North River Partners And AB CarVal Provide $56M Loan For The Presley Development Site In Las Vegas

The property asset involved in this transaction is a development site located at the intersection of Alta Drive and South Tonopah Drive in Las Vegas, NV. The project is set to feature a total of 236 residential units, varying from studio to two-bedroom configurations, and will include certain units designated as affordable housing. The development is spearheaded by CEDARst Cos. and has a total expected cost of $82 million, with construction slated for completion in 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $56,000,000
• Lender: North River Partners & AB CarVal
• Landlord: CEDARst
• Broker: Berkadia
• Market: Las Vegas, NV

This transaction includes significant contributions from North River Partners and AB CarVal, who provided the total loan amount of $56 million as construction financing for the project. The partnership between these financial institutions and CEDARst reflects a commitment to advancing residential development within Las Vegas’ medical district, aligning with local demands for diverse housing options.