Latest Bond Activity

NHD Has Banner Quarter in Bond Closings

By the end of December 2000, the Division will have closed more than $60 million in bonds for the financing of seven apartment projects.

On November 28, the Division closed a $4.6 million bond issue for the financing of the 128-unit Banbridge Apartments, a family rehab project, in Sparks.  Monthly rent for these apartments will range from $243 to $565 for the one-bedroom apartments up to $676 for the two-bedroom units.

On November 29, the Division closed a $10.8 million bond issue for the financing of Horizon Apartments, a 228-unit seniors apartment complex to be built on a 12.3 acre site at Boulder Highway and Equestrian Drive in Henderson.  The 90 one-bedroom units and 138 two-bedroom units will be made available to low-income persons age 55 or older.  Monthly rent will range from $553 for the one-bedroom apartments to $667 for the two-bedroom units.

On December 12, the Division closed an $18.3 million issue for the financing of Orchard Club Apartments, a 332-unit complex.  Of the total units, 122 units will be provided for seniors and 220 units for families.  The project will be located on a 18.65 acre site at Charleston and Treeline Road in unincorporated Clark County.  Rental rates will range from $553 for the one-bedroom apartments up to $770 for the three-bedroom units.

On December 13, an $8.6 million issue for a 184-unit seniors project, Vintage Desert Rose Senior Apartments was closed.  This project will be located on 8 acres at 1701 North Jones in the City of Las Vegas.  Rental rates will range from $455 for the one bedroom apartments up to $669 for the two-bedroom units.

On December 19, 20, and 21 the Division closed an $8.3 million issue for CitiVista Senior Apartments, a 152-unit complex in Reno; a $12.5 million closing for refinancing of the 272 unit Rancho Mesa family complex in Las Vegas; and the closing of the 72-unit Crestmore Apartment complex in Northern Nevada.

Nevada Housing Division Closes Bonds for Apartment Project

Las Vegas...The Department of Business and Industry Housing Division announced the closing on June 1 of $8.7 million in bond issues for the financing of the 156-unit Horizon Pines Senior Apartments. The project is funded through a partnership of the Nevada Housing Division’s Multifamily Bond Program, FannieMae, and the City of Henderson.

The Sponsor is Horizon Pines Development, LLC, a Nevada limited liability company. The Project consists of 156 units, 16 one-bedroom units and 140 two-bedroom units. All of the units will be made available to low-income seniors age 55 or older. Rental rates will range from $551 to $665 a month.

Major construction of the Project is expected to commence in September 2000, with a targeted completion date of June 2001.

Las Vegas...The Housing Division of the Nevada Department of Business and Industry closed $9.6 million in multi-unit housing revenue bonds for Whispering Palms, a 208-unit seniors residential rental project to be developed at Lake Mead Boulevard and Simmons Street in North Las Vegas.

Half of the units will have one bedroom and one bath, while the others will be two-bedroom, two-bath units.  Monthly rental rates will be $544 and $651, respectively.

All of the units are targeted for low- to moderate-income people age 55 and older.

The facility, which is expected to open in June 2001, will be managed by Pinnacle Realty Management.