Hypo Real Estate closes €94.85 mln. condominium development loan syndication (US/DE)

Hypo Real Estate Capital Corporation, the New York-based subsidiary of Hypo Real Estate Bank International, closed on a €94.85 million syndication of its construction financing for Sky Las Vegas Condominium, Inc., to a syndicate including four financial institutions on June 16, 2006.

In September 2005, Hypo Real Estate closed on €94.85 million in construction financing to Sky Las Vegas Condominium, Inc. a company jointly owned by David Pourbaba, M. Aaron Yashouafar and Solyman Yashouafar.

Sky Las Vegas Condominium, Inc. will be a 44-story, 405-unit luxury mixed-use condominium building on Las Vegas Boulevard, ("the Strip"), in Las Vegas, NV. The building will offer 547,177 net saleable square feet, 43,500 square feet of retail space and 702 parking spaces.

"With its experienced sponsors and development team along with its excellent pre-sale activity, Sky Las Vegas is a project all can stand behind," commented Evan F. Denner, Deputy CEO of Hypo Real Estate Capital.
"Hypo Real Estate Capital is proud to be a part of this project and also very pleased to welcome two new clients and two returning clients to our group of syndication partners."

Source: Hypo Real Estate

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