News Releases
CANYON CAPITAL FINANCES EARLY STAGES OF LAS VEGAS MIXED-USE PROJECT
Inspired by NYC's East Village, planned retail and office complex across from McCarran Airport will cater to residents and visitors
BEVERLY HILLS, Calif. (May 19, 2005) - A $25 million bridge loan from Canyon Capital Realty Advisors is helping launch the development of a vibrant urban village planned for a prime location across from Las Vegas' airport. Called East Village and inspired by New York City's creative neighborhood, the mixed-use project will offer local residents and visitors a premier shopping, work and entertainment experience unlike any other in America's fastest-growing city.
The recent bridge loan from Canyon Capital allowed the developers, East Village Partners, to acquire the leasehold interest in the property from ILX Resorts Incorporated. The developers will seek approvals for the project from the Clark County Department of Aviation, which owns the property, and county planners. Canyon is also providing pre-development capital for the project.
"There has been a remarkably short supply of neighborhood-serving retail created amidst Las Vegas' explosive growth in homebuilding and the continuing expansion of resorts on the Strip," said Bobby Turner, Managing Partner of Canyon Capital Realty Advisors.
Said Carol Colombo of Phoenix-based Axon Capital, a development partner in East Village, "Canyon Capital has been more than a lender on this project; they've provided valuable advice along the way. Canyon's loan for the leasehold purchase and for pre-development financing allows our team to mobilize for construction and, ultimately, to realize the East Village vision."
East Village is planned for 44 acres across from McCarran International Airport and the campus of the University of Nevada-Las Vegas. The property is just one mile east of the famous Las Vegas Strip. With a unique mix of retail and office space, the multi-story urban lifestyle center at the northwest corner of Tropicana Boulevard and Paradise Road will offer Las Vegas residents and office-workers the types of stores, services, food and entertainment that are hard to find on the tourist-oriented Strip and in surrounding areas.
"East Village presents a tremendous opportunity to cater to Las Vegas residents and tourists, and Canyon is pleased to help finance this project," said Jonathan Roth, Principal of Canyon Capital Realty Advisors.
Canyon Capital Realty Advisors and its affiliate Canyon Capital Advisors LLC are registered investment advisors and money management firms based in Beverly Hills, Calif., with more than $9 billion of capital under management. Canyon's real estate activities focus on providing debt and equity capital to real estate owners, operators, developers, corporations and entrepreneurs, enabling them to participate in transactions that would have traditionally eluded them due to capital constraints.
Canyon has built its reputation on creative underwriting and structuring, reliable commitments, overall professionalism and timely closings. Canyon's real estate funds include the Canyon Value Mortgage Fund and the Canyon-Johnson Urban Fund, a joint venture with Earvin "Magic" Johnson focused on the development of retail and residential properties in densely populated, ethnically diverse communities.
East Village Partners unveiled more detailed plans for East Village this week at a launch party preceding the International Council of Shopping Centers' convention in Las Vegas. The developers hope to begin construction in 2006, with the premiere targeted for 2007. CB Richard Ellis has been awarded the leasing contract for the project.
