The seller was David Lords, developer of Laughlin Ranch and owner of Western Express Air. Laughlin Ranch is a 10,000-acre master planned community here straddling the Colorado River. Infrastructure work began in 2004 and was scheduled for completion this year.
Jonathan Hornik of Kennedy Funding, the acquisition lender, tells GlobeSt.com that the buyer, investor Vincent Hesser, paid about $20 million for the property. Hesser, president of Las Vegas-based OneCap, intends to sit on the property and eventually sell to an interested developer.
Kennedy and Hesser hammered out the $12-million acquisition loan in six days, says Hornik. Though he wouldn't get specific on the terms, Kennedy doesn't lend for less than 9% plus two points.
"Contrary to most traditional lenders, we actually like raw land deals," says Kennedy Funding president Jeffrey Wolfer. "And OneCap's was a good one. Laughlin has been a popular alternative to Las Vegas for more than thirty years, with casino hotels lining the Colorado River along Casino Drive. The river is alive with recreational activity, and the area has developed into a popular RV destination."
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