Sasson Hallier Closes $120M Loan for Panorama Towers II

LAS VEGAS-Locally based Sasson Hallier this week closed on $120 million in construction financing from Corus Bank for Panorama Towers II, a 33-story, 326-unit luxury condominium tower located just across Interstate 15 from the Bellagio. The $150-million development got under way about six weeks ago, nine months behind the identical first tower, and is expected to sell out for about $208 million. Laurence Hallier tells GlobeSt.com that both properties, some 625 units, are sold out at an average of $450 per sf, with owners having gone hard with their 20% deposits. The first tower, which Corus also financed, sold out at an average price of $425 per sf and the second at an average price of $475 per sf. Construction on a third tower is expected to begin before the end of the year, he says.Covered in aqua blue glass, the project features ultra-luxury 30 story towers located on Industrial Avenue, which runs parallel to Las Vegas Boulevard. Units have views of the Las Vegas Strip. Project amenities include a one-acre walking park, yoga studio, his and her spa facilities, fitness facility, racquetball courts, valet and concierge service, a private screening cinema and 24-hour security.Hallier says the project is the first residential high-rise development for him and his partner, Andrew Sasson. The company has developed office, industrial and about 1,200 apartment units. The impetus for the project was a lack of near-Strip product speaking to his and his partner’s demographic, 30- to 40-year-old professionals “We got involved because there was nothing out there that we would have purchased,” he says. “We picked the site because it has views forever.”Dwight Frankfather, the Corus Bank officer who originated the loan, tells GlobeSt.com he has been impressed with Sasson Hallier throughout the process. “In one sense these guys are novices, but they have been extremely successful,” he says. “They have a pretty tight team.”First, he says they put up a big chunk of equity for the Panorama project instead of putting up a much smaller amount and making up the difference with a large mezzanine piece, which is typical. Second, he says the duo have sold many of the condos with its own staff, in large part thanks to Andrew Sasson’s ownership of several casino night clubs in town.”They’ve been able to use that access to the night-club set to get people over to the sales showroom, which is really beautiful,” Frankfather says. “When there are third party brokers involved, they are paying market commissions, but because they are closing so many deals in-house that their overall commission expenses are some of the lowest I’ve seen.”