Hypo Real Estate Syndicates Vegas Condo Loan

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June 26, 2006

Hypo Real Estate Capital Corp. has completed syndicating $121.3 million in construction financing on the Sky Las Vegas residential condominium property on the Las Vegas strip. Hypo, last year, had provided $216.3 million in financing to Sky Las Vegas Condominium Inc. for the property's development, which is expected to cost $325 million to complete. Sky Las Vegas is owned by David Pourbaba, M. Aaron Yashouafar and Solyman Yashouafar. The 44-story property will have 405 upscale condo units, 43,500 square feet of retail space and a parking capacity of 702 vehicles. It sits near the Circus Circus Hotel on the Vegas strip. When construction started last year, the units were 75 percent pre-sold.