In 2007, at the height of the economic downturn in Las Vegas, Steve Byrne, and Andrew M. Jolley saw an opportunity.
That’s when the two founded the commercial real estate company EquiSource. The business was created to take advantage of buying opportunities in a down market with the hope they could transition them into successful, thriving properties.
Now, 12 years later, EquiSource has purchased more than $500 million in real estate assets, ranging in size from $200,000 to $20 million. The diverse holdings include projects in the hospitality, residential, retail, industrial, office, land, and special use categories.
Initially, the two worked with Bank of Nevada to finance the purchase of real estate owned (REO) properties. As the EquiSource portfolio grew, so did the relationship with Bank of Nevada. Both Byrne and Jolley say there is a reason they continue to do business with Bank of Nevada.
“In my opinion, Bank of Nevada is one of the few banks that took the time to understand our business and let us know they wanted to build a solid relationship with us,” said Andrew M. Jolley, EquiSource Founding Partner. “It wasn’t just about one or two deals, Bank of Nevada made it clear they wanted to understand what we were doing to help build something bigger. We appreciated that,” said Jolley.
For Steve Byrne, who spent 17 years in the banking industry, significant benefits of working with Bank of Nevada include its commitment to the commercial real estate industry and willingness to help.
“They’ve asked for our business, and in return, we’ve brought it to them,” said Byrne. “On everything we’ve done with them they’ve been flexible with us and creative, and they have always sought to expand and strengthen the relationship.”
A great example of strengthening the relationship is when EquiSource asked to refinance one of the company’s retail properties to increase the amount of the loan it had on a Sahara Avenue property. The increase would allow EquiSource to pay off another loan it had on the property. Byrne says Bank of Nevada understood the increase request —and the reason behind it — and approved the deal quickly and painlessly.
Listening to clients and understanding their needs is vital. Bank of Nevada excels at offering customized financial solutions combined with highly experienced bankers who know the market and the commercial real estate industry.
That industry knowledge is what helped EquiSource get funding to develop a property in what is now one of the fastest growing corridors in the valley.
“We owned some land along St. Rose Parkway, and we wanted to develop the entire site, but we had to be creative in how we structured the deal,” said Jolley. “Bank of Nevada truly understood the value of our project as well as the location,” he said. “This was well before the Raiders announced they would be building a practice stadium nearby and before Costco announced it would build a warehouse in the vicinity, both of which grabbed all the headlines,” said Jolley.
“At the time we brought this idea to Bank of Nevada those big projects had not been announced. What we had were a couple of signed lease contracts and wanted to use those to help us develop the entire property,” said Byrne. “Bank of Nevada helped us with the loan so we could get started on the project, and when we reached some leasing thresholds, they made another loan to us so we could finish it. That’s flexibility,” said Byrne.
If you would like to learn more about the tailored solutions and exceptional service Bank of Nevada provides to clients in the commercial real estate industry, please contact one of our experienced bankers at 702-248-4200.