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| Rendering of planned Elysian in the District apartments, Las Vegas, NV |
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| David Rifkind |
LAS VEGAS, NV (Feb. 18,
2014) – Commercial real estate investment banking firm George Smith Partners
has successfully arranged $51 million in construction financing for the
development of Elysian at the District, a
360-unit Class-A multifamily community in Las Vegas, according to George Smith
Partners’ Principal and Managing Director David Rifkind.
Rifkind was assisted by
George Smith Partners’ Vice President Omer Ivanir.
The property will be developed by joint venture partners
The Calida Group and Cypress Equity Investments.
“This project is positioned
to be one of the highest quality, most amenity-rich and dynamic rental projects
in Las Vegas,” says Rifkind.
“From a location
standpoint, financing this project appeared to be a win-win,” Rifkind explains.
“It is in a sought-after area and will be in close proximity to more than 15
restaurants, a movie theater, a grocery store, a library and a number of highly
rated public schools. While it would
initially appear that it would be fairly easy to find a lender, we faced a
challenge when it came to loan-per-unit development cost.”
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| Omer Ivanir |
Rifkind notes that the
proposed development’s exceptional location and Class-A quality resulted in a
loan-per-unit cost that was much higher than other completed comps in the market.
“For lenders, many of which
are already hesitant to lend in Las Vegas, this discrepancy in cost was a
potential roadblock,” he says.
To bypass that roadblock,
the George Smith Partners team focused on the value and stability of the
proposed project, as well as the considerable experience of the joint venture
developers.
“The Calida Group and
Cypress Equity Investments have a strong track record of developing quality
product in the Las Vegas market, and we leveraged that success in order to
identify the right lender for this deal,” says Rifkind.
Douglas Eisner, Co-Founder
and Managing Director of The Calida Group explains, “When we bought the land
for Elysian at the District, we knew it was a once-in-a-cycle opportunity, and
we designed a project that honored the quality of the location.” Eisner added that
“developing trophy assets in a recovering economy has its challenges.”
For a complete
copy of the company’s news release, please contact:
Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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