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One Queensridge Place Las Vegas Luxury Condos Extends Loan Repayment

Posted By Las Vegas Real Estate Agent Bill On August 4, 2008 @ 11:47 pm In Las Vegas Real Estate, Las Vegas Condos, Summerlin Real Estate, Summerlin Nevada Real Estate News, Summerlin Las Vegas News | Comments Disabled

One Queensridge placeOne Queensridge Place Las Vegas luxury condos receives loan extension until from mortgage lenders until May 2009.  The real estate developer of One Queensridge Place near Summerlin, Nevada is IDB Development Corp.

IDB company is also developing the mixed use project, across the street from One Queensridge Place, the Tivoli Village at Queensridge.  Through Executive Home Builders they are investing $850 million dollars with cash equity in the Tivoli Village project.

Queensridge high rise started two years ago in construction.

IDB has issued that a statement that their loan interest rate is 3.75 percent above the London interbank offered rate, or Libor, for six months and rise .75 percent until the end of the loan.  The total loan was $380 million and $101 million remains.  They have embraced the bank terms.

Total amount of escrows that closed during June, 2008, were 112 high rise condos for sale.  Average price of sale was $686,292.  Year to date median home prices fell 16.7 percent.

IDB purchased additional real estate in Queensridge for $13.5 million with an option, to buy in one year, $8 million for the Great Park Wash shopping center next to the luxury high rise condos.

The downturn in the market hasn’t affected the pricing of the initially priced $1.2 million units.  Within the next four months close to $50 million in closings are expected.

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One Queensridge Place Las Vegas luxury condos extends loan repayment.


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