Jan 11, 2006 09:00 ET

The Cosmopolitan Resort & Casino Secures Construction Financing

LAS VEGAS, Jan. 11 /PRNewswire/ -- The highly anticipated Cosmopolitan Resort & Casino has obtained construction financing. The first phase of the project's bank loan was closed by Deutsche Bank earlier this month and clears an important milestone for the development.


Led by renowned real estate developer Ian Bruce Eichner, whose 30 years of development includes some of Manhattan's and Miami Beach's most sought-after addresses, the privately owned $2 billion Cosmopolitan broke ground in October 2005 at its center Strip location just south of Bellagio.


"Deutsche Bank understands our vision to build the foremost mixed-use development on the Las Vegas Strip," said Ian Bruce Eichner, CEO of 3700 Associates, LLC, the developer of The Cosmopolitan. "Obtaining financing during these competitive times is a testament to the quality and the viability of project we are developing."


The bank loan is being used to construct The Cosmopolitan's mixed-use, urban high rise resort, hotel and casino, which upon completion in mid-2008, will contain a 1,000 key Grand Hyatt-managed hotel, 2,000 condominium hotel units totaling approximately 2,232,000 square feet, a 75,000 square foot casino, 275,000 square feet of retail and restaurant space, 150,000 square feet of meeting and ballroom space, an approximately 1,800 seat theater totaling approximately 47,000 square feet, a spa containing approximately 33,000 square feet, and a +/- 3,500 car subterranean parking structure consisting of approximately 1,610,000 square feet. Currently, the Perini Building Company, the project's general contractor, is conducting massive excavation of more than five million cubic yards of soil on the over 8.5 acre site.


The Cosmopolitan Resort & Casino is located at 3698 Las Vegas Boulevard at the northwest corner of the intersection of Las Vegas Boulevard and East Harmon Avenue.


About 3700 Associates, LLC, the Developer of The Cosmopolitan Resort & Casino


Formed in April 2004, 3700 Associates, LLC brings together one of the nation's foremost real estate developers from New York City and Miami with one of the top world-wide financiers. The group will develop the $2 billion Cosmopolitan Resort & Casino currently on undeveloped acreage at the center of the famous Las Vegas Strip (next door to Bellagio). The Cosmopolitan will be a boutique, mixed-use luxury condo-hotel-resort featuring condominiums, hotel rooms, a casino, retail, dining and entertainment venues, meeting rooms, and The Cosmo Beach Club. The project is schedule to open in mid-2008. The 3700 Associates partnership is led by Miami and New York City developer Ian Bruce Eichner, one of the country's leading real estate developers who serves as the group's Chief Executive Officer. Eichner has developed more than six million square feet of luxury residential, office, hospitality and retail space in the Northeast and Florida totaling more than $2 billion in the last 30 years. Eichner most recently opened the Continuum on South Beach, a luxury condominium project in Miami's trendy South Beach area that has achieved record sales per square foot. For further information, visit www.cosmolv.com.


For Press Inquiries, contact:
Kurt Ouchida
(702) 300-5756

Source: The Cosmopolitan Resort & Casino

CONTACT: Kurt Ouchida, +1-702-300-5756, for Cosmopolitan Resort &
Casino


Web site: http://www.cosmolv.com/

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