34% Loan to Value
Built In Interest Reserves
The subject property is 2.5 acres of prime land located adjacent to the new Las Vegas Raiders Stadium currently being built with a 2020 grand opening. The property is fully entitled for a 40 to 50 story Hotel/Condo with Mixed Use & Retail purposes and has premium views to both the Las Vegas Strip and a direct view into the stadium through its unique architecture. The new property will be a perfect destination for the new stadium, similar to LA Live near Staples Center in Los Angeles with restaurants, entertainment, gambling and more. The hotel component will be a great spot for people travelling to the games and events at the new Stadium. There is a planned pedestrian bridge directly from the property to the Stadium. The new loan from Rodeo paid off the existing purchase loan that came due and gives the borrower the sufficient time to finalize their development financing.
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