LAS VEGAS, NV - CBRE Capital Markets’ Debt & Structured Finance group has secured $35.65 million in construction financing for the development of Olympic and Mountain Vista Apartments, a planned 300-unit, garden style multifamily community in Henderson, Nev.
CBRE’s Bob Ybarra, Bruce Francis, Shaun Moothart, Dana Summers, Doug Birrell and Jennifer Ansari worked on behalf of the borrower, a joint venture between Tradewind Properties and American Nevada Company, to obtain a three-year interest only loan through Washington Federal Bank.
“COVID-19 certainly made the marketing of the loan more difficult, but I’m very pleased with the terms that we were able to obtain for our client. We ended up with a lower floor rate (3.25%) and higher loan amount than what the pre-COVID-19 terms were by running a competitive bid process to identify the outlier lender,” said Bob Ybarra, Senior Vice President, CBRE.
As managing partner of the JV, Tradewind Properties will manage the construction and operations of the project. American Nevada Company, a Henderson, Nev.-based full-service real estate development company, contributed the land on which the property is to be developed.
Located at Olympic Avenue and Mountain Vista Street, the 11.6-acre site will feature 23 residential buildings and a community clubhouse. The property will consist of studio, carriage, one-, two- and three-bedroom units, with the majority one- and two-bedroom floor plans. More than half of the buildings will include tuck-under garages and some units will have direct garage access. Community amenities will include a fitness center, resort-style pool area, pickle ball courts, coworking space, common lounge areas, active recreation areas, and a dog park.
The project has officially broke ground, with an estimated construction timeline of 18 months.
The site is within the Green Valley submarket of Henderson, just north of the major thoroughfare Sunset Road. It is located adjacent to the Town Center Shopping Center, which is anchored by Smith’s Food and Drug and features a variety of retail and restaurants.
Green Valley, American Nevada Company’s flagship community, was the first master-planned community in the Las Vegas valley. The 7,100-acre project is home to more than 75,000 residents.
CBRE forecasts a return to pre-COVID-19 multifamily vacancy levels and a 6 percent increase in net effective rents this year, with a full market recovery occurring in early 2022, according to CBRE research. Of the major U.S. markets, Las Vegas saw some of the highest quarter-over-quarter rent growth at 3.5 percent during the third quarter of 2020. Year-over-year rent growth edged up 1.2 percent.