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%

$15,850,000 Total Purchase Price
584 Number of Units
Multifamily Building Class