- Rate: Terms are confidential
Transaction Description: GSP successfully arranged the combined $51,075,000 of construction financing for a 360 unit Class-A Multifamily project located in Las Vegas, Nevada. The subject is adjacent to Green Valley Ranch and “The District” in Henderson, a mixed-use project that includes a life-style shopping center and resort hotel. This project represents one of the highest quality, most amenitized and dynamic rental projects in Las Vegas.
Challenge: The Sponsor requested a large construction loan in a market that is not on the preferred list for most capital providers. The projected loan per unit was higher than most completed comps in the market. The Sponsorship was seeking high leverage construction financing which required a combination of a senior and mezzanine loans.
Solution: GSP demonstrated the considerable experience of the Sponsorship and the singular quality of the location within Green Valley Ranch as compared to other Vegas submarkets, and distinguished this project to justify the high cost per unit. The capital providers understood the value of this location and the Sponsor’s ability to deliver a product that is superior to competing properties in the market. GSP identified a senior lender which had recently negotiated an inter-creditor agreement with a construction mezzanine provider, resulting in a smooth and fast closing process.
