CAI Investments has secured $100 million through Parkview Financial to reposition Harrah's Reno Hotel and Casino into Reno City Center, a mixed-use property with 528 apartment units and 250,000 square feet of office and retail space. The property is located in an opportunity zone, and completion is scheduled for the summer 2022. In addition to securing debt through Parkview, CAI secured equity through Gryphon Private Wealth Management's opportunity zone fund.

"Reno is a great multifamily market with huge supply constraints," Paul Rahimian, CEO and founder of Parkview Financial about why this was an attractive deal for the firm. "Workers in the region are literally living in old hotel rooms, RVs and even in their cars while they look for apartments to rent. This loan will reposition the old Harrah's hotel that was dilapidated and obsolete into more than 500 new apartment units. The demand for this product is huge."

The location and the quality of the sponsor also supported Parkview's bullishness on the deal. "The location is superior in that it is the main-and-main of Reno, located directly in the heart of downtown," says Rahimian. "The sponsorship behind the project is a seasoned group with vast experience and a healthy equity infusion. Everything about this deal made sense from the minute it was offered to us."