Cosmopolitan
Resort Obtains Financing
The highly anticipated Cosmopolitan
Resort & Casino has obtained construction
financing. The first phase of the project's
bank loan was closed by Deutsche Bank earlier
this month and clears an important milestone
for the development.
Led
by renowned real estate developer Ian Bruce
Eichner, whose 30 years of development includes
some of Manhattan's and Miami Beach's most sought-after
addresses, the privately owned $2 billion Cosmopolitan
broke ground in October 2005 at its center Strip
location just south of Bellagio.
"Deutsche
Bank understands our vision to build the foremost
mixed-use development on the Las Vegas Strip,"
said Ian Bruce Eichner, CEO of 3700 Associates,
LLC, the developer of The Cosmopolitan. "Obtaining
financing during these competitive times is
a testament to the quality and the viability
of project we are developing."
The
bank loan is being used to construct The Cosmopolitan's
mixed-use, urban high rise resort, hotel and
casino, which upon completion in mid-2008, will
contain a 1,000 key Grand Hyatt-managed hotel,
2,000 condominium hotel units totaling approximately
2,232,000 square feet, a 75,000 square foot
casino, 275,000 square feet of retail and restaurant
space, 150,000 square feet of meeting and ballroom
space, an approximately 1,800 seat theater totaling
approximately 47,000 square feet, a spa containing
approximately 33,000 square feet, and a +/-
3,500 car subterranean parking structure consisting
of approximately 1,610,000 square feet. Currently,
the Perini Building Company, the project's general
contractor, is conducting massive excavation
of more than five million cubic yards of soil
on the over 8.5 acre site.
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