Land acquisition & development financing secured for proposed Las Vegas Strip mixed-use project

LAS VEGAS, May 18, 2026 –  JLL Capital Markets operating through JLL Nevada, Inc. (JLL) announced today that it has secured land acquisition and horizontal development financing to acquire and improve the 12-acre southeast corner of Las Vegas Boulevard & Mandalay Bay Road.

The property is a highly strategic site located in the resort corridor of the Las Vegas Strip within an opportunity zone, directly across the street from the Mandalay Bay Resort and Casino, minutes walking-distance from Allegiant Stadium , home of the NFL’s Las Vegas Raiders, and the under-construction Las Vegas Ballpark District, home of the MLB’s Las Vegas Athletics beginning in 2028, and two blocks south of Las Vegas Boulevard & Tropicana Avenue which has more existing hotel rooms than any four-corner intersection in the world.

JLL represented the borrower, Eli Applebaum, in arranging the syndicated financing package. The JLL team was led by Hank Huang.  

JLL will continue marketing the opportunity for follow-on debt and equity with respect to the vertical construction of the project which will include hospitality, retail, dining and entertainment uses.

"The JLL team did a formidable job in navigating the waterways to get the property financed. The hard work and creativity delivered by JLL impressed this developer who has seen his fair share of deals. I look forward to working with them in the future,” said Applebaum.

"Our team is proud to advise Mr. Applebaum on the acquisition and financing of this landmark location on the Las Vegas Strip,” added Huang. “The resort corridor in Southern Nevada continues to evolve with North American major league sports as a key demand driver fuelling the growth and diversification of our local economy. We will continue and look forward to advising Mr. Applebaum on strategic alternatives to activate this location and ultimately develop an iconic project to serve local residents as well as visitors from all around the world.”

JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.