahead of schedule on September 29,” David Bleiweiss, managing director with Berkadia, said in prepared remarks.

Bleiweiss and Associate Director Anthony Ansevin arranged the loan through Berkadia’s collaboration with Freddie Mac on behalf of the owner. Westland will run both assets as one under the name Solaire Apartments.

Image courtesy of Yardi Matrix