PCCP Provides $24M for NV Community
- Mar 16, 2018
Los Angeles-based PCCP LLC has furnished a $24.1 million senior loan to The Calida Group for acquisition and renovation of Hampton Garden, an apartment community in the Las Vegas submarket of Summerlin-Spring Valley, Nev.
Financing for the 180-unit property was arranged by Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE. Sprawling across nine acres at 9750 Peace Way, Hampton Garden is an 18-year-old property featuring 16 low-rise buildings.
The apartment community’s unit selection is comprised of one- and two-bedroom apartments averaging 1,000 square feet. High ceilings, in-unit washer/dryers, walk-in closets and balconies or patios are among the features.
Amenities include a resort-style pool and spa, picnic areas, clubhouse and six detached garages. A 24-hour fitness center, free pet treats, pet waste stations, copy and fax service and gated access represent additional amenities of the pet-friendly community, which permits two pets per household. Buildings encircle a central grass-covered common area crisscrossed by walkways reserved for residents and their guests.
Close to recreation
Situated directly west of Las Vegas and just south of the 215 Beltway, Hampton Gardens is conveniently located to a number of entertainment options and other amenities in the metro area. Siena Golf Club, Mesa Park and Spanish Trail Country Club provide recreational opportunities for residents. The quality school system in the Summerlin master-planned community is among attractions that draw families to the area. The Summerlin-Spring Valley is a top-performing Las Vegas submarket, continuing to exhibit the ability to absorb both renters and employers.
“The Calida Group is a successful Las Vegas-based multifamily operator that is active in the submarket,” PCCP vice president Mike Johnson said. “Calida is planning a comprehensive renovation of the unit and common areas to elevate them to best-in-class product. PCCP’s loan provides capital for both the acquisition and renovation.”