Shadow Hills Refinances 248 Units for $16M

LAS VEGAS-The ownership of the 248-unit Shadow Hills at Lone Mountain apartments has refinanced the complex with a new $16.4 million FHA-sponsored loan that refinances a mini-perm loan and includes a provision that is unusual in today’s financing environment. The new loan allowed the borrower to pull cash out of the project, according to Newmark Realty Capital Inc., which arranged the new permanent financing.

The Shadow Hills at Lone Mountain apartments are located at 3501 Shady Timber St. and were built in 2002. The new financing is a 35-year, fully amortizing loan at a fixed interest rate of 5.2%, according to Christopher Funai, a vice president in the Las Vegas office of Newmark, who procured the loan.