Exclusive: Howard Hughes Lands $300M Loan in Las Vegas
This mixed-use property has been continuously expanding for more than a decade.
The Howard Hughes Corp. has secured a $300 million note issued by U.S. Bank for the Downtown Summerlin mixed-use property in Las Vegas, according to Yardi Matrix.
Downtown Summerlin comprises 933,000 square feet of office space and nearly 1.4 million square feet of retail product, among residential, hospitality and entertainment spaces. Howard Hughes delivered the first phase back in 2014, but the developer has been continuously bringing online more facilities since then.
A few notable properties within Downtown Summerlin include:
- ONE Summerlin, a 200,000-square-foot office property
- Two Summerlin, a 150,000-square-foot workplace building
- 1700 Pavilion, a 267,413-square-foot office facility
- Tanger and Tanger Echo, a two-phase, 562-unit residential community
- Constellation, a 124-unit residential property
- Whole Foods Market Retail Center, a 160,500-square-foot facility
- Red Rock Casino, Resort & Spa, a 17-story hospitality building
READ ALSO: What’s Driving Mixed-Use Design
The 400-acre mixed-use property is clustered around the intersection of Clark County Road 215 and West Charleston Boulevard, serving as the central business district of the much larger Summerlin, a master-planned community spanning 22,500 acres. Downtown Vegas is roughly 13 miles east.
Summerlin came to be after Howard Hughes acquired approximately 30,000 acres of land in the early 1950s. While initial plans called for the setup of an aviation testing center, the site eventually took off as a residential development in the 1990s.
The highs and lows of financing sentiments
While 2025 wrapped up on a high note, with preliminary data from the Mortgage Bankers Association placing the origination volume up nearly 40 percent year-over-year, 2026 kicked off with a pessimistic outlook regarding interest rates on account of the Iran conflict, according to CREFC.
Even as the industry mulls over the consequences of war, financing deals continue marching on. One such deal, also in Vegas, is soon set to close with Simon Property Group and Invesco on track to obtain a $750 million refinancing loan for The Shops at Crystals.
You must be logged in to post a comment.