Pinnacle, Las Vegas Condos Secures Financing

Las Vegas $850 million Pinnacle condo-hotel at Tropicana and Cameron avenues, across from The Orleans hotel-casino, are moving forward. The Falcon Group, project developer, recently secured $40 million in interim project financing from Berkshire Capital Financial of New York City.

The two also are negotiating a $550 million Las Vegas real estate construction loan.

The 12-acre complex will consist of two 36-story bronze glass towers connected by three sky-bridges. Designed by YWS Architects, the twin 410-foot-tall buildings will combine for 1,100 units and include a jogging track, pools, a fitness center and gardens, among other amenities.

The project is one of several Las Vegas condo-hotel developments underway in the Valley where owners have the option of renting their condos and sharing revenue with the developer. Interstate Hotels & Resorts has been named as the property manager for Pinnacle condos.

Groundbreaking is scheduled for later this year, with project completion by the second quarter of 2009. Turner Construction Co., the firm building Las Vegas condos Juhl in downtown, is the general contractor.

"During the course of [our] due diligence, it has become obvious that The Pinnacle condos will be a unique and much in demand resort in the Las Vegas hotel condominium market," said David Soares, Berkshire president, in a statement. "We are very impressed with the Falcon Group's visionary design concepts incorporated into each unit and the entire resort."

Source: LV Business Press

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Pinnacle, Las Vegas condos secures financing.