Stephanie Village developers secure construction financing for project

Stephanie Village at Green Valley is being developed by Las Vegas-based RMI Development and Babcock & Brown, an international investment and advisory firm.

The developers have secured a full construction financing provided by Milwaukee-based M&I Bank, according to Dan Shaw, chief executive officer and director of development for RMI.

The mixed-use project is situated on 22.5 acres near Interstate 215, the Las Vegas Beltway, and North Stephanie Street.

Construction of the clubhouse and first residential building is under way, with nearly 50 percent of the 114 residences in Phase One sold, according to Shaw.

"It's no secret that a number of recent Las Vegas real estate projects closed down shortly after being announced. Many investors and home buyers made reservations that ended in disappointment," he said. "That's where Stephanie Village is different. We are fully funded, under construction and going forward with the project to fruition. What buyers see and buy into is what they'll get."

Stephanie Village's developers secured a full construction loan from M&I Bank. The bank is an affiliate of Marshall & Ilsley Corp., a diversified financial services corporation with $56.5 billion in assets. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 193 offices throughout the state. It also operates locations throughout Arizona, Florida, Kansas, Minnesota and Oklahoma, with one office in Las Vegas.

"M&I Bank is pleased to partner with Stephanie Village to provide the financing needed to develop an upscale housing option in the Las Vegas area," said Lynn Cole, vice president, commercial real estate, M&I Bank.

"Many developers announce projects, and then worry how they'll get built," said Dan Brickman, who oversees real estate operations in the United States for Babcock & Brown. "We did the opposite. In the current real estate market, buyers are rightly cautious. We felt a responsibility to take the approach we did to eliminate skepticism from the beginning."

Home buyers can select from floor plans measuring 908 to 2,295 square feet with as many as three bedrooms, three baths and a loft. Standard features include balcony, European-style maple cabinetry, granite slab countertops and low-emittance windows. Residences come with a stainless-steel appliance package, advanced security system and structured wiring. Prices start in the low $300,000s.

The clubhouse, with 15,000 square feet of presold office space, will anchor the community. It's scheduled for completion this fall.

Amenities will include a fitness center, clubroom, theatre room, library, business center and conference rooms. An amphitheater, putting green, four swimming pools and as many whirlpools are planned. There will also be walking paths, pet comfort stations and barbecue areas. Two restaurants and 58,000 square feet of retail space also are planned. The sales center at 64 N. Stephanie St. in Henderson is open daily from 10 a.m. to 6 p.m.

To visit, take Interstate 215, the Las Vegas Beltway, exit Stephanie Street north and proceed to Wigwam Parkway, following the signs to the sales center. For more information, call 564-0686 or visit stephanievillage.com.