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Walker & Dunlop, Inc. announced that it arranged $26,298,388 in financing for Seneca at Southern Highlands, a 50-unit, luxury build-for-rent (BFR) community to be constructed in Las Vegas, Nevada. The first home will be delivered in September 2022, and the fully completed development will be finalized in May 2023.
Keaton Merrell, Jim Pierson, and Shannon Hersker, of Walker & Dunlop's Phoenix-based capital markets team, arranged the non-recourse construction financing on behalf of their client, Seneca. The final terms of the loan included a three-year term with interest-only payments at a very competitive rate.
Ms. Hersker commented, "Our team has been tracking the growth of the BFR sector and financing deals across the U.S. for several years now. We are currently working on financing BFR assets in over a dozen municipalities nationally. Like all of these places, the Las Vegas MSA is a natural fit for this asset class, and we were pleased to put our knowledge and experience to work for our client."
Stretching across 10 acres and 119,500 rentable square feet, Seneca at Southern Highlands is an upscale townhome-style community that caters to young families and older renters alike. Positioned on a hillside with views of the Las Vegas Strip, the neighborhood will include 25 three-bedroom, two-bathroom units and 25 four-bedroom, three-bathroom units. Each home will feature a two-car garage and a private backyard. Property amenities feature a private gated entry, walking trails, an elevated common area with a community garden, and a private dog park.
Source: Walker & Dunlop