Tru Development has secured $246 million in construction debt, Co-GP equity and LP equity for two developments in Las Vegas and Sparks, Nev., totaling 716 units. Lucent Capital originated the loan on behalf of the developer.
[email protected] Phase I, a 356-unit multifamily development in Las Vegas, received $78.4 million in non-recourse construction debt, as well as $56.6 million in Co-GP and LP Equity. [email protected], a 360-unit multifamily development in Sparks, Nev., secured $66.5 million in non-recourse construction debt and $44.3 million in Co-GP and LP Equity.
Located at 8030 W Maule Ave., across 15 acres, [email protected] Phase I is slated to be LEED certified, according to Yardi Matrix data. The four five-story buildings will be elevator served and 2,500 square feet of retail will also be available. Community amenities are planned to include a fitness center, clubhouse and rental office. The asset will be some 14 miles southwest of downtown Las Vegas. Southern Hills Hospital is 2 miles northwest, while a Walmart Supercenter, as well as several other retail and dining options, are available some 2 miles west.
Located at 6040 Vista Blvd., across 14.8 acres, [email protected] is planned to have 576 parking spaces. Brycon will provide construction management services for the development, as well as preconstruction services such as design and permitting. The community will be 10 miles northeast of downtown Reno and 3 miles west of Golden Eagle Regional Park.
The Las Vegas rental market continues to break records. In October of last year 5,538 units were underway.