Henderson Growth Precipitates Multifamily Builds

A $37.5 million loan recently funded the construction of The Watermark, a mixed-use multifamily property featuring rental units, retail and office space at 215 S. Water St. in Henderson, NV. The loan was provided to sponsor Strada Development Group, a Las Vegas-focused mixed-use and hospitality development firm.

ACRES Capital Corp. originated the loan carrying an initial term of 24 months.

“As a variety of commercial investments and jobs continue to flow into Henderson, now is the ideal time to create a mixed-use multifamily project that will accommodate the city’s significant demand for rental units,” said Mark Fogel, ACRES chief executive officer and president. “The Watermark will represent a new high-quality housing option that will serve Henderson’s diverse and growing employment base.”

The Watermark will have 151 residential rental units and accompanying parking spaces as well as 9,928 square feet of retail space, 14,725 square feet of restaurant space and 11,923 square feet of office space.

Henderson was Nevada’s fastest-growing city in 2017 and 2018. This substantial growth is partially due to projects such as Google’s new $600 million data center which is projected to bring 200 new technology-industry jobs, Henderson Hospital’s $150 million expansion and planned phase 2 renovation, and the newly constructed Las Vegas Raiders headquarters and Intermountain Healthcare Performance Center. Moreover, Haas Automation plans to relocate to a 2.4 million-square-foot facility here in 2022.

“The Watermark will provide the city of Henderson and the greater Las Vegas market with a well-located multifamily property that will meet the needs of a wide range of tenants,” says Shahin Yazdi of George Smith Partners.

Chris Hetzel of ACRES’ Los Angeles office originated the deal and Yazdi arranged the loan.