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October 27, 2020
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CAI Investments LLC Buys Harrah’s Hotel and Casino in Reno with $26 Mil Loan Arranged by Highland Capital

10/08/20

CAI Investments LLC has acquired the Harrah’s Hotel and Casino in an opportunity zone in downtown Reno.

CAI plans on redeveloping the 1.3 msf, 900-room, two tower hotel and casino/commercial space into 528 multi-family units, 110k sf of office space, 75k sf of commercial/retail/restaurants and 40k sf of self-storage space in the basement area. The $130 mil development project is slated to commence in the first quarter of 2021.

“The goal with the property is offer much needed housing, office and services to the downtown Reno market, all of which are instrumental in the continued diversification of the Reno economy,” said CAI Investments CEO Christopher Beavor.

The purchase was financed with a $26 mil acquisition loan arranged by Mike Guterman of Highland Capital. Guterman is also expected to secure construction financing for the project later this year.





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