Press Release (ePRNews.com) - LAS VEGAS - Jul 14, 2017 - Calmwater Capital (http://calmwatercapital.com/), a leading, national direct real estate lender, has originated a $36.7 million loan for Remington Nevada (http://www.remingtonnevada.com/) to refinance existing debt and finance remaining construction of the Mountains Edge Marketplace in southwest Las Vegas. Once completed, the 101,000-square-foot retail property, anchored by Albertsons, will be located at the corner of Blue Diamond Road and South Buffalo Drive, adjacent to the Mountains Edge master planned community.
The Calmwater-provided credit facility comprises a $16.6 million senior secured term loan and a $20.1 million delayed draw term loan for future construction costs, tenant improvements and leasing costs.
“Not only is Mountains Edge Marketplace situated in the growing submarket of southwest Las Vegas, but the property contains the nearest grocery anchored retail center to a 14,000 home master planned community,” said Larry Grantham, co-founder of Calmwater Capital. “These indicators for success, combined with Remington Nevada’s team’s extensive experience in retail property development and significant pre-leasing success, support the strength of this investment. We hope for future opportunities to work together.”
Mountains Edge Marketplace is located at the entrance to the 14,000-home, Mountains Edge Master Planned Community, one of the top-selling master planned communities in the country from 2010 to 2014. The property’s grocery anchor tenant, Albertsons (https://www.albertsons.com/), opened its 55,000-square-foot store in April. Remington Nevada has secured a variety of regional and national tenants which will open doors upon the property’s completion including Chase Bank, Burger King, Del Taco and Orange Theory Fitness.
Remington Nevada, a premier commercial real estate development company in the Southwest, acquired the 21-acre site in 2015. The property is slated for final completion in late 2018. It is one of the few grocery-anchored shopping centers to be developed in the immediate area, making it a prime location for junior anchors, shop tenants and restaurants.
About Calmwater Capital:
Calmwater Capital is a leading, nationwide direct real estate lender that delivers certainty of execution, flexibility and speed to borrowers. Specializing in $5 million to $50 million senior and mezzanine bridge loans that fall outside the capabilities of traditional lenders, Calmwater has originated more than $1.6 billion in commercial real estate loans throughout the United States in the office, industrial, retail, multifamily, hospitality and special-use sectors. In 2017, Calmwater continues to diversify its investor base by raising capital from top endowments, pension funds, international family offices and other institutional investors.
For more information on sponsorship and investing opportunities, visit www.calmwatercapital.com.
About Remington Nevada:
Remington Nevada was founded in 2012 by David J. DelZotto, an entrepreneur who has been in the real estate and land development industries for more than 30 years, both in Canada and the United States. In 1992 DelZotto started Remington Homes, and for 12 years, focused on the development and construction of single-family and custom luxury homes in Southern Nevada. In 2003 – 2008, Remington Homes branched into the land development business and acquired raw land in Nevada, Arizona and California for the purpose of entitling the property for future development. During this time period Remington Homes, rezoned, engineered and mapped more than 500 single-family lots, which were then sold to homebuilders such as Centex, Pulte and DR Horton. In 2012 Remington Nevada was created, once again expanding the company into the commercial land development marketplace with projects in Southern Nevada and Phoenix metropolitan areas.
For more information on Remington Nevada, please contact (702) 222-1420 or go to www.remingtonnevada.com.