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Hypo Syndicates $120M Sky Condo Loan

LAS VEGAS-The New York subsidiary of the German lender syndicates its construction financing for the 44-story development. The project is scheduled for completion in January.

By Brian K. Miller | Updated on June 26, 2006

(To read more on the multifamily or debt and equity markets, click here, and for more retail coverage, click GlobeSt.com/RETAIL.)

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.

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