Buchanan Mortgage Holdings, LLC (BMH), an affiliate of Buchanan Street Partners, L.P., has provided a $14.62 million non-recourse senior construction loan to finance the development of a 32,000 RSF neighborhood-serving retail center in Las Vegas featuring Angie’s Lobster, Take 5 Oil, Pearle Vision, Diamond Dentist, Blast Swimming, Children’s Urgent Care and others. Upon completion, the project will include three multi-tenant retail buildings and three single tenant retail buildings with 1,000 feet of street frontage along Blue Diamond (a primary east-west corridor).
The development is led by Mass Equities, Inc (MEQ), a private-equity real estate investment firm with over 16 years of active investing in Las Vegas neighborhood-serving retail. MEQ has successfully developed, leased, and sold over 40 retail centers in the Las Vegas market.
“MEQ has been a repeat borrower, and Blue Diamond & Durango is a continuation of that relationship. Drew and his team have a proven track record building neighborhood retail in Las Vegas, and we’re glad to support their next project in the market,” said AVP Alex Frosh.
The Property is located on Blue Diamond and Durango in Enterprise, Nevada, an area that has experienced significant residential growth over the past decade, driven by large-scale housing development and continued population inflows. The Property benefits from strong pre-leasing activity having 69% of effective gross-income accounted for.
ABOUT BUCHANAN MORTGAGE HOLDINGS, LLC
Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners LP, originates non-recourse bridge and construction loans for the acquisition, development, renovation, recapitalization or refinance of commercial real estate located in primary and secondary Western U.S. and Texas markets. The company utilizes its own balance sheet and fully discretionary lending capabilities to provide certainty of execution within short timeframes, flexible loan structures and creative financing solutions. Our extensive experience as an owner and operator of commercial real estate allows us to understand what our borrowers need to successfully execute their business plans and maximize the value of the underlying real estate.