LAS VEGAS-Locally based developer Huffman Builders West recently secured $27.3 million in construction financing for a 120,000-sf office condominium complex. Now under construction, Huffman Professional Plaza will consist of 14 wood-frame and stucco buildings.

The development site occupies the southwest corner at the intersection of South Fort Apache Road and West Russell Road, just west of Interstate 215. The buildings average about 7,500 sf in size. Buyers typically buy one third to one half of the buildings.

A company source tells GlobeSt.com that almost all of the buildings have been pre-sold to doctors and dentists. The average sale price is about $260 per sf, not including build-out costs that typically average about $100 per sf, according to the source.

Kyle Nagy, the GMAC Commercial Mortgage Corp. broker who sourced the loan, says the borrower was looking for senior and mezzanine debt from one source, he says. The floating-rate, 90% loan-to-cost construction financing was funded by Inland Mortgage Capital Corp.

A spin-off of Huffman Builders of Dallas, Huffman Builders West launched in 2003 and has since completed and sold off three smaller office condominium projects. The company's staff includes space planners and interior designers and loan originators.

Huffman Professional Plaza is its fourth and largest development to date, though it will be dwarfed next year when a 300,000-sf, 15-building office park on Durango Drive and Tropical Parkway is slated for completion. By the end of summer 2007, the company will have developed 600,000 sf of office condominium space in the Vegas area, according to the source.