Artisan Multifamily Portfolio
2150 N Tenaya Way, Las Vegas, NV 89128
Property Overview
KBS has purchased an interest-only mezzanine loan with a par value of $20 million for a discounted price of $15.85 million. The loan is collateralized by two garden-style multifamily apartment properties totaling 584 units located in Las Vegas, Nevada. Summerhill Villas is a 440 unit property including 32 two-story buildings in the northwest submarket of Las Vegas.
Bayshore Club is a 144 unit property including 13 three-story buildings in the southwest submarket of Las Vegas. The properties were acquired by the borrower in August 2007 for $76.17 million with financing including a $45 million first mortgage, the $20 million mezzanine loan and borrower equity of 11.7 million.
Investment at a Glance
Location: Las Vegas, NV
Property Type: Multifamily
Investment Type: Mezzanine Loan
Acquisition Date: December 11, 2007
Purchase Price: $15,850,000
Loan Term: 20 months
No. of Buildings: 2
No. of Units: 584
Leased Percentage (at the time of Acquisition): 91%
