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LAS VEGAS-Hallier Properties has secured $208 million in construction financing for its Panorama North luxury high-rise condominium project at Dean Martin Drive and Harmon Avenue. The financing was provided by iStar Financial and sourced by Sonnenblick Goldman.
Already 85% pre-sold, Panorama North is the third tower being developed by Hallier at the Dean Martin and Harmon intersection. The 43-story building will contain 381 residential units averaging 1,276 sf. Hallier Properties chairman Laurence Hallier says the high pre-sale percentage is due to the company paying "careful attention to feedback from buyers in the previous two towers and potential customers to deliver the proper unit layouts, sizes, view orientations, and amenity package."
Several other high-rise condominium projects in Las Vegas have hit milestones in recent weeks. In May, the developer of Streamline Tower in Downtown Las Vegas cleared its pre-sale hurdle and in early May closed on its construction loan. Vertical construction of the 21-story, 275-unit project began earlier this month. The senior lender for the $150-million project is Corus Bank.
At the start of June, Cherry Development began closing sales for homes in its 120-unit condominium project Soho Lofts , the first residential high-rise development in Downtown Las Vegas. The project essentially sold out in two months when it came to market back in 2004. Located several blocks north of the Fremont Street Experience and several blocks south of the main part of the Strip, the project's buyers are running 60% local.
Two weeks ago, developers of the 1,100-unit Pinnacle Condominium Resort , secured interim financing to cover the remaining pre-construction costs for the $850-million, 12-acre development. The twin-tower, 36-story structure is tentatively scheduled to break ground in the fall of 2006 and open in the second quarter of 2009. Pre-construction sales began in February, and a sales center will open in late June. The $40-million pre-construction loan was funded by Berkshire Capital Financial. The New York City-based lender also will fund the construction loan assuming the developers can pre-sell at least half of the units. A developer's representative declined to comment on how many refundable deposits have been accepted; a company statement describes the number as a "substantial percentage."
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