Portfolio

  • In 2018 the asset was appraised at $495M Appraisal and a $325M SASB securitization was completed. Blackstone, the owner, recovered its capital investment in the financing

    1. 65 Acre mixed use complex in the heart of Las Vegas​

      • 1.4M feet office in 10 low-rise, mid-rise and high-rise buildings​

      • 10 retail pads​

      • 5,100 Parking places​

      • 368 units of existing new class A (NAP) multi-family​

      • Two 18 story condo buildings (NAP)​

      • Marriott hotel (NAP)​

    2. In 2023 Blackstone defaulted and the loan was referred to the Special Servicer​

    3. Complicated and messy; multiple asset types, complex capital stack, land lease, huge amount of deferred cap- x and a declining reputation among tenant reps. This favors our skill set​

    4. We understand Las Vegas like few investors (Lisa was CEO of Equity Office, owner of this asset) Burl owns all the casino companies and has 15 years of local relationships and his son was a tenant​.

    1. Las Vegas is in one of, if not the best, managed large cities in the US.  ​

    2. One large campus immediately adjacent to the Sphere, the Wynn and the Venetian (irreplaceable location and assemblage)​

    3. 65 acres - 55 owned / 10 leased​

    4. 10 office buildings of varying occupancy and desirability allowing a massive re-think of the campus stacking plan​

    5. Saw an opportunity to demolish  4 office buildings to create 16 acres of useable land​

    6. Land value estimated to be $100M

    1. Las Vegas is in one of, if not the best, managed large cities in the US.  ​

    2. One large campus immediately adjacent to the Sphere, the Wynn and the Venetian (irreplaceable location and assemblage)​

    3. 65 acres - 55 owned / 10 leased​

    4. 10 office buildings of varying occupancy and desirability allowing a massive re-think of the campus stacking plan​

    5. Saw an opportunity to demolish  4 office buildings to create 16 acres of useable land​

    6. Land value estimated to be $100M

    1. Toured asset 6 times. Met with BX’s team, its brokers and market agents for office and retail.

    2. Had conversations with Venetian and LVCVA​

    3. Met with apartment owners/developers in the LV market​

    4. Walked every floor and established comprehensive TI plan, talked to tenants​

    5. Toured every competitive asset​

    6. Developed a comprehensive operating model​

    7. Reached out to Formula One and condo/hotel developers about the 16 acres of land

    8. Reached out to Hyper loop on establishing station at its cost (generate traffic)

    9. Placed a bid for $260M in total value between debt paydown, debt assumption, forward capital expenditure reserves and other reserves​

  • In 2018 the asset was appraised at $495M Appraisal and a $325M SASB securitization was completed. Blackstone, the owner, recovered its capital investment in the financing

    1. 65 Acre mixed use complex in the heart of Las Vegas​

      • 1.4M feet office in 10 low-rise, mid-rise and high-rise buildings​

      • 10 retail pads​

      • 5,100 Parking places​

      • 368 units of existing new class A (NAP) multi-family​

      • Two 18 story condo buildings (NAP)​

      • Marriott hotel (NAP)​

    2. In 2023 Blackstone defaulted and the loan was referred to the Special Servicer​

    3. Complicated and messy; multiple asset types, complex capital stack, land lease, huge amount of deferred cap- x and a declining reputation among tenant reps. This favors our skill set​

    4. We understand Las Vegas like few investors (Lisa was CEO of Equity Office, owner of this asset) Burl owns all the casino companies and has 15 years of local relationships and his son was a tenant​.

    1. Las Vegas is in one of, if not the best, managed large cities in the US.  ​

    2. One large campus immediately adjacent to the Sphere, the Wynn and the Venetian (irreplaceable location and assemblage)​

    3. 65 acres - 55 owned / 10 leased​

    4. 10 office buildings of varying occupancy and desirability allowing a massive re-think of the campus stacking plan​

    5. Saw an opportunity to demolish  4 office buildings to create 16 acres of useable land​

    6. Land value estimated to be $100M

    1. Las Vegas is in one of, if not the best, managed large cities in the US.  ​

    2. One large campus immediately adjacent to the Sphere, the Wynn and the Venetian (irreplaceable location and assemblage)​

    3. 65 acres - 55 owned / 10 leased​

    4. 10 office buildings of varying occupancy and desirability allowing a massive re-think of the campus stacking plan​

    5. Saw an opportunity to demolish  4 office buildings to create 16 acres of useable land​

    6. Land value estimated to be $100M

    1. Toured asset 6 times. Met with BX’s team, its brokers and market agents for office and retail.

    2. Had conversations with Venetian and LVCVA​

    3. Met with apartment owners/developers in the LV market​

    4. Walked every floor and established comprehensive TI plan, talked to tenants​

    5. Toured every competitive asset​

    6. Developed a comprehensive operating model​

    7. Reached out to Formula One and condo/hotel developers about the 16 acres of land

    8. Reached out to Hyper loop on establishing station at its cost (generate traffic)

    9. Placed a bid for $260M in total value between debt paydown, debt assumption, forward capital expenditure reserves and other reserves​

Outcome​

Special servicer received a significantly higher bid. We saw insufficient profit for the risk at that level and did not match​