PCCP, LLC announced it has provided a $66 million senior loan to Sunroad Enterprises for the acquisition and lease-up of Element 12 at Cadence. The financing was arranged by JLL Capital Markets.
Element 12 at Cadence is a garden-style, elevator-served, six-building apartment community with an average floorplan size of 875 square feet. The property includes 145 one-bedroom units, 100 two-bedroom units, and 20 three-bedroom units. The high-end apartments feature granite countertops, 9’ to 10’ ceilings, premium stainless-steel appliances, smart thermostats, and oversized closets.
Community amenities include a pickleball court, a heated pool and spa, bike storage and pet spas in each building, co-working spaces, a game room, a fitness center with a separate yoga studio, and ample parking. Additionally, residents have access to the community amenities in the 2,200-acre Cadence MPC, which include 450 acres of green space, multiple parks, and a pool. When completed, the Cadence MPC will have an estimated 13,000 homes. Additionally, Element 12 is one of a select few rental options within Cadence.
The property is well-located in Henderson, one of the fastest-growing cities in the country that is approximately 20 miles southwest of the Las Vegas Strip. Henderson is known for having some of the highest incomes in Nevada. Element 12 sits just off Boulder Highway, one of Henderson’s major thoroughfares, providing residents with direct access to both downtown Las Vegas and Henderson. This location offers strong connectivity to the broader Las Vegas metropolitan area, including key employment hubs, while being proximate to established local amenities and suburban neighborhoods.
“This transaction is a testament to our commitment to growth in our multifamily portfolio, and resilience even in difficult market conditions. Purchasing this property marks the first direct transaction between AG Spanos Companies and Sunroad Enterprises,” said Dan Feldman, President of Sunroad Asset Management. “We appreciate our financing partner, PCCP, for providing financing to complete this transaction and JLL’s efforts.”
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $24.2 billion in assets under management on behalf of institutional investors as of June 30, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $41.6 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
Sunroad Enterprises is a diversified and experienced holding company. Founded in 1977 in San Diego, Sunroad consists of two distinct divisions: Real Estate and Automotive. The company has built over 3,000,000 square feet of Class A office space, developed/operated the 600 slip Safe Harbor Sunroad Marina, owns or is under development on nearly 10,000 multifamily units, and operates Maderas Golf Club, recently ranked by Golf Digest as a top 100 Golf Course. Sunroad Enterprises has been involved in projects in California, Colorado, Nevada, Arizona, Washington, Georgia, Tennessee, N. Carolina, S. Carolina and Mexico, and has earned numerous quality commendations from local, regional, and national organizations. On the auto side, Sunroad currently owns and manages 25 new car dealerships in the US & Mexico, with annual vehicle sales in excess of 35,000 cars sold and 300,000 customers choosing Sunroad for service. Sunroad is proud to have won, amongst others, the Ford Triple Crown Award, Honda Presidents Award, Subaru Stellar Performer, and BMW Center of Excellence Award.
