JP Morgan, Sculptor Real Estate & Morning Calm Management Provide $781M Construction Loan For Henderson Condo
669 Dragon Peak Drive
$781,000,000
Building Size
—
Asset Type
Condo
Closing
Dec 7, 2025
AI
The transaction involves a construction loan for a condo located at 669 Dragon Peak Drive in Henderson, NV. The loan amount is $781,000,000, facilitated by prominent lenders including JP Morgan, Sculptor Real Estate, and Morning Calm Management.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $781,000,000
- Lender: JP Morgan, Sculptor Real Estate & Morning Calm Management
- Developer: Jim Reilly - Azure Resorts & Hotels; Stephen Petasky - Luxus Developments; Reid J. Boren & Taylor Collins - Two Roads Development
- Broker: Kevin O'Grady, Tyler Beauregard & Benjamin Applebaum - Concord Summit Capital
This transaction showcases the collaboration of multiple developers and financial entities, highlighting the roles of Jim Reilly of Azure Resorts & Hotels, Stephen Petasky of Luxus Developments, and Reid J. Boren and Taylor Collins of Two Roads Development. The brokers facilitating the transaction are Kevin O'Grady, Tyler Beauregard, and Benjamin Applebaum from Concord Summit Capital.
Players
Henderson Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93