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JV Lands 100% Loan for Retail Development

LAS VEGAS-Inland Mortgage Capital Corp. agrees to provide a $14.4-million mortgage loan for the acquisition and development of a site here entitled for a small retail development.

By Brian K. Miller | Updated on April 02, 2007

LAS VEGAS-A couple of developers from Newport Beach, CA in partnership with a local player have landed 100% financing for the acquisition and development of a property here entitled for a ground-up retail development. The lender is Inland Mortgage Capital Corp., which specializes in such transactions. The $14.4-million, 15-month mortgage loan carries an interest rate that floats 375 basis points over 30-day LIBOR, a source with Inland tells GlobeSt.com.

The site is located on Blue Diamond Road at South Cimarron Road, which sits between South Durango Drive and South Rainbow Boulevard in the Mountains Gate planned community. The developers are a Charles and David Rotkin, owners of Rotkin Real Estate Group out of Newport Beach, CA, and Kevin Golshan, a Las Vegas based developer. Leslie Lundin, senior vice president of Inland Mortgage, originated the loan.

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