LV lender delays note sale plan

Tuesday, Nov. 25, 2003 | 11:07 a.m.

Vestin Group Inc., a big Las Vegas commercial real estate lender, has withdrawn plans to raise $500 million on Wall Street.

The firm in March filed a registration statement with the Securities and Exchange Commission seeking authority to sell $500 million in notes to fund additional mortgage operations around the country.

The company said it was unable to secure a qualified independent underwriter. A spokesman said Vestin will re-file its application early next year.

Separately, Vestin announced that its Vestin Fund III has been declared effective by the U.S. Securities and Exchange Commission. The $100 million fund "will invest in income-producing real estate projects and short- and medium-term loans secured by real estate," a Vestin release said.

In the company's quarterly filing with the SEC, Vestin said the new fund will invest in and operate multi-family, assisted living, office, industrial and retail property. Those investment opportunities will give the company the opportunity to earn real estate commissions, advisory fees and property management fees, the filing said.

Live chat: Tuesday, noon PST; Chat with Krista Creelman; Problem Gambling Center executive director Krista Creelman will answer questions about gambling addiction from Las Vegas Sun readers from noon to 1 p.m. Tuesday, Nov. ... Submit question