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LAS VEGAS-A couple of developers from Newport Beach, CA in partnership with a local player have landed 100% financing for the acquisition and development of a property here entitled for a ground-up retail development. The lender is Inland Mortgage Capital Corp., which specializes in such transactions. The $14.4-million, 15-month mortgage loan carries an interest rate that floats 375 basis points over 30-day LIBOR, a source with Inland tells GlobeSt.com.

The site is located on Blue Diamond Road at South Cimarron Road, which sits between South Durango Drive and South Rainbow Boulevard in the Mountains Gate planned community. The developers are a Charles and David Rotkin, owners of Rotkin Real Estate Group out of Newport Beach, CA, and Kevin Golshan, a Las Vegas based developer. Leslie Lundin, senior vice president of Inland Mortgage, originated the loan.

The development, Cimarron Square, will have 36,664 sf of retail space situated in two retail buildings and three developable out-parcels. The buildings will have a Tuscan facade in keeping with the overall design of Mountains Gate.

Lundin tells GlobeSt.com she was able to loan 100% of the cost because the borrower will be adding value via the development and lease-up of the property. The loan was funded with just 15% of the property preleased, though preleases for another 15% of the property were deep in negotiation at the time, she says.

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