Cohen, a national real estate capital services firm, has secured debt and equity financing for 427 condominium units in the CityCenter’s Veer Towers, two luxury high-rises in Las Vegas, Nev. CityCenter is a joint venture between MGM Resorts International and a subsidiary of Dubai World, a Dubai-owned holding company. Veer Towers was originally built as for-sale luxury condominiums and has been near full occupancy as luxury rental apartments since the downturn in the marketplace. Going forward, Veer Towers units will be marketed as for-sale condominiums instead of rentals.
Cohen Financial Senior Managing Director Kevin O’Grady, who heads the firm’s equity practice, and Director Eric McGlynn, both in the firm’s Miami office, secured the structured financing from an affiliate of Ladder CapitalHoldings LLLP, based in New York City, New York, on behalf of Cohen Financial’s client, Pordes Residential of Miami.
“I am very pleased with the success of the Equity Practice, and its ability to execute on large, highly-structured transactions. We have a strong pipeline for 2013 and continue to look for strong sponsors with compelling, full capital stack opportunities,” O’Grady said in a statement.
Veer Towers include studios, one-, two- and three-bedroom residences, and penthouses. Opened in 2010 as part of CityCenter, amenities at Veer Towers include a rooftop entertainment area that features an infinity pool, sun deck and hospitality patio. In addition, each tower has private vehicle entrances, valet service, secured elevators, exercise facilities, steam rooms and saunas.