PGIM Arranges $80M Loan for LV Apartment Sale
PGIM Real Estate has provided a $80 million floating-rate loan for the acquisition and capital improvement of Lyric, a 376-unit multifamily property in Las Vegas, NV.
The loan was provided to RPM Living Investments and Marble Capital. The financing was provided through PGIM Real Estate’s core-plus lending strategy, managed on behalf of third-party investors. ConnectCRE reported in November of 2021 that the Lyric Apartments sold for $135.2 million to Starlight Residential with $91.4 million in financing.
Features include a resort-style pool, fitness center, oversized walk-in closets, and gourmet kitchens. Lyric is located in Silverado Ranch, South Las Vegas, a neighborhood away from the Vegas Strip.
PGIM’s Trevor Arnholt commented, “PGIM Real Estate continues to be especially bullish on the living sectors given the critical need for high-quality housing across the U.S. and strong supply and demand fundamentals in the multifamily asset class.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout