Real Estate

PCCP Provides $24.06 Million Loan for Acquisition and Renovation of Apartment Property in Las Vegas

LOS ANGELES, CA – PCCP, LLC announced today that it has provided a $24.06 million senior loan to The Calida Group for the acquisition and renovation of Hampton Garden, a 180-unit apartment property located in the Summerlin/Spring Valley submarket of Las Vegas, NV. The financing was arranged by Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE.

“The Calida Group is a successful Las Vegas-based multifamily operator that is active in the submarket,” said PCCP Vice President Mike Johnson. “Calida is planning a comprehensive renovation of the units and common areas to elevate them to be best-in-class product. PCCP’s loan provides capital for both the acquisition and renovation.”

Built in 2000, Hampton Garden is situated on nine acres at 9750 Peace Way. The garden-style apartment complex includes 16 low-rise buildings, a leasing/clubhouse building with fitness center, a resort-style pool and spa, picnic areas and six detached garages. The buildings surround a central grassy common area with resident walkways. The unit mix includes one- and two-bedroom floorplans featuring high ceilings, in-unit washer/dryers, walk-in closets and a balcony or patio. The average unit size is 1,000 square feet.

Hampton Gardens is well-located just west of the Beltway freeway in the Summerlin/Spring Valley submarket of Las Vegas. This area and the areas surrounding the Summerlin master-planned community are desirable to residents due to quality schools and abundance of amenities and entertainment options. The Summerlin/Spring Valley multifamily area has been a top-performing submarket of Las Vegas this cycle and continues to experience robust absorption from both employers and renters.

PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6.8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $14.8 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital.

Learn more about PCCP at www.pccpllc.com

Source Article