July 22, 2016
Special servicer CWCapital Asset Management has taken control of a $55 million loan backing the 361,000-square-foot Cheyenne Commons retail center in Las Vegas. The borrower is Kimco Realty, based in New Hyde Park, NY.
The concern over the loan is its November maturity date. Kimco said it will likely not be able to refinance, due to the property value’s decline. A new appraisal on the asset at 3189 N. Rainbow Blvd. has been ordered; the last appraisal took place in 2006, at which time, the property was valued at $81.5 million.
The center was 73% occupied, down from 87% in 2014. Additionally, close to half of Cheyenne Common’s square footage is taken up by leases that will expire within the next two years.