Origin Fund Provides More Than $61 Million for Vegas Multifamily Development
Origin Strategic Credit Fund, a multifamily real estate credit fund, has agreed to provide a total of $61.3 million of construction debt and preferred equity financing for the development of Nola Sol, a Las Vegas multifamily community being developed by Legerra Development. The total amount includes $51.5 million in construction financing.
Managed by Origin Credit Advisers, the fund was launched in early 2023 and is a portfolio of high-yield multifamily debt investments for qualified purchasers. The minimum investment accepted from outside investors was $100,000.
Origin says the fund intends to capitalize on credit opportunities in the multifamily real estate market by filling gaps in the flow of credit and providing needed liquidity to lenders.
In 2023, Origin says the fund secured nearly $200 million and that they seek to continue that trajectory in 2024.
According to Thomas Briney, president and chief investment officer of Origin Credit Advisers, the construction loan and preferred equity position made by the fund underscores its flexibility to move across a wide spectrum of multifamily investments.
“The fund was designed to allow us to do what we do best: identify and analyze multifamily investment options and then move to where the market is providing mispriced acquisition and disposition opportunities,” said Briney.
When completed, Nola Sol will be a 308-unit, garden-style rental community comprising 17 three-story buildings. It will consist of 30 studio, 98 one-bedroom, 158 two‐bedroom, and 22 three-bedroom residences. The average rental unit size will be 914 square feet. The complex will also have 655 surface parking spaces and a common area featuring a fitness center, pool, hot tub, clubhouse, and dog walk.
Constructed on a 12-acre parcel in the Ranchero submarket of Las Vegas, Nola Sol is in a rapidly transforming part of the city, across from the redevelopment of the former Fiesta Casino, which will add hotel, retail, office, and multifamily developments.
“Nola Sol is located within a catalytic area of Las Vegas,” said Jacob Sojka, assistant vice president of Origin Investments. “Some of the additional development in the area, outside of the Nola Sol project, is the result of public-private partnerships. It’s a major force in the increasing popularity of the area.”
Nola Sol and the Ranchero submarket are in a location seeing tremendous growth and commercial development, according to Origin Investments. The project is approximately five miles northwest of downtown Las Vegas at the intersection of Smoke Ranch Road and Rancho Drive. Highways 95 and I‐15 are within approximately 2.6 and 4.1 miles, respectively, providing convenient access to employment and retail drivers including the Las Vegas Strip, logistics/industrial centers, retail and healthcare facilities.
Construction is underway with four buildings now fully framed. Delivery of the first units is scheduled to occur by the end of 2024.
“It was a race against the clock to finalize an agreement ensuring Legerra Development could keep forward with Nola Sol,” Sojka said. “Because of Origin’s existing relationships, the flexibility of the fund, and the reputation of the developer, we were able to complete the financing transactions.”
Origin Credit Advisers is an investment adviser registered with the U.S. Securities and Exchange Commission that provides yield-focused multifamily debt investments for qualified purchasers and was founded in 2023 as an affiliate of Origin Investments. The firm’s leadership team has 15-plus years of equity and credit markets experience and utilizes a proprietary suite of machine-learning models to aid in investment decisions.
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