X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

LAS VEGAS-Talisman Cos. has landed a $141-million financing package from Capmark Finance Inc. for the Fashion Outlets, an upscale 371,000-sf shopping center attached to Primm Valley Resort and Casino located 36 miles south of here in Primm, NV. The package includes a five-year, fixed-rate senior debt on the existing improvements; preferred equity; and a standby five-year construction mezzanine loan to facilitate the eventual expansion of the property.

The financing enabled Talisman to buy out its institutional partner, an affiliate of Goldman Sachs, and position itself to expand the property, according to the loan originator, Scott Crimmins of Capmark’s New York City office. When pre-leasing is complete, Talisman plans to expand the existing 371,600-sf center by 150,000 sf.

This is the third time Capmark has financed the property. Its first financing was a bridge loan associated with Talisman’s acquisition of the property in 2000, which was 50% leased at the time. Capmark then funded the permanent financing after Talisman stabilized the asset.

“The property is now 99% leased and has seen sales increased by 100%under Talisman’s ownership,” says Crimmins. The center is now one of the top 10 outlet centers in the US, based on sales, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.