(Read more on the multifamily market.)

LAS VEGAS-The developers of Verge, an eight-story Downtowncondominium development here tell GlobeSt.com that 77% (229) of the296 units have been put under contract in the last two weeks at anaverage price of $400 per sf. Located at the corner of Main andBonaza roads, the project is scheduled to break ground this summerand be complete in late 2008.

As a result of the sales, the project has cleared the hurdle forits construction loan. Fremont bank previously pledged $75 millionin construction financing contingent upon selling 50% of theunits.

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