Home » VT News » Fontainebleau Sells a Billion Dollars Worth of Mortgage Notes

Fontainebleau Sells a Billion Dollars Worth of Mortgage Notes

By Chuckmonster on Thursday, 24th May 2007 6:28pm
  » filed under Mergers & Acquisitions  comments: 0

   

Yeah, this is quite esoteric for the casual Vegas tripper, but its still worth noting in the "coming soon to a Las Vegas near you dept." Fontainebleau, the pile of dirt next to the Turnberry Towers where the El Rancho 2.0 (aka coming soon : Countryland USA) used to stand has been stirring with construction activity this year. Holes are being dug, posts inserted, dirt moved around, measurements being taken all sorts of early phase construction going on.

Today, the Fontainebleau Las Vegas Holdings LLC sold $675 million 8-year mortgage notes in the '144a private placement market.'

Without getting too technical, a mortgage note is essentially a loan with the title of the property put up as collateral.

What this means: for all intents and purposes, Fontainebleau is go. Why you should care: the head of Fontainebleau is Glenn Schaeffer - the brains behind Mandalay before it got eaten by MGM Mirage. He's baaaack.



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