Sunroad Obtains $66M Loan for Henderson Acquisition

PCCP provided a $66 million senior loan to Sunroad Enterprises for the acquisition and lease-up of Element 12 at Cadence. Located in Henderson, NV, the 265-unit, four-story apartment community is within the Cadence master-planned community (MPC). The Class A property was completed in September 2023. JLL Capital Markets arranged the financing. AG Spanos was the developer and seller.

Element 12 at Cadence is a garden-style, elevator-served, six-building apartment community with an average floorplan size of 875 square feet. The property includes 145 one-bedroom units, 100 two-bedroom units, and 20 three-bedroom units.

Community amenities include a pickleball court, a heated pool and spa, bike storage and pet spas in each building, co-working spaces, a game room, a fitness center with a separate yoga studio, and ample parking. Additionally, residents have access to the community amenities in the 2,200-acre Cadence MPC, which include 450 acres of green space, multiple parks, and a pool.

Don’t miss Connect Retail West happening next week on Wednesday, November 6^th in Los Angeles! Join the leading names and major industry players from ICSC, Caruso, Anderson Real Estate, Primestor, and more there. Be sure to register in advance; registration pricing increases on event day!