Upcoming Las Vegas Retail Property Snags $38M Financing
- Jul 13, 2017
Calmwater Capital arranged a $36.7 million loan on behalf of Remington Nevada to refinance existing debt and finance remaining construction of the Mountains Edge Marketplace in southwest Las Vegas. The financing encompasses a $16.6 million senior secured term loan and a $20.1 million delayed draw term loan for future construction costs, tenant improvements and leasing costs.
The upcoming 101,000-square-foot Las Vegas retail property will be located at the nexus of Blue Diamond Road and South Buffalo Drive, adjacent to the Mountains Edge master-planned community. Remington Nevada purchased the site in 2015 and expects the property to be completed in late 2018.
Active retail area
The 25-acre grocery-anchored shopping center will be located at the entrance of Mountains Edge Master Planned community, one of the top-selling planned communities in the U.S. The property’s anchor tenant, Albertsons, already opened its 55,000-square-foot store in April. Remington Nevada has secured numerous regional and local tenants that plan to open doors upon the property’s completion. The current tenant list includes Chase Bank, Burger King, Del Taco and Orange Theory Fitness.
“Not only is Mountains Edge Marketplace situated in the growing submarket of southwest Las Vegas, but the property contains the nearest grocery anchored retail centre to a 14,000 home master planned community. These indicators for success, combined with Remington Nevada’s team’s extensive experience in retail property development and significant pre-leasing success, supports the strength of this investment,” Larry Grantham, co-founder of Calmwater Capital, said in prepared remarks.
Video courtesy of Mountains Edge Marketplace