CAI Closes $100 Million Loan to Redevelop Harrah’s Reno Hotel
CAI Investments, a property manager/developer and private placement sponsor, has closed a $100 million loan with Parkview Financial to redevelop Harrah’s Reno Hotel and Casino into a mixed-use project dubbed Reno City Center.
CAI Investments, a property manager/developer and private placement sponsor, has closed a $100 million loan with Parkview Financial to redevelop Harrah’s Reno Hotel and Casino into a mixed-use project dubbed Reno City Center.
Parkview provided the loan to CAI affiliate, Reno City Center LLC, with equity provided by Gryphon Private Wealth Management’s opportunity zone funds. The 1.4 million-square-foot property was purchased from VICI Properties and Caesars Entertainment for $50 million in October 2020.
The 15-building property sits on more than six acres of land and includes three hotel towers with 17, 24, and 26 stories each; a seven-story parking garage; casino; convention and meeting space; and multiple restaurants and coffee shops.
Once the renovation is complete, Reno City Center will include 528 apartment units and more than 250,000 square feet of office and retail space. The property is located within close proximity to major employers in the area, including Tesla’s Gigafactory.
The residential portion will include a rooftop pool and deck, an outdoor plaza and fountain, a fitness center, theater room, bar, and game room. Unit amenities include a home office, full kitchen with stainless steel appliances, and an in-unit washer/dryer, among other upgrades. The commercial portion will include retail and office space.
Luxe General Contracting has commenced renovating the property, which is slated for completion in the summer of 2022.
“The goal with the property is to offer much-needed housing, office and services to allow companies like Tesla, Google and many other businesses to expand their labor force in the Reno metro market – all of which are instrumental in the continued diversification of the Reno economy,” said CAI Investments founder Christopher Beavor.
“While the nation was affected by the pandemic, Reno has continued to experience remarkable demand for apartments,” said Paul Rahimian, chief executive officer and founder of Parkview Financial, a direct private lender specializing in ground up commercial and residential real estate financing. “This metro area has all the fundamentals including an evolving economy, strong in-migration and a tight unemployment rate. Because of these factors, the demand for housing has been intense.”
Headquartered in Las Vegas, CAI Investments is a vertically integrated real estate development company that finances, develops and manages commercial properties across the United States.
