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CAI Investments has secured $100 million through Parkview Financial to reposition Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use property with 528 apartment units and 250,000 square feet of office and retail space. The property is located in an opportunity zone, and completion is scheduled for the summer 2022. In addition to securing debt through Parkview, CAI secured equity through Gryphon Private Wealth Management’s opportunity zone fund.

“Reno is a great multifamily market with huge supply constraints,” Paul Rahimian, CEO and founder of Parkview Financial about why this was an attractive deal for the firm. “Workers in the region are literally living in old hotel rooms, RVs and even in their cars while they look for apartments to rent. This loan will reposition the old Harrah’s hotel that was dilapidated and obsolete into more than 500 new apartment units. The demand for this product is huge.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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