Watt Cos., Schulman Properties Receive $41M Loan for Vegas Community
The developers join the large roster of companies delivering new homes in Olympia Cos.' 2,750-acre, $200 million master-planned project in southwestern Las Vegas.
CapitalSource, a division of Pacific Western Bank, has provided a $41.1 million construction loan for Tuscan Highlands, an upcoming 304-unit community in Las Vegas. George Smith Partners arranged the financing package on behalf of Watt Cos. Inc. and Schulman Properties Inc.
Tuscan Highlands will occupy 15.2 acres on the southwestern corner of St. Rose Parkway and Interstate 15. The 26 buildings will comprise one- and two-bedroom units, studios, lofts and townhomes. The market-rate community will be designed to resemble the Tuscan style, with stone finishes, shingled roofs, large windows and landscaped surroundings.
The project will include a two-story resort hall and restaurant, with a capacity of 150 people. It will also include a 13,000-square-foot clubhouse, adjacent to a golf course, waterfalls, basketball courts and walking paths. Other nearby points of interest include public and private schools, retail, restaurants, along with immediate access to large employers, mass transit and major transportation arteries.
Las Vegas currently has one of the healthiest business climates in the U.S., with the addition of approximately 16,000 new jobs in multiple sectors, and $11 billion in development projects underway. Multifamily demand was ahead of supply, with 1,655 units delivered and 3,800 under construction as of July, according to data provided by Yardi Matrix.
Tuscan Highlands is the latest in a series of communities constructed within a 2,750-acre master-planned site by Olympia Cos. According to the company’s website, investments into the Southern Highlands project exceeded $200 million, a number expected to continue growing. Multiple developers are active in the project, including Blue Heron, Lennar, Century Communities, William Lyon Homes, Woodside Homes and Pulte Homes.
Rendering courtesy of Watt Cos.