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LAS VEGAS-Hypo Real Estate Capital Corp. has closed on a $121.3-million syndication of its construction loan for Sky Las Vegas, a 44-story 405-unit residential-over-retail development on Las Vegas Boulevard. Four financial institutions were involved.
In September 2005, Hypo Real Estate Capital Corp. closed on $216.3 million in construction financing to Sky Las Vegas Condominium Inc., a company jointly owned by David Pourbaba, M. Aaron Yashouafar and Solyman Yashouafar. The largely sold out project is scheduled for completion no later than January.
Sky Las Vegas offers 547,177 net saleable sf, 43,500 sf of retail space and 702 parking spaces. In April, the developers said the project was nearly sold out. Units range from 870 sf to 5,500 sf and the asking price range is $500,000 to $5 million.
Sky's condos include access to an outdoor recreation area with one acre of pool and garden space that includes a putting green, outdoor fire pit, barbeque area, and dog run. Indoor amenities include a social room overlooking the Las Vegas Strip, a spa and fitness center, business center with private meeting room, private screening room, billiard room with bar, valet parking, concierge services and state-of-the-art security.
Aaron Yashouafar is chief executive officer of Milbank Real Estate Services, Inc., a 27-year-old Los Angeles-based full service real estate company specializing in development and commercial property management. Pourbaba is founder and president of 4D Development, a California-based development company with projects in Texas, California and Nevada. Hypo Real Estate Capital Corp. is the New York based subsidiary of Stuttgart-based Hypo Real Estate Bank International AG and Munich-based Hypo Real Estate Bank AG.
Earlier this month, Hallier Properties 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. About 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.
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.
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