LOS ANGELES, CA - CapitalSource, a division of Pacific Western Bank and a national middle market lender, announced today it provided a construction loan in the amount of $41.07 million to finance the development of a new apartment community located in Las Vegas, Nevada.
Tuscan Highlands will be located on a 15.23-acre parcel at the southwest corner of St. Rose Parkway and Interstate 15. The property will be a 26-building, 304-unit market rate apartment project. It will be developed with a Tuscan resort garden style design, and the unit mix will be comprised of one- and two-bedroom studio flats, medium flats, large flats, carriages, lofts, and a select number of townhomes.
Jonathan Lee of George Smith Partners arranged the financing on behalf of project sponsors Watt Companies, Inc. and Schulman Properties, Inc.
Residents will enjoy a vibrant amenity package in addition to covered parking with the option of garage spaces. The buildings will be constructed to resemble Tuscan villas via the use of elegant stone finishes, shingled roofs, large windows, and lush landscaping.
The residences will include lofts and townhouses with a third-story to accentuate the Tuscan theme. Residents of Tuscan Highlands will have access to an exclusive two-story resort hall and restaurant, which will hold up to 150 people. The restaurant and resort hall will be comprised in part by a centrally located private events room, booths, lounge seating, high and low tables, salon, poker room, banquet room, dry cleaning, office space, and a full bar.
“We appreciate all of the diligent effort displayed by the teams at CapitalSource and George Smith Partners in closing this transaction. It’s great to close an additional deal with these two financial partners,” stated Brian Burdzinski, CFO of Watt Companies, Inc.
“CapitalSource is pleased to participate in the financing of this exciting project located in an upscale area of Las Vegas with a repeat customer with a strong demonstrated development and operational track record in Las Vegas,” stated Jason Baker, Managing Director in the Real Estate Group at CapitalSource. “We believe Tuscan Highlands’ future residents will be attracted in large numbers by the construction quality, the amenities that will be on offer and the programming. People will move in and never want to leave.”
The property is located in the Southern Highlands submarket, approximately 10 minutes south of the Las Vegas Strip. The master planned community was envisioned by the Olympia Companies over 20 years ago as the premiere residential community in Las Vegas. Using a Robert Trent Jones-designed golf course as its cornerstone, the master planned community has been built out by developers including William Lyon Homes, Blue Heron, Lennar, Pulte and Woodside Homes. The community includes a 13,000-sq. ft. clubhouse that is encompassed by the golf course, water falls, lush landscaping, basketball courts, and walking paths. Ideally situated off of 1-15, Southern Highlands was named the “Best Master-Planned Community in Las Vegas” by the Las Vegas Review-Journal in 2017.
About CapitalSource: CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets and 75 full-service branches. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.capitalsource.com
About Watt Companies: Watt Companies is a 70 year old, comprehensive and diversified real estate investment company with holdings across the United States. From commercial development to homebuilding, and asset management to the realization of capital investments, our mission is to ensure integrity, innovation and world-class service in all that we do. For more information, visit www.wattcompanies.com