Growth Holdings Lands $85M Loan for Las Vegas Development
Otonomus is slated to open its doors at the end of 2024.
Growth Holdings has secured $85 million in financing for the development of Otonomus, a Class A residential and short-term rental project in Las Vegas. HALL Structured Finance Vice President Brad Ferguson originated the first lien construction loan, sourced by real estate advisory firm CORE Advisory Partners.
Slated to open its doors in late 2024, the upcoming development will encompass 303 units across four- and five-story buildings. At full build-out, Otonomus will also feature 38,000 square feet of ground-floor retail.
The development will rise near the Las Vegas Strip, Allegiant Stadium and T-Mobile Arena, at the corner of Decatur Boulevard and Russell Road. Growth Holdings Founder Philippe Ziade mentioned in a prepared statement that the project is set to offer a merged hospitality and residential experience. He added that Otonomus will be the first short-term rental property of its kind in Las Vegas.
Stainless-steel appliances, granite and quartz countertops, LED lighting, as well as walk-in closets and private balconies will be among the in-unit amenities. Plans also call for two pools, three courtyards with picnic and barbecue spaces, lounge areas, a fitness center and a clubhouse.
Las Vegas multifamily market keeps recovering
Following a significant slowdown due to shutdowns, restrictions and disruptions to its tourism, hospitality and entertainment destinations during the pandemic, the Las Vegas multifamily market continues to recover. As of September, investments totaled $2.7 billion. Recognizing the market’s full potential, Ferguson stated in prepared remarks that he expects economic and population growth in Las Vegas to surpass the rest of the nation.
Construction activity across the metro is also solid. Earlier this month, Greystar began construction of Marlowe Centennial Hills, a three-building, 257-unit luxury project in northwest Las Vegas. The development will be coming online in the third quarter of 2024.