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Corus Funds $123M Condo Construction Loan

LAS VEGAS-The short-term construction loan, which funded this week, keeps construction moving upward for the 21-story, 275-unit Downtown condominium project by Barclay's North Inc.

By Brian K. Miller | Updated on September 18, 2006

(To read more on the multifamily market and to read more on the debt and equity markets, click here.)

LAS VEGAS-Corus Bank this week funded a $123-million construction loan for an affiliate of Barclay’s North of Everett, WA, which is developing the 21-story Streamline Tower condominium project Downtown. The total project cost is estimated at $150 million, with construction making up about $107 million of the total.

Streamline, now built up to its second level, will consist of 275 residential units (355,000 sf), about 12,000 sf of street-level retail space and 428 garage parking spaces. The tower is rising one block from Downtown’s Fremont Street Experience, a seven-block open-air pedestrian mall featuring several casinos, nightly light and sound shows, dining, shopping and other entertainment options. Project completion is scheduled for late 2007.

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