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Simon, Invesco Score $750M Refi on Las Vegas Retail Property
Simon Property Group and Invesco Advisers have inked a $750 million CMBS loan for The Shops at Crystals, a 291,196-square-foot retail property in Las Vegas.
Commercial Search reports Wells Fargo, Bank of America and Goldman Sachs will originate and sell the interest-only, fixed-rate, 5.20 percent note due to mature in 2031.
Proceeds will retire a previous $550 million CMBS loan issued by JP Morgan in 2016. Simon and Invesco acquired the asset for $1.1 billion from MGM Resorts International and Infinity World Development Corp.
Completed in 2009, the property rises three stories and features the highest concentration of luxury tenants on the Las Vegas Strip. It is 90.3 percent leased to 49 unique tenants, including Louis Vuitton, Gucci, Prada and Hermes.
Located at 3720 S. Las Vegas Blvd., the shopping center is part of the 67-acre Aria Campus, formerly known as CityCenter. The $8.5 billion project is among the biggest privately funded construction endeavors in U.S. history.
