$30.2MM Retail Recapitalization | Las Vegas, NV

Structured and arranged long-term fixed-rate senior debt to recapitalize a 31,000-square-foot shopping center next to the Hard Rock Casino in Las Vegas, Nevada.


The closing had stalled with a potential lender and the existing financing was coming due shortly. Most of the leases had less than a year of seasoning, making it difficult to count percentage rent. Furthermore, historical billboards were difficult to calculate due to gaps in operating history.

$30.2MM Retail Recapitalization | Las Vegas, NV


Advised client to switch lenders and focus on fixed-rate vs. floating-rate debt due to ability to structure holdbacks for remaining vacancy. Doing so increased proceeds, decreased the rate and removed interest rate fluctuation risk for the anticipated long-term ownership. The convinced lender that annualizing actual trailing operations was supportable due to the centers proximity to the Hard Rock casino across the street. Consulted borrower to sign a one-year fixed rent lease for the billboards, enabling lender to include said operational revenue into its sizing calculation.

Share on social media: