Las Vegas, NV - Loan Amount: $7,500,000
- Loan Amount: $7,500,000
- Purpose: Construction
- Property Type: Commercial
- Property Value: $17,800,000 (At Project Completion)
- Loan to Value: LTV will start at approx. 11% and peak at approx. 42% at Project Completion due to Holdback
- Term: 30 Months
- Borrower needs fast funding to complete construction on a large-scale commercial development. Conventional financing is not available due to the project not being stabilized or operational.
- Upscale concierge-style movie theater, consisting of a 72,889 sq. ft. building on a .8-acre parcel of land in the redevelopment area of downtown Las Vegas.
- Borrower is an experienced Las Vegas developer and sophisticated financier who has secured over $10M in federal and state new market tax credits.
- Borrower plans to obtain traditional financing once project is stabilized and showing profit.
- Funding sources total is $20.2M.
- $12.7M - New market tax credits 10.2M + $2.5M loan (deployed first, in Second Position).
- $7.5M - Enact Partners Investors (deployed last, in First Position).
- Investor funds will be held in fund control account and distributed as construction progress is verified. Construction will be approx. 61% complete before investors’ funds are deployed.