Las Vegas Community Secures $55M Refi

The 376-unit rental property developed by Joseph Sorge was completed earlier this year. NorthMarq Capital arranged the loan on behalf of the owner.
Evo Apartments

Evo Apartments, a newly-built rental community in Las Vegas, Nev., has secured a $55 million refinancing loan. The deal was structured with a full 10-year interest-only term. NorthMarq Capital arranged financing for the borrower, developer Joseph Sorge, while Freddie Mac provided the loan.

The property offers a mix of one-, two- and three-bedroom apartments and townhomes averaging 1,060 square feet. Located at 8760 W. Patrick Lane in Las Vegas, the community is situated about 15 miles from downtown Las Vegas and provides easy access to The Bruce Woodbury Beltway and Interstate 15.

Community amenities at the property include a fitness center, clubhouse, basketball court, playground, four swimming pools, a spa and covered parking. The property is one of the latest to be built amidst a robust multifamily market in Las Vegas, where demand has outstripped supply.

“This project has enjoyed a robust lease-up,” said Scott Monroe, senior vice president & managing director at NorthMarq Capital’s Las Vegas office, in prepared remarks. “Given this is one of the highest quality suburban projects in the valley it’s more than understandable. Whatever it is you are looking for in a property in terms of concept, amenities or overall appeal, this asset will check all the boxes.”

Image courtesy of NorthMarq Capital