Bank of America Plaza Gets $50M in Financing

A large Las Vegas office asset was recently the subject of a financing deal, as CBRE Capital Markets’ Debt & Structured Finance team arranged $50 million for the Bank of America Plaza in Las Vegas, in the city’s downtown area. The bridge loan was arranged on behalf of Angelo, Gordon & Co. and City Center Realty Partners, with the finacing being sourced by Prime Finance.

CBRE Capital Markets has secured $50 million in financing for Bank of America Plaza in downtown Las Vegas. The bridge loan was arranged on behalf of Angelo, Gordon & Co. and City Center Realty Partners and sourced by Prime Finance.
Located at 300 South 4th St., the Class A building offers 270,234 square feet of office space.

Bank of America Plaza features a seven-story attached parking structure with customer, reserved and open parking. The property is accessible via U.S. 95 and I-15 and is situated near the Regional Justice Center in an area that includes a number of government buildings.

“The transitional bridge loan will be used to refinance existing debt and provide for future leasing costs to bring the asset back to stabilization,” explained Shawn Rosenthal, an executive vice president in CBRE’s Midtown Manhattan office who worked on the transaction.

Rosenthal added that the property’s prospects are good, thanks to recent improvements to the lobby and ground floor retail, as well as to the improving Las Vegas office market.

Image courtesy of voitco.com