ACORE Lends $115M on Lake Tahoe Condo Development
By Mack Burke May 12, 2021 7:00 am
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Acore Capital has provided $115 million in debt to Excel Realty Holdings for the second phase of construction on Tahoe Beach Club in Stateline, Nev., Commercial Observer has learned.
The floating-rate construction loan will fund the second phase of a four-phase condominium development that sits on the banks of Lake Tahoe at 1 Beach Club Drive in Stateline. It also refinances $34 million in preferred equity that was provided by HNGreen Hollow Capital Partners in September 2019 to construct the property’s beachfront club and Phase II redesign, according to information from JLL (JLL) Capital Markets, which represented Excel in the arrangement of the debt financing.
ACORE previously provided a $107 million construction loan on the project’s first phase at the start of 2019.
The second phase will see the construction of six residential condo buildings, comprising 48 two-, three- and four-bedroom residences, some of which will be set up as one- and two-story lofts, ranging from 1,256 to 2,831 square feet, according to JLL.
“Units will include modern, sleek design elements, including open floor plans, 10-foot ceilings for standard units and 20-foot ceilings for lofts, state-of-the-art appliances and miraculous views of Lake Tahoe’s forestry as well as access to the only lakefront beach club in South Lake Tahoe,” said Excel President and CEO Mark Burton.
Overall, the resort-like residential asset is situated on a 20-acre piece of land, and is the first private condo and beach club property Lake Tahoe has seen in decades. When completed, it will sport 143 residences.
Tahoe Beach Club’s first phase included 46 condos and the 30,000-square-foot clubhouse, which is full of amenities and sits on a 216-foot private beach, according to JLL. The Beach Club debuted in July 2020, and occupancy for the residences in Phase I began in the fall, according to a report by the Tahoe Daily Tribune.
The condos in the project’s first phase were 100 percent sold out prior to being delivered to market and only about a third of the condos from Phase II remain for sale, according to a March 7 report by the Tahoe Daily Tribune; half of the condos in Phase II had been sold by the time ACORE’s loan closed.
The property is located next to a golf course, and the clubhouse features a variety of amenities, including a year-round, heated pool on a deck that overlooks the lake. There are also beachside fire pits, a 160-foot-long, floating pier and valet service for boats.
