NorthPoint and BGO refinance Las Vegas warehouse at $127.4M on HEYDUDE extension
The lease extension provides $111 million in payments through 2033, about 87% of the $127.4 million loan balance.
At a glance
NorthPoint Development and BGO refinanced a 1 million-square-foot Las Vegas warehouse for $127.4 million after Crocs’ HEYDUDE footwear brand agreed to an eight-year lease extension, Connect CRE reported.
The lease calls for $111 million in payments through 2033, about 87% of the $127.4 million loan balance.
NorthPoint Development and BGO refinanced a 1 million-square-foot Las Vegas warehouse for $127.4 million after Crocs’ HEYDUDE footwear brand agreed to an eight-year lease extension, Connect CRE reported.
The lease calls for $111 million in payments through 2033, about 87% of the $127.4 million loan balance.
The structure matters because long lease terms give a lender cash flow it can underwrite.
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