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TCR Buys Site for 213-Unit Project

HENDERSON, NV-Trammell Crow Residential uses money from Behringer Harvard to acquire land here for a 213-unit, Alexan-branded apartment development.

By Brian K. Miller | Updated on October 12, 2006

(To read more on the multifamily market, click here.)

HENDERSON, NV-TCR has acquired 11 acres here for its first apartment project in the Las Vegas area, a 213-unit apartment complex that will carry TCR’s Alexan brand. The property is a thin strip of land between I-515 and Conestoga Way, immediately west of Nevada State Drive on the southeastern edge of the city.

The transaction was detailed in a recent SEC filing by Behringer Harvard Opportunity REIT I, which funded a $9.7-million mezzanine loan that was used in large part to acquire the property. The filing also states that Comerica Bank has provided a $29-million construction loan for the project, which will be called Alexan Black Mountain, and that Behringer Harvard holds an option to acquire the property upon its completion.

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