(To read more on the debt and equity markets, click here.)
LAS VEGAS-The mammoth World Market Center, the 12-million-sfhome-furnishings showroom complex coming out of the ground here,has just gotten another piece of its financing puzzle in place. Theengine of that move is a $225-million forward take-out on therecently completed 1.3-million-sf first-phase building.
The funds were provided by Bear Stearns in a deal arranged byNew York City-based Ackman-Ziff. The original construction loan wasset by Hypo Real Estate. The expectation is that Bear Stearns willsecuritize the loan and sell off the B piece.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
