CBRE Capital Markets’ Debt & Structured Finance team has secured financing on behalf of Kennedy Wilson Multifamily for the acquisition of Alexander Gardens Apartments in Las Vegas, Nevada.
Brian Eisendrath and Annie Rice of CBRE’s Beverly Hills office, along with Robert Ybarra of CBRE’s Las Vegas office arranged a full-term, interest-only, floating rate loan at approximately 82% LTV. Kennedy Wilson will implement a value-add renovation program upon acquisition.
“We were able to move quickly and close within one month of application. Obtaining a full-term, interest-only loan with attractive leverage will allow Kennedy Wilson to implement its business plan,” said Mr. Eisendrath.
Built in 1996, Alexander Gardens consists of 480 units with a mix of one-, two-, and three-bedroom units averaging 923 square feet. The property is in proximity to the 270-acre Las Vegas Technology Center, a major employment hub that continues to expand and is anchored by Mountain View Hospital and United Healthcare.
“We are extremely satisfied with Brian and his team’s ability to overcome hurdles and exceed the terms quoted at application,” said Phillip Wintner, CFO, Multifamily Group of Kennedy Wilson. “They were able to accommodate a fast close while securing aggressive financing at a 2.69 percent start rate.”
“This is our second acquisition in Las Vegas in the last twelve months,” added Kurt Zech, President of Multifamily Investments at Kennedy Wilson. “Alexander Gardens is well-positioned to take advantage of a value-add renovation program. Brian and his team delivered a final commitment in a very tight frame and pushed the lender to increase proceeds by $1.48 million, allowing us to improve returns to our investors. Their access to market information and attention to detail resulted in a seamless execution.”
Alexander Gardens has access to the Las Vegas Valley, including the Las Vegas strip and Downtown Las Vegas via US-93/US-95, which connects to interstates 15 and 215 to the north.
