Cosmopolitan Resort Obtains Financing

The highly anticipated Cosmopolitan Resort & Casino has obtained construction financing. The first phase of the project's bank loan was closed by Deutsche Bank earlier this month and clears an important milestone for the development.

Led by renowned real estate developer Ian Bruce Eichner, whose 30 years of development includes some of Manhattan's and Miami Beach's most sought-after addresses, the privately owned $2 billion Cosmopolitan broke ground in October 2005 at its center Strip location just south of Bellagio.

"Deutsche Bank understands our vision to build the foremost mixed-use development on the Las Vegas Strip," said Ian Bruce Eichner, CEO of 3700 Associates, LLC, the developer of The Cosmopolitan. "Obtaining financing during these competitive times is a testament to the quality and the viability of project we are developing."

The bank loan is being used to construct The Cosmopolitan's mixed-use, urban high rise resort, hotel and casino, which upon completion in mid-2008, will contain a 1,000 key Grand Hyatt-managed hotel, 2,000 condominium hotel units totaling approximately 2,232,000 square feet, a 75,000 square foot casino, 275,000 square feet of retail and restaurant space, 150,000 square feet of meeting and ballroom space, an approximately 1,800 seat theater totaling approximately 47,000 square feet, a spa containing approximately 33,000 square feet, and a +/- 3,500 car subterranean parking structure consisting of approximately 1,610,000 square feet. Currently, the Perini Building Company, the project's general contractor, is conducting massive excavation of more than five million cubic yards of soil on the over 8.5 acre site.