Matter Real Estate Group has closed $310 million in refinancing for UnCommons, its mixed-use development in Southwest Las Vegas.
The transaction, arranged and announced by Newmark, signals institutional appetite for well-leased, mixed-use assets in high-growth Sun Belt markets. TPG is serving as the lender.
UnCommons combines near-full occupancy across office and retail components with luxury multifamily units — a combination that continues to attract major capital sources even as broader commercial real estate lending remains selective.
"To be in a dynamic mixed-use environment in Las Vegas, your options are almost zero," Jim Stuart, partner in Matter Real Estate Group, said in an email to CoStar. "Our office space is 99% leased, demonstrating that best-in-class, highly amenitized projects like UnCommons are simply outperforming the market and operating in a distinct category."
At 10.4%, Las Vegas currently has one of the lowest office vacancy rates among major U.S. markets, according to CoStar analysis. The trend of large-scale negative absorption — tenants vacating more space than occupying it — has not played out here. The local economy's dependence on the leisure hospitality sector and minimal tech exposure have served as a buffer against national downsizing trends.
UnCommons spans 346,000 square feet of Class A office space, 66,000 square feet of retail space and 352 apartments. Major tenants include sports betting operator DraftKings' headquarters, Deloitte, Morgan Stanley and CBRE.
The property sits along the Interstate 215 corridor between Summerlin and Henderson in the Southwest Las Vegas office market, adjacent to the new $800 million Durango Resort.
The refinancing positions Matter Real Estate to advance its business plan for UnCommons and continue targeting experience-driven real estate in high-growth markets, according to Newmark.
Jonathan Firestone, Newmark's co-president of global debt and structured finance, led the debt deal team. Kevin Shannon, co-head of U.S. capital markets, led sales efforts.
Shannon pointed to supply-demand imbalance as a key driver of the deal's appeal.
"Southwest Las Vegas is one of the few submarkets nationally where tenant demand far exceeds existing supply for both the retail and office components," Shannon said in a statement. "This is especially true for best-in-class, new mixed-use projects like UnCommons."