AIG Investments has provided a 10-year, fixed-rate, $72m loan to Vestar for acquisition of The District at Green Valley Ranch, a 383,724 sq ft, mixed-use, retail and office center in the Las Vegas suburb of Henderson, Nevada.
Developed in two phases in 2004 and 2005 at 2240 Village Walk Drive, The District is situated within Henderson’s first master planned community, Green Valley, home to more than 75,000 residents.
The District is anchored by a 51,300 sq ft Whole Foods Market and its 77,284 sq ft of boutique office space is 91 percent leased to 70 retailers, including REI, Pottery Barn, Williams-Sonoma, West Elm, Anthropologie, The Cheesecake Factory and P.F. Chang’s.
The center hosts musical and movie performances on a weekly basis on its promenade and green spaces and is also home to 88 condominium units which are not included in the financing.
An HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and managing director Todd Sugimoto. Cole said “Vegas has made a robust recovery in recent years, and has finally begun to garner more and more life company interest.”
Vestar currently owns and manages 23m sq ft of retail assets in the western US. Earlier this month AIG provided JEMB Realty with a $50m loan to refinance 150 Broadway in Lower Manhattan. In September the lender provided a $75m loan on the new Stanhope Student Apartments, adjacent to North Carolina State University in Raleigh, North Carolina.