Las Vegas-based developer, Growth Holdings, has obtained $85 million in construction loan to build a 303 units, residential and short term rental building. The project is developed in collaboration with Airbnb and is only a seven-minute drive from Allegiant Stadium.
The site is 12.94 acre, located on Russell Rd. and Decatur Blvd. Rafael Construction is the general contractor. The project will have ground-floor retail consists of 38,000 square-feet of space. The project is expected to complete in Q4 of 2024.
The first lien construction loan was created by Brad Ferguson, VP at HALL Structured Finance. Las Vegas-based CORE Advisory Partners assisted Ferguson in securing the financing for the project.
AHC Capital Holdings, a Japan-based real estate investment firm, is a partner in the project. According to the Clark County property public records, the development team acquired the site in 2019 for approximately $5,460,000.