JP Morgan, Sculptor Real Estate, Morning Calm Provide $686M Construction Loan
The new financing will help build the Four Seasons Private Residences Las Vegas, a luxury high-rise that is 75% sold
By Brian Pascus November 14, 2025 12:36 pm
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A joint venture among Azure Resorts & Hotels, Luxus Developments and Two Roads Development secured $686 in construction financing to build Four Seasons Private Residences Las Vegas, an ultra-luxury high-rise that has already pre-sold 75 percent of its residences for more than $700 million.
J.P. Morgan, Sculptor Real Estate and Morning Calm Management provided the financing. No broker was listed on the transaction.
Jim Reilly, president of Azure Resorts & Hotels, defined the $686 million construction loan as “a game-changer” in a statement, and added this financing will help his firm hit the ground running immediately on vertical construction of the high-rise.
“It empowers us to build at full speed and deliver on our promise of creating next-gen living in Las Vegas,” he added.
Four Seasons Private Residences Las Vegas is located at 669 Dragon Peak Drive in the Henderson and MacDonald Highland mountain ranges, about 15 miles south of Downtown Las Vegas. The condominium development is expected to be ready for move-ins by the middle of 2027.
The property will feature residences as large as 8,300 square feet, with each condo including private garages and semi-private elevators, while the building itself will feature a 24-hour concierge, a spa, a pool, and an on-site restaurant branded by Wolfgang Puck. Residents will also receive access to the adjacent members-only Dragon Ridge Country Club.
The building has already sold out 75 percent of its 171 residences, with starting prices exceeding $5 million, according to a release.
“Our sales momentum speaks volumes about market demand for branded luxury living,” added Jonathan Lawrence, managing partner at Luxus Developments. “Buyers want more than real estate; they want the Four Seasons experience and lifestyle.”
Officials from J.P. Morgan, Sculptor Real Estate, and Morning Calm Management did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
