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twitterCannery resort financed with $48 million loan
Tuesday, June 4, 2002 | 11:08 a.m.
Vestin Group Inc. of Las Vegas, through its subsidiary Vestin Mortgage, said today it is making its largest loan to date -- a $48 million loan for the Cannery Hotel and Casino in North Las Vegas.
Vestin said the Cannery's developer, Mendenhall-Millennium LLC, will use the funds for the construction and development of the $122 million, 1950s factory-themed property, which will have 201 rooms, a 35,000-square-foot casino, three themed restaurants and a buffet, among other features. The Cannery is scheduled to open in December.
Though it's Vestin largest loan to date, the company has made other significant loans to locals-oriented gaming properties, including a $30 million loan in 2000 for the construction of the $65 million Terrible's Hotel & Casino at Paradise and Flamingo roads.
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