The lease extension provides $111 million in payments through 2033, about 87% of the $127.4 million loan balance.
NorthPoint Development and BGO refinanced a 1 million-square-foot Las Vegas warehouse for $127.4 million after Crocs’ HEYDUDE footwear brand agreed to an eight-year lease extension, Connect CRE reported.
The lease calls for $111 million in payments through 2033, about 87% of the $127.4 million loan balance.
The structure matters because long lease terms give a lender cash flow it can underwrite.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections
The Las Vegas warehouse refinance rests on a HEYDUDE lease extension providing $111 million of payments through 2033, about 87 percent of the $127.4 million loan balance.
The 132,055-square-foot building, completed in 2023, was sold by Bluewater Property Group and Affinius Capital.
JLL advised the seller and arranged acquisition financing; the purchase price was not disclosed.
Life company loan delinquencies rose 14 bps to 1.33% and FHA fell 16 bps to 0.90%, the MBA's CREF survey shows.
Bank OZK is the senior construction lender and Eagle Realty Group the LP equity investor on the 282-unit Ibex at Ridge Hill.
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