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LAS VEGAS-The owner of St. Clair Apartments, a 187-unitgarden-style community here, has refinanced the property with a$17-million mortgage loan from the Irvine, CA office of JohnsonCapital. Loan proceeds were used to consolidate the existing firstand second mortgages on the property and recoup $3.5 million inequity that was used to develop the three-year-old class Acomplex.
St. Clair Apartments is located at 5450 S Fort Apache Rd. in theSpring Valley submarket area of Las Vegas. Vacancy is approximately6%. One of the owners is James J. Bohan, owner of CrossroadsRealty, a local commercial real estate brokerage. Bohan tellsGlobeSt.com he decided to refinance four years early becauseincreasing rents had increased the value of the property and hewanted to lock in a low interest rate for the next 10 years.
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