Class-A Luxury Apartments
Northwest Las Vegas, NV
January 19, 2016
Gantry has arranged permanent financing in the amount of $31,000,000 for a 280 unit, Class A, luxury apartment community located in northwest Las Vegas in the master-planned community of Summerlin.
George Mitsanas, Principal, and Doug Tisdale, Associate, in Gantry’s Los Angeles office, and Chris Funai, Vice President, in Gantry’s Las Vegas office, arranged the fixed-rate, non-recourse financing for the borrower, a Las Vegas based developer and manager of high-end multi-family properties in the southwestern U.S. The 10 year loan was placed with one of Gantry’s correspondent life insurance company lenders and provides for interest only for the first 2 years followed by a 30 year amortization.
Located in northwest Las Vegas, Summerlin is a 22,500-acre master planned community just 20 minutes from the Las Vegas Strip and McCarran Airport. The master plan’s population is expected to double to 200,000 when fully developed and is expected to have an average household income of $128,000. Summerlin is among the most affluent communities in Nevada.