Northmarq arranges $19.54M construction completion financing of Rainbow & Arby Center retail center in Las Vegas

LAS VEGAS — Northmarq’s Newport Beach Debt + Equity team led by Charlie Buckingham successfully arranged the $19.54 million construction completion financing of Rainbow & Arby Center, a 62,893-sq.-ft. multitenant, grocery-anchored retail center located at 7120 S Rainbow Blvd. in Las Vegas.

Northmarq arranged the financing on behalf of the borrower through a relationship with Washington Federal Bank. The transaction was structured on a five-year term.

“This was a unique situation where the incumbent lender could not extend the existing construction loan and the sponsor still had parts of the project left to finish,” Buckingham said. “The deal had a lot of moving pieces, but WaFD stepped up, wrapped their arms around it, and provided an excellent solution that will allow the sponsor to finish construction and stabilize.”

Rainbow & Arby Center is well positioned in the Southwest submarket of Las Vegas, which has seen explosive growth in recent years. This growth has been driven by an abundance of available land for development, proximity to major highways like Interstate 215, and increasing population and economic activity in the Southwest Valley and Enterprise neighborhoods.