Streamline Tower Las Vegas real estate was funded a $123 million construction loan by Corus Bank this week, an affiliate of Barclay’s North, which is developing the 21-story Streamline Las Vegas high rise condominium. The total luxury high-rise real estate project cost is estimated at $150 million, with construction making up about $107 million.
Streamline Las Vegas condos, now built up to its second level, will consist of 275 residential units (355,000 square feet), 428 garage parking spaces and about 12,000 square feet of street-level retail space. Streamline Las Vegas real estate is rising one block from Downtown Fremont Street Experience, a seven-block open-air mall featuring casinos, dining, shopping and other entertainment options, nightly light and sound shows. Scheduled completion for Streamline Tower Las Vegas Nevada is late 2007.
The Las Vegas hi rise condos for sale in Streamline will be a mix of one, two and three-bedroom condos with granite countertops, high-end appliances, plentiful windows and private balconies providing views of the Strip or the Valley. Sales prices early on ranged from $356,000 for the smallest units, about 850 sf, to $1.3 million for the 2,000-sf units, but the least price condos for sale in Las Vegas has since risen to about $420,000.
Barclay’s North principal Patrick McCourt is developing the property with local real estate partner Dusty Allen. General contractor is Martin-Harris Construction, a veteran of the Southern Nevada real estate construction industry. In addition to Corus Bank’s senior loan, mezzanine financing is being provided by MMA/Transwestern Mezzanine Realty Partners.
Allen said in may that Streamline Tower had cleared its construction hurdle and was in final negotiation with Corus regarding the construction loan. Corus did not go into detail on the construction loan, such as interest rate, the term and the pre-sale hurdle that needed to be met prior to loan funding. Some say the downtown Streamline Las Vegas condo project is over 60% sold.
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Streamline Las Vegas real estate funded $123 million this week by Corus Bank.