Pinnacle Las Vegas condo developer the Falcon Group increased the bridge loan and refinanced for the Pinnacle Condominium Resort. The new $50 million first mortgage loan takes out a previous $40 million loan by Berkshire Capital of New York.
Both the landowner and developer is the Falcon Group. The companies comprising of this group include Praxis Resources Inc. Falconi Group and Elysium Enterprises. Praxis and Falconi are real estate development companies. Mike Bellon, a Las Vegas based real estate developer, is in charge of Elysium Enterprises.
Private money loans for pre development might carry a rate higher than 10 percent and could be one to three years in term. The pre development loan will be paid off by the $550 million construction loan.
Pinnacle luxury condos is planned to have two curvilinear, 36 story towers. Amenities at the Las Vegas high rise are slated to include a three-acre pool deck that includes a putting green; a one-quarter-mile jogging track; a pet-friendly area; and a “drive-in” movie theater. The development also will include a fully equipped fitness center; multiple food outlets; and a full-service spa; executive office space and street-level retail.
Jon Sparer of Youngblood Wucherer Sparer Architects Ltd. designed the two towers. The condominium units for sale are approximately 40% pre sold.
Preconstruction condo pricing for studios starts from the mid $300,000’s. One bedroom pricing starts in the $400,000s, two bedrooms from the low $600,000s and three bedroom from the mid $900,000s. Additionally luxury condos will include two-floor penthouses, 31 townhomes around the pool deck and suites in the sky bridges. Source: Globe St.
Pinnacle Las Vegas condos developer The Falcon Group refinances loan.