OCA Completes $51.5M Construction Loan for LV Multifamily Project
A multifamily real estate credit fund managed by Origin Credit Advisers, an affiliate of Origin Investments, will provide $61.3 million in construction debt and preferred equity financing for Legerra Development’s Nola Sol multifamily community in Las Vegas. The construction financing totals $51.5 million.
The fund, which was launched in 2023, is a portfolio of high-yield multifamily debt investments for eligible purchasers. Its goal is to capitalize on credit opportunities in the multifamily sector by “filling gaps” in the flow of credit and supplying lenders with the liquidity they require.
In 2023, the fund secured nearly $200 million in investments. Origin said its goal is to continue that trajectory in 2024.
“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,” said Thomas Briney, president and CIO of Origin Credit Advisers.
Nola Sol will include 308 garden-style units across 17 three-story buildings. It is being built in the Ranchero submarket of Las Vegas. Construction is underway, with four buildings now fully framed. The first units are anticipated to be delivered by the end of 2024.
Pictured: Nola Sol rendering provided by Origin