Dreamscape Companies Secures $176.5M Loan For Renovated Rio Hotel & Casino In Las Vegas
3700 West Flamingo Road
$175,600,000
Building Size
—
Asset Type
Hotel
Closing
Aug 18, 2025
About this deal
AI
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.
On the Map
$175,600,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93