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North Vegas Logistics Center secures $127.4M refinancing tied to Crocs lease
The refinance replaces a $72.9 million construction loan from 2023 and supports planned $90 million in equipment and building improvements, with Croc’s HEYDUDE lease running through 2033.
NorthPoint Development and BGO have secured a $127.4 million refinancing for North Vegas Logistics Center’s Building 1, a 1 million-square-foot Las Vegas warehouse, ConnectCRE reports.
The refinancing is supported by Crocs’ HEYDUDE footwear lease extension for eight more years, with lease payments totaling $111 million through the end of the lease in 2033.
ConnectCRE reports that Brookfield’s Oaktree Capital Management originated the new debt, which retired a $72.9 million construction loan originated by Bank OZK in 2023, and the building delivered in 2024.
In addition to Crocs’ long-term rent commitment, the firm plans to invest $90 million in equipment and building improvements at the property, according to ConnectCRE.