SUMMERLIN, NEV. — New York City-based PBC USA has received a $70 million loan to refinance Tivoli Village, a 28-acre mixed-use development in Summerlin, a suburb of Las Vegas.
Bank of Nevada provided the capital, which replaces financing from KeyBank and reduces the interest rate by 150 basis points. The refinancing is a result of near completion of a two-year turnaround campaign at the 700,000-square-foot retail and office property, bringing occupancy rates to above 80 percent.
The first phase of Tivoli Village opened in 2011 and the second phase opened in 2016. Tenants at the property include Restoration Hardware’s RH Las Vegas, Echo & Rig Butcher and Steakhouse, Brio Tuscan Grille, David Barton Gym and Dance With Me. The property features 370,000 square feet of retail space and 300,000 square feet of Class A office space.