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| Craig Promenade, 525--785 West Craig Road, North Las Vegas, NV |
IRVINE, CA – HFF announced today that it has arranged $7.26
million in financing for Craig Promenade, an 86,395-square-foot retail
strip center in North Las Vegas, Nevada.
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| John Chun |
HFF worked on behalf of RREF II-KI, Promenade, LLC, a
partnership between Kismat Investments and Rialto Capital, to secure the
three-year, floating-rate loan through RRA Capital Management. Loan proceeds were used to acquire the
property.
The property is situated on 10.81 acres at 525-785 West
Craig Road across from Craig Ranch Regional Park.
Completed in 2005, Craig Promenade is leased to tenants such as
Big Lots, MetroPCS and Sinclair gas station.
The HFF team representing the borrower was led by director John
Chun and real estate analyst Sebastian Trujillo.
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| Sebastian Trujillo |
Kismat Investments is a western U.S.-focused, value add,
real estate investment management platform.
The company focuses on identifying opportunities to acquire existing
properties in improving submarkets at prices below replacement cost, with the
opportunity to create value through stabilization of the asset.
Rialto Capital Management (“Rialto”), a wholly owned
subsidiary of Lennar Corporation (NYSE: LEN), is a vertically integrated real
estate investment management company focused on distressed and value-add
investments and asset management, workout and turn-around strategies.
Rialto was formed in 2007 and, since its inception, has
participated in the investment of billions of dollars in distressed real estate
assets and commercial mortgage-backed securities (“CMBS”). Rialto is headquartered in Miami, Florida
with offices across the United States.
Rialto is led by director Tony Del Grippo and can be
reached at 303-520-2896 or tony.delgrippo@rialtocapital.com.
For more
information, please visit www.rialtocapital.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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