Prime Finance has provided a $50m bridge loan to Angelo, Gordon & Co. and City Center Realty Partners for the refinancing of Bank of America Plaza in Las Vegas, Nevada.
The transitional loan will be used to refinance existing debt and provide for future leasing costs at the 16-story, 270,234 sq ft Class A office tower, and to “bring the asset back to stabilization,” said Shawn Rosenthal, an executive vice president with CBRE who arranged the financing with vice president Bob Ybarra.
“The recent investment in the lobby and ground floor retail, coupled with a strong improving market bodes well for the ownership and the future of this great tower.”
Balance sheet lender Prime Finance originates mortgage, mezzanine and preferred equity financing, providing non-recourse loans greater than $10m. The firm also acquires performing, sub-performing and distressed debt.
Bridge loans, which typically stretch up to three years or until permanent financing is obtained, accounted for just 11% of total loan closings in Q1 2013, but that figure had doubled by Q3, based on a representative sample of deals arranged by CBRE.