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LAS VEGAS-Hypo Real Estate Capital Corp. has syndicated about half of its $537-million construction loan for Trump International Hotel & Tower Las Vegas, a 1,282-unit luxury high-rise hotel and condo tower that is 90% pre-sold and slated for completion in early 2008. Seven financial institutions bought a piece of the debt, according to Hypo.
Trump International is rising on 3.46-acres on Las Vegas Boulevard at Fashion Show Lane. The planned 645-foot tower is rising above a six-story podium. A five-story parking garage is also part of the development. The project is a partnership of Donald Trump and Phillip Ruffin, owner of the Frontier Hotel and Casino.
Earlier this month, Corus Bank funded a $123-million construction loan for an affiliate of Barclay's North of Everett, WA, which is developing the 21-story 275-unit Streamline Tower condominium project in Downtown Las Vegas. The total project cost is estimated at $150 million, with construction making up about $107 million of the total. The project is better than 60% pre-sold. Completion is scheduled for late 2007.
The Trump International Hotel & Tower loan is its second syndication in Las Vegas this year. In June, Hypo syndicated $121.3 million of a $216.3-million construction loan for Sky Las Vegas, a 44-story 405-unit residential-over-retail development on Las Vegas Boulevard being developed by David Pourbaba, M. Aaron Yashouafar and Solyman Yashouafar. The largely sold out project is scheduled for completion no later than January.
Also in June, 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. Largely pre-sold, the 43-story, 381-unit Panorama North is the third tower being developed by Hallier at the Dean Martin and Harmon intersection.
In May, developers of the 1,100-unit Pinnacle Condominium 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 this fall 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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