Origin Credit Advisors Completes a $51.5M Construction Loan for Las Vegas Multifamily Project Nola Sol

Nola Sol
Nola Sol will consist of 30 studio, 98 one-bedroom, 158 two‐bedroom and 22 three-bedroom residences. The average rental unit size will be 914 square feet. The complex will also have 655 surface parking spaces and a common area featuring a fitness center, pool, hot tub, clubhouse and dog walk. Construction is underway, with four buildings now fully framed. Delivery of the first units is scheduled to occur by the end of 2024.

Origin Strategic Credit Fund, a multifamily real estate credit fund, has agreed to provide a total of $61.3 million of construction debt and preferred equity financing for the development of Nola Sol, a multifamily community in Las Vegas, Nevada being developed by Legerra Development. The total amount includes $51.5 million in construction financing.

When completed, Nola Sol will be a 308-unit, garden-style rental community comprising 17 three-story buildings. It is being constructed on a 12-acre parcel at 2555 N. Ranchero Drive, in the Ranchero submarket of Las Vegas. The site is in a rapidly transforming part of the city, across from the redevelopment of the former Fiesta Casino, which will add hotel, retail, office and multifamily developments.

The Strategic Credit Fund, managed by Origin Credit Advisers, was launched in early 2023 and is a portfolio of high-yield multifamily debt investments for qualified purchasers*. The Fund intends to capitalize on credit opportunities in the multifamily real estate market by filling gaps in the flow of credit and providing needed liquidity to lenders. In 2023 the Fund secured nearly $200 million in investments amid a highly competitive environment for private credit. Its goal is to continue that trajectory in 2024.

According to Thomas Briney, president and chief investment officer of Origin Credit Advisers, the construction loan and preferred equity position made by the Fund underscores the Fund’s flexibility to move across a wide spectrum of multifamily investments. “The Fund was designed to allow us to do what we do best: identify and analyze multifamily investment options and then move to where the market is providing mispriced acquisition and disposition opportunities,” he said.

“Nola Sol is located within a catalytic area of Las Vegas,” said Jacob Sojka, assistant vice president, Origin Investments. “Some of the additional development in the area, outside of the Nola Sol project, is the result of public private partnerships. It’s a major force in the increasing popularity of the area.”

Nola Sol—and the Ranchero submarket in general—are in a location seeing tremendous growth and commercial development. The project is approximately five miles northwest of downtown Las Vegas at the intersection of Smoke Ranch Road and Rancho Drive. Highways 95 and I‐15 are within approximately 2.6 and 4.1 miles, respectively, providing convenient access to employment and retail drivers including the Strip, logistics/industrial centers, retail and health care facilities.

The opportunity to become the construction loan originator for Nola Sol occurred quickly and required a swift response. “It was a race against the clock to finalize an agreement ensuring Legerra Development could keep forward with Nola Sol,” Sojka said. “Because of Origin’s existing relationships, the flexibility of the Fund, and the reputation of the developer, we were able to complete the financing transactions.”