Challenge: The timing of building a retail asset in the current economic environment.
Solution: Alpen worked with the borrower to create a unique deal structure. Both sides recognized the value of a fast casual dining center right in the middle of UNR’s development plan in downtown.
Loan Amount: $4,000,000
Loan Type: Construction
Term: 36 Months
Located just south of the University, the development at 705 N. Virginia offers great potential for commercial retail stores. Jimmy Johns and Wingzone are currently pre-leased, with availability for other commercial tenants. Currently under construction by respected developer Tolles Development Company, the project is scheduled to be completed in early 2024.
Tolles Development Company