Business briefs for June 2, 2004

Wednesday, June 2, 2004 | 11:01 a.m.

Loan issued for two LV projects

Pacific Coast Capital Partners LLC, a real estate investment firm and lender, said Tuesday it committed to loan $47.8 million to San Diego-based Pacifica Cos. The loans will finance the acquisition and conversions into condominiums of Pirate's Cove and Waterford Park, two apartment communities in Las Vegas.

Waterford Park is a 180-unit apartment community at Fort Apache and Desert Inn roads. Pirate's Cove is a 428-unit apartment community near Buffalo Drive and Summerlin Parkway.

"Condominium sales continue to increase in Las Vegas and appear to be on record pace this year with nearly 1,000 closings over the first two months of 2004," said William Lindsay, founding partner of Pacific Coast Capital Partners. "The greater Las Vegas market has been experiencing such robust population and job growth, that single-family home prices have appreciated (rapidly). This growing demand and value inflation has led to a lack of affordably priced homes, which we think will lead to a strong demand for the Pirate's Cove and Waterford Park condominiums and a rapid sellout."

Mutual fund figure sells home

Las Vegas investor Daniel Calugar, who has been accused by the Securities and Exchange Commission of making $175 million through improper mutual fund trades, has sold his 6,823-square-foot Las Vegas home.

Clark County records show the home sold in May for $1.5 million, about $200,000 less than he purchased the Spanish Trail home for in 1997.

Prior to the sale, Calugar's attorneys received permission from the court to sell his Las Vegas home as well as a Los Angeles condominium. He also received permission to redeem his interest in the Spartan Mullen Chimay U.S. Equity Fund.

Any proceeds from the sale of the properties or investment fund were ordered by the court to be deposited into an account governed by a restraining order issued by the court in December.