Ladder Capital and Pordes Residential Take Major Stake in Iconic Las Vegas
Joint Venture buys 427 units in Veer Towers at CityCenter from an affiliate of
LAS VEGAS -- January 17, 2013
Two nationally recognized real estate companies recently closed one of the
largest bulk condominium purchases in the western United States at the end of
A joint venture between an affiliate of Ladder Capital Finance Holdings LLLP
(“Ladder Capital”), based in New York City, New York, and Pordes Residential
Sales & Marketing, LLC (“Pordes Residential”), based in Aventura, Florida,
purchased 427 residential condominium units in Veer Towers from an affiliate
of MGM Resorts International.
“High-rise condos on the Las Vegas Strip are a supply-constrained market, and
the condos at Veer Towers are in a fantastic location surrounded by
world-class amenities, including fine dining, casinos and entertainment,”
stated Brian Harris, Ladder Capital’s founder and CEO.
“We see premium value in the Las Vegas condominium market,” said Mark Pordes,
CEO of Pordes Residential, who has over 25 years of experience marketing and
selling luxury condominiums in Las Vegas and South Florida. “The unique
qualities of Veer Towers and the worldwide appeal of Las Vegas make the
offering attractive in this market rebound.”
Murphy Jahn Associates, well-known for its one-of-a-kind architectural
designs, created a unique arrangement by tilting the two Veer Towers, which
include studios, one-, two- and three-bedroom residences, and penthouses.
Opened in 2010 as part of CityCenter, amenities at Veer Towers include a
rooftop entertainment area that features an infinity pool, sun deck and
hospitality patio. In addition, each tower has private vehicle entrances,
valet service, secured elevators, exercise facilities, steam rooms and saunas.
“We expect buyers from Southern California, Canada, Asia and Latin America to
be interested in the condominiums as second or third homes on the Strip,” said
Jim Navarro, broker associate of Simply Vegas, which represented the joint
venture in the transaction. Navarro has been appointed Vice President of Sales
for Pordes Residential at Veer Towers.
Cohen Financial brokered the acquisition. SRF Ventures advised Pordes
Residential on the acquisition and has been retained to manage the project.
ABOUT LADDER CAPITAL
Ladder Capital is a leading commercial real estate finance company that
originates and invests in a diverse portfolio of commercial real estate and
real estate-related assets, focusing on senior secured assets. Its investment
activities include (i) direct origination of mid-market commercial real
estate-related first mortgage loans ranging from $5 million to $75 million and
(ii) investments in investment grade securities secured by first mortgage
loans on commercial real estate. Founded in 2008, Ladder Capital is run by a
highly experienced management team with extensive expertise in all aspects of
the commercial real estate industry, including origination, credit,
underwriting, structuring, capital markets and asset management. Led by Brian
Harris, the company’s Chief Executive Officer, Ladder Capital is headquartered
in New York City and has branches in Dallas, Los Angeles and Boca Raton.
ABOUT PORDES RESIDENTIAL
Pordes Residential sells, markets and invests in unique residential
condominium opportunities. The company has globally marketed Florida luxury
condominiums, including Canyon Ranch Living Miami Beach and One Bal Harbour,
where Pordes Residential made its last bulk buy. The company works with
developers and third-party lenders to position or reposition residential
projects. Outside of Florida, the firm has partnered with developers in Las
Vegas, California, Texas and the Caribbean. An on-site administrative team
handles contracts, closings and customer service.
Pordes Residential is opening a Veer Towers sales office in Miami, as well as
on-site at the property.
Pordes Residential Media Contact:
Ladder Capital Media Contact:
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