It’s a mixed bag of studios, onesies and twosies, according MGM Resort International’s Yvette Monet. MGM offloaded the batch, for $119 million, to Ladder Capital Finance. The latter plans to rent out the units in the near term, with a view to re-selling them when the market improves. Ladder Capital would also act as the mortgage lender on the sale, thereby protecting its investment.
MGM’s not entirely off the condo hook. Eleven penthouses at Veer and 160 condos in Mandarin Oriental are still on the books, waiting to be ‘monetized.’ Trump International made a similar move last year, offloading 300 units within its tower to Hilton Grand Vacations, at $333,000 each. If they perform well under the Hilton flag, it’s probably a precursor to a Hilton buyout of the entire Donald Trump-Phil Ruffin property which, like Veer, was built during a time when the appetite for condos on the Las Vegas Strip was greatly overestimated.
