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9/10/15
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Rance King Properties Inc recently purchased Alexan Black Mountain, a 213-unit multifamily property located in Henderson, NV. Built in 2013, Alexan Black Mountain consists of seven buildings located at 320 Conestoga Way.
Alexan Black Mountain offers easy access to Boulder Highway, Downtown Las Vegas and the Las Vegas Strip. The property features numerous amenities including a resort-style swimming pool, spa with sundeck, children’s play area, picnic area with barbeque grills, garages, fitness center and clubhouse.
The acquisition was financed with $15.1 mil loan arranged by Seth Grossman and Kovi Elkus of Meridian Capital Group. The five-year loan, provided by a national balance sheet lender, features a fixed-rate below 4.00%, interest-only payments for the full-term and several extension options.
“The sponsor’s ownership structure for this transaction, as well as in their typical course of business, is comprised of over 30 TIC’s. Identifying lenders able to lend against that structure who were also able to keep the client’s unique hold period, and with total prepayment flexibility, was challenging,” said Elkus.
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