CityCenter Closes Bulk Las Vegas Condo Sale

A $119 million bulk condo sale closes in Las Vegas; Ares Commercial Real Estate provides $49.6 million for a Tampa-area acquisition of two properties; and NorthMarq advances a $29.3 million Freddie Mac refinance at less than 3.5 percent interest.

Veer Towers

Las Vegas—CityCenter, the 67-acre urban core center on the Las Vegas strip, has announced the sale of 427 condo residences for $119 million at the Veer Towers, an asset designed by Murphy/Jahn. Each of the two towers features 335 residences, comprised of studios, one-, two- and three-bedroom flats. The transaction reflects the sale of 427 of 438 remaining Veer Tower units previously held by the developer inventory.

“This significant sale affirms the superior quality and premium value of CityCenter residential products and comes at a time when the Las Vegas housing market is seeing sustained improvement,” says Tony Dennis, executive vice president of CityCenter Residential.

Ares originates $49.6M senior loan for Tampa-area M-F portfolio

Tampa, Fla.—Ares Commercial Real Estate Corp. has closed a $49.6 million first mortgage loan commitment collateralized by a 982-unit multifamily apartment portfolio located in Brandon, Fla., which is within the greater Tampa market. The portfolio consists of two separate properties, one with 270 units and another with 712 units. Proceeds were used to finance the acquisition of the portfolio by a joint venture between Blue Rock Partners and Stonecutter Capital Management.

“This transaction exemplifies not only the importance of our relationship with Blue Rock Partners, but also our ability to deliver timely, customized financing solutions for property acquisitions, particularly for projects undergoing transition,” says Bruce Cohen, president and chief operating officer of Ares Commercial Real Estate Corp. “We are also pleased to enhance our portfolio diversification by entering the attractive greater Tampa market.”

NorthMarq advances $29.3M Freddie Mac refi at less than 3.5 percent interest

Oakbrook Terrace, Ill.—Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago regional office, arranged first mortgage refinancing of $29.3 million for Regency Place, a 112-unit market-rate multifamily property located at 2003 S. Meyer Road in Oakbrook Terrace, Ill. There are also three commercial tenants located at the site.

Financing was based on a seven-year term with the first two years interest only and then a 30-year amortization schedule. The rate was well below 3.5 percent fixed rate. NorthMarq arranged this financing for the borrower, Regency Place Owner LLC, through its seller-servicer relationship with Freddie Mac

“The borrower is a well-established, longtime repeat Freddie Mac borrower,” said Blumberg. “They were able to maximize the term of the loan to fit their investment requirements.”