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Loan in Hand for Showcase Mall Expansion

LAS VEGAS-City Center Retail lands $57.75 million in construction financing for a 95,800-sf, Hard Rock-anchored expansion of the 190,000-sf mall on the Las Vegas Strip.

By Brian K. Miller | Updated on October 01, 2007

LAS VEGAS-Two-and-a-half years after acquiring the Showcase Mall and an adjacent parcel, City Center Retail LLC of San Francisco and its equity partner Angelo Gordon Inc. are gearing up for a 95,800-sf expansion of the 190,000-sf retail center fronting the Las Vegas Strip. The anchor tenant for the estimated $80-million addition will be the Strip’s first Hard Rock Café.

Slated for completion before the end of 2008, the expansion is being funded with a $57.75-million construction loan from Key Bank National Association that was sourced by the Los Angeles office of HFF. The two-year loan has a loan-to-cost ratio of approximately 75%.

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