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Dreamscape Companies Secures $176.5M Loan For Renovated Rio Hotel & Casino In Las Vegas
FINANCED
$175,600,000
Nevada
See Similar DealsHotel
Financed 08/18/2025
FINANCED
Dreamscape Companies Secures $176.5M Loan For Renovated Rio Hotel & Casino In Las Vegas
3700 West Flamingo Road
See Similar DealsHotel
Financed 08/18/2025
Summary
NEVADA
Asset Type:Hotel
Transaction Type:Loan
The asset involved in this transaction is the renovated 2,520-room Rio Hotel & Casino located at 3700 West Flamingo Road in Las Vegas, NV. The total loan amount for this property is $175,600,000, reflecting its significance in the Las Vegas market.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $175,600,000
- Lender: Jared Schlosser & Greg Friedman - Peachtree Group
- Landlord: Eric Birnbaum - Dreamscape Companies
- Keys: 2,520
This transaction highlights the involvement of Peachtree Group, which closed a $176.5M retroactive CPACE loan, marking Dreamscape Companies’ largest credit deal. The financing is one of the most significant CPACE transactions in the U.S. and enables Dreamscape to reimburse renovation costs from 2024 while paying down its senior debt.
Players
LENDER
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$175,600,000.00
Monthly NOI$1,170,666.67
Monthly Debt Service$1,109,911.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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