CMR Closes $25.5M Debtor-in-Possession Financing for High-Rise Mixed-Use Property
- Jan 10, 2008
By Keat Foong, Executive Editor Las Vegas—The CMR Commercial Mortgage Fund has provided $25.5 million in a debtor-in-possession bridge loan to Nevada Towers LLC to refinance a first deed of trust on the property, slated to undergo a conversion into a mixed-use development. Nevada Towers holds entitlements to convert the property from a 200-unit apartment complex into a high-rise mixed-use project consisting of hotel, residential and retail space, along with limited gaming space and parking.“It’s unusual that a $25 million loan goes from approval to close in 13 business days and we are proud to have executed a transaction of this magnitude on a timeline which met the needs of the borrower,” says Greg Smith of California Mortgage and Realty Inc. (CMR), a commercial real estate lender founded in 1958, which made the announcement. “The property has sound fundamentals and the entitlements allow the developer flexibility to adapt to changing market demands.”CMR said it worked closely with the developer to facilitate the necessary court approvals and loan documentation in order to close the loan quickly.