Downtown Summerlin landlord Howard Hughes Holdings obtained a $300 million indebtedness connected the suburban Las Vegas development.
The institution said successful an net merchandise Thursday that it precocious closed connected a caller five-year owe secured by the property.
It did not accidental however it would usage the proceeds, nor did it specify which aspects of Downtown Summerlin were enactment up arsenic collateral for the loan.
Downtown Summerlin’s centerpiece is the 106-acre outdoor mall astatine Sahara Avenue and the 215 Beltway. But the developer has said that, overall, Downtown Summerlin spans 400 acres and includes different projects adjacent the fashionable retail-and-dining hub.
Still, the institution said successful a presumption that the caller $300 cardinal successful financing “highlights the spot of 1 of the portfolio’s highest-quality retail assets, reflecting coagulated operating show and the palmy modulation and upgrade of tenants pursuing the property’s 10-year anniversary.”
The outdoor promenade debuted successful October 2014.
According to a securities filing, Downtown Summerlin has astir 800,000 quadrate feet of rentable abstraction — excluding anchor stores — and this was 100 percent leased astatine the extremity of past year.
All told, this amounted to astir $25.6 cardinal successful annualized basal rent, the filing shows.
Texas-based Hughes Holdings sells onshore successful Summerlin to homebuilders and has developed hundreds of millions of dollars’ worthy of projects successful the commercialized core, disconnected Sahara and the Beltway.
Overall, Summerlin spans 22,500 acres on the Las Vegas Valley’s occidental rim and boasts much than 130,000 residents, arsenic good arsenic parks, trails and assemblage centers.
It has immoderate of the highest location prices successful Southern Nevada and is regularly among the top-selling spots for homebuilders nationwide.
Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342.
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