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Board reapproves $26M bond placement for 121‑unit 28th & Sunrise affordable housing project in Las Vegas
Summary
The State Board of Finance on Oct. 4 reapproved Administrator’s findings to allow the Nevada Housing Division to issue up to $26 million in Multi‑Unit Housing Revenue Bonds for the 121‑unit 28th & Sunrise apartments; the issuance was restructured from a public offering to a private placement with US Bank for construction and Freddie Mac for permanent financing.
At its Oct. 4 meeting, the State Board of Finance reapproved the Nevada Housing Division’s request to issue up to $26,000,000 in Multi‑Unit Housing Revenue Bonds to finance construction of the 121‑unit 28th & Sunrise affordable family rental project in Central Las Vegas. Stephen Aichroth of the Nevada Housing Division told the board the project had previously received approval in June 2024 but required reapproval because “the bond issuance has changed from a public offering to a private placement.”
The borrower entity is 28 & Sunrise LLC; the managing member is co‑owned by Affordable Housing Program, Inc. (Southern Nevada Regional Housing Authority) and Michaels Development Company, with US Bank serving as the equity investor partner for the construction phase and Freddie Mac expected for permanent financing. Aichroth said the private placement structure can reduce transaction costs and shorten the closing timeframe and may allow an early interest‑rate lock. Controller Andy Matthews moved to approve the Administrator’s Findings of Fact; the motion passed unanimously. Approval was taken under the authority of NRS 319.270(4).
Next steps announced by staff include proceeding with the private placement with US Bank and advancing construction financing under the revised structure; timing for closing and construction start dates was not specified in the meeting materials.
