Southern Land Company Secures $50 Million Construction Loan For 272-Unit Capella In Las Vegas

The property asset involved in this transaction is Capella, a new, 22-story multifamily high-rise located at 277 Promenade Place, Las Vegas, NV. The asset encompasses 573,000 square feet and includes a total of 272 luxury apartments along with resort-like amenities and 17,000 square feet of ground floor retail space. The construction loan amount is $50,000,000, with a loan term spanning 30 years.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $50,000,000
• Address: 277 Promenade Place
• Market: Las Vegas, NV
• Loan Type: Construction
• Loan Terms: 30 Years
• Lender: Michael Doty, Irwin Tejeda & Rasul Hafizov - Nuveen Green Capital
• Landlord: Southern Land Company

This transaction showcases the collaboration between Nuveen Green Capital and Bank Hapoalim on a combined $100 million construction financing package. The deal was executed in partnership with the repeat Sponsor, Southern Land Company, allowing for increased liquidity to fund remaining project costs and reinvest in future developments. The deal team was led by Michael Doty, Senior Director of Originations, Irwin Tejeda, Associate Director of Originations, and Rasul Hafizov.