Thursday, Sept. 9, 1999 | 10:50 a.m.
The Paris-based financial institution Societe Generale, along with the Bank of Nova Scotia, will provide $70 million in construction financing for the $125 million Park Towers condominium project.
This financing represents Societe Generale's first residential loan in the Las Vegas market.
Park Towers' officials estimate pre-opening construction sales at more than $55 million. Real estate developer Irwin Molasky and Mirage Resorts Chairman Steve Wynn are co-developers of the 20-story, twin-tower project.
An 84-suite residential complex, Park Towers is situated in the Howard Hughes Center. Construction is slated to begin this month, with occupancy forecast for fourth quarter 2000. Site preparation, including road, water and sewer work, is now 95 percent complete.