Thorofare Capital-Arranged Loan Leads to Sale of Final Condo Units at The Martin
- Aug 21, 2014
Thorofare Capital, an alternative investment platform, has provided a $4 million short-term loan to finance the acquisition of a condo unit portfolio at The Martin. The sponsor will use the financing to acquire the final units under the ownership of the tower’s developer, and then focus on selling the condos to foreign investors. KCD Martin is buying the units from New York-based iStar Financial.
The 45-story luxury residential tower is located on Las Vegas Boulevard, and is one of the three buildings that comprise the Panorama Towers complex at the core of Las Vegas. The 372-unit condo tower, located near Las Vegas CityCenter, offers access to the nearby Cosmopolitan Hotel and The Bellagio via an overpass. After its completion in 2009, the crashing market caught up with The Martin and the property ended up as part of iStar Financial’s portfolio through foreclosure, since the company provided the original construction loan. Under the management of iStar Residential, a subsidiary of the ownership entity, the remaining units were eventually sold, with the exception of 20 units, all of which were part of this recent deal.
Units at the residential tower offer high-end features such as state-of-the-art appliances and floor-to-ceiling windows with panoramic views, including the Las Vegas Strip and the mountain range. The standout feature of the amenity package is a dedicated concierge service, while others include steam and treatment rooms, a library lounge, a 2,400-square-foot health center, pool cabanas and a garden lounge, as well as a yoga studio.
Image courtesy of thorofarecapital.com