Passco Arranges $25.8m To Refinance Silver City Plaza Shopping Center In Las Vegas
- May 09, 2012
PASSCO Companies LLC has negotiated a $25.8 million loan to refinance Silver City Plaza, a 41,583-square-foot neighborhood shopping center in Las Vegas.
(Las Vegas, NV, May 8, 2012) — PASSCO Companies LLC has negotiated a $25.8 million loan to refinance Silver City Plaza, a 41,583-square-foot neighborhood shopping center in Las Vegas. The new loan was arranged through Jonathan Schurgin and Jeff Giudice with Cantor Commercial Real Estate, an affiliate of Cantor Fitzgerald, and was uniquely structured to accommodate a challenged market. Alan Clifton, Vice President Strategic Investments represented Passco in the transaction.
The center, which is situated on 1.92 acres at 3001 South Las Vegas Boulevard, is located at the intersection of Las Vegas Boulevard and Convention Center Drive on the northern end of the “Las Vegas Strip”, less than one block from the new $2.4-billion Wynn Las Vegas and Encore Resort and less than a mile from the Fashion Show Mall and Las Vegas Convention Center.
Silver City Plaza is anchored by Ross Dress for Less and Walgreens. Other tenants include Denny’s restaurant, a 7-Eleven store, Paramount Marketing Consultants, Inc., and the Crazy Ely gift shop.
The fastest growing region in the nation, PASSCO is committed to Las Vegas and Clark County, which doubles its population every 10 years. The company is involved with an industrial business park in North Las Vegas, which is the region’s newest industrial hub due to its close proximity Interstate 15. The project is situated on a 20-acre site and includes 19 buildings, totaling 270,000 square feet. The company also owns the 45,000-square-foot Eastwind Center, a neighborhood shopping center located in the unincorporated area of Clark County known as Paradise that is anchored by Smith’s grocery store, Walgreen’s, Jack in the Box and KFC restaurants.