CBRE Capital Markets’ Debt & Structured Finance team secured financing on behalf of Kennedy Wilson Multifamily for the acquisition of Alexander Gardens Apartments in Las Vegas.
The purchase price was not disclosed.
Brian Eisendrath and Annie Rice of CBRE’s Beverly Hills, Calif., office, along with Robert Ybarra of CBRE’s Las Vegas office arranged a full-term, interest-only, floating rate loan at approximately 82 percent loan-to-value. Kennedy Wilson will implement a value-add renovation program upon acquisition.
“We were able to move quickly and close within one month of application,” Eisendrath said in a statement. “Obtaining a full-term, interest-only loan with attractive leverage will allow Kennedy Wilson to implement its business plan.”
Alexander Gardens, which was built in 1996, consists of 480 units with a mix of one-, two-, and three-bedroom apartments averaging 923 square feet. The property is close to the 270-acre Las Vegas Technology Center, an employment hub anchored by MountainView Hospital and United Healthcare.
“We are extremely satisfied with Brian and his team’s ability to overcome hurdles and exceed the terms quoted at application,” Phillip Wintner, chief financial officer of Multifamily Group, said in a statement. “They were able to accommodate a fast close while securing aggressive financing at a 2.69 percent start rate.”
“This is our second acquisition in Las Vegas in the last 12 months,” Kurt Zech, president of Multifamily Investments, said in a statement. “Alexander Gardens is well-positioned to take advantage of a value-add renovation program. Brian and his team delivered a final commitment in a very tight frame and pushed the lender to increase proceeds by $1.48 million, allowing us to improve returns to our investors. Their access to market information and attention to detail resulted in a seamless execution.”
Gig for Skye Canyon
Nevada has completed the “Gigabit City Challenge” as Century Link installed 1-gig service at a new master-planned community in northwest Las Vegas, Skye Canyon.
The challenge, which called for all 50 states to have at least one community with gigabit Internet access by 2015, was issued in January 2013 by former Federal Communications Commission Chairman Julius Genachoski.
Nevada joins the 25 states that have also achieved this goal.
Century Link offers 1-gig service in small portions of the valley, but Skye Canyon is the first and only entire master-planned community in Nevada where all of the planned 9,000 homes will have access to this type of service.
Residents will be able to access 1-gig or a 1,000 Mbps (mega bits per second) fiber connection, a connection that is 40 times faster than the typical broadband connection in the U.S. With this connection, users can send a 500 MB file in less than 6 seconds. With a regular 10 Mbps connection, it could take more than six minutes.
Century Link will also provide Skye Canyon residents with Prism TV, home security and phone lines.
Insurers in partnership
Anthem Blue Cross and Blue Shield in Nevada will be working with local State Farm agents in an effort to broaden consumer access to health insurance during the upcoming open enrollment period under the Affordable Care Act.
Starting Nov. 1, State Farm agents in Nevada will market individual health insurance policies for coverage with effective dates beginning Jan. 1. This alliance provides consumers with an opportunity to obtain personal assistance from State Farm agents who can explain coverage options and assist individuals in selecting plans that best meet their needs.
Consumers have until Jan. 31 to sign up for coverage under the Affordable Care Act for calendar year 2016.
“This expansion of our alliance with the Blue Cross and Blue Shield companies to provide individual medical coverage is an important step in helping meet the health care needs of the marketplace, and we are excited about expanding our alliance,” Joe Monk, State Farm senior vice president, said in a statement.
This expanded Blue Cross Blue Shield Association and State Farm alliance will allow State Farm agents the ability to market Blue Cross Blue Shield health insurance coverage in 19 states. Nearly 11,000 State Farm agents, and their licensed representatives, will work with independent companies in California, Colorado, Connecticut, Georgia, Illinois, Indiana, Maine, Michigan, Missouri, Nevada, New Mexico, New York, Montana, Ohio, Oklahoma, South Carolina, Texas, Virginia and Wisconsin.
“Blue Cross and Blue Shield companies are committed to helping consumers understand their health insurance choices and help them navigate through what can sometimes be a challenging process,” Jody Voss, vice president of strategic business services, said in a statement. “State Farm’s presence in these states is broad and deep, with familiar and convenient community locations. Our alliance with State Farm is a welcome addition to Blue Cross and Blue Shield companies’ existing relationships with insurance agents and others who play a valuable role in providing access to health coverage.”
For more information about Anthem Blue Cross and Blue Shield in Nevada, visit www.anthem.com.