JLL Arranges $48.2M Construction Loan for The Cliff at Green Valley Ranch in Henderson

LAS VEGAS — JLL Capital Markets has arranged $48.2 million in construction financing through Bayview Asset Management on behalf of VAC Development and CAST Capital Partners for The Cliff at Green Valley Ranch, a 100,000-square-foot open-air lifestyle retail destination in Henderson, Nevada, the firm announced Oct. 21.

A Bayview affiliate served as the construction lender and is fully funding the project through completion. The property, located at 2500–2550 Paseo Verde Parkway, is described by JLL as Henderson's first high-end lifestyle retail development in more than 20 years.

Adaptive Reuse of Two Office Buildings

The Cliff converts two obsolete single-story office buildings, reportedly constructed in 2002, into a retail and dining campus. The site sits on approximately 10 elevated acres. A separate industry report characterizes the redevelopment as Henderson's first major open-air retail, dining and lifestyle development of this scale since 2004.

The completed property will be anchored by Arhaus, a home furnishings retailer known for artisan-crafted, sustainable products. The center will include a 26,000-square-foot covered outdoor dining lounge and a mix of experiential tenants: The Taco Stand, Lyte House, Wine Girl, Barista Botanist and Killer Whale Creamery.

Location and Trade Area

The project is located off the Bruce Woodbury Beltway in Southeast Las Vegas with direct I-215 frontage visible to more than 177,000 vehicles per day, according to the announcement. It sits in the Green Valley Ranch submarket, where average household incomes exceed $147,000 within a one-mile radius. Within three miles, more than 300,000 residents and workers draw from neighborhoods including McDonald Highlands, Dragonridge Country Club and Anthem.

The $48.2 million loan equates to roughly $482 per planned square foot. That figure is not a loan-to-cost or loan-to-value ratio and does not represent the project's total cost or value.

Las Vegas Retail Market Context

The financing comes as Las Vegas retail fundamentals remain tight. VAC Development's first-quarter 2026 market report recorded 234,724 square feet of net absorption, exceeding the entire 2025 total, while vacancy fell to 4.3% and weighted asking rents reached $1.96 per square foot NNN per month. The report identified 89,590 square feet of deliveries in the quarter and 568,847 square feet under construction, of which 56.8% was preleased.

A midyear 2026 Las Vegas retail report said demand was strongest in the Resort Corridor, Henderson and Summerlin, with overall market vacancy at 4.79%, near a 15-year low. The same report said roughly 3 million square feet had been leased over the preceding 12 months, with freestanding product in particularly short supply and retailers increasingly turning to build-to-suit projects. Reported vacancy and rent figures vary by source depending on geography, property type and methodology.

The Parties

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices in nearly 50 countries. Its parent, JLL (NYSE: JLL), reported annual revenue of $26.1 billion, operations in more than 80 countries and a workforce exceeding 112,000 as of June 30, 2026.

VAC Development was founded in 2022 as a joint venture between WG Group and Sansone Investments. It originates and repositions value-add and core investments in land, multifamily, industrial, office, retail and other property types across the Southwest and Mountain West.

CAST Capital Partners is headquartered in California with offices in San Diego and Las Vegas, and specializes in leasing, sales, management, acquisitions and development. The firm states its Nevada team has completed more than $500 million in transactions over the past decade and has been recognized five times as NAIOP Southern Nevada Retail Broker of the Year.

Bayview Asset Management is a global alternative investment firm that provides flexible capital solutions, with a focus on residential, consumer and commercial credit.

Outlook

The transaction reflects the role of nonbank capital in funding adaptive-reuse development, where conversion and delivery risk can influence conventional lender appetite. For JLL Capital Markets, it adds to recent Las Vegas-area activity spanning seniors housing, industrial and healthcare properties.

Sources

• JLL Newsroom: JLL Capital Markets arranges $48.2M financing for The Cliff at Green Valley Ranch