First Independent Bank Financing The Village at Rancharrah Development
August 20, 2019
First Independent Bank was chosen by the Tolles Development Company to provide financing for the Village at Rancharrah, a mixed-use project which is expected to debut in 2020. The upscale shopping, dining and lifestyle experience will be unlike other developments in Northern Nevada and is expected to attract local residents and visitors alike.
The Village at Rancharrah is located on a portion of one of Northern Nevada’s most iconic properties - the former estate of international casino magnate Bill Harrah. Once completed, guests will enjoy a curated selection of local and regional restaurants - some offering lakeside views, as well as shopping, fitness, wellness, and art establishments.
“First Independent Bank is extremely proud to be part of this project and to provide the financing for what will be a completely new style of mixed-use development,” said Jim DeVolld, SVP, regional manager, First Independent Bank. “From an economic standpoint, there are many exciting projects happening in our region and The Village at Rancharrah will be a wonderful addition,” he said.
According to Kyle Rea, chief operating officer of Tolles Development Company, First Independent Bank was uniquely positioned to finance the project. First Independent Bank had local market knowledge about the planned site, combined with the considerable resources of a major banking institution.
“From the very beginning, First Independent Bank understood our vision for this development,” said Rea. “Not only was First Independent Bank intimately familiar with the local market and the Harrah’s property, but they also had the backing of a larger financial institution, which helped us get the deal done.”
When complete, The Village at Rancharrah will include a mix of approximately 20 food and drink destinations, as well as consumer related businesses and office space. The development includes a large open village green, stone terraces, outdoor fireplaces surrounded by Adirondack chairs, open areas intended for seasonal entertainment, and will be enveloped by inspired landscaping.
The Village at Rancharrah is just one part of the reimagined Bill Harrah estate that also includes a 141-acre master planned community, and The Club at Rancharrah, a private club housed inside the former Harrah’s mansion.
First Independent Bank
First Independent Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 1999, First Independent Bank offers a full spectrum of tailored business banking solutions and outstanding service, with offices in Reno, Sparks, Carson City and Fallon. As part of $65 billion Western Alliance Bancorporation — ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director — First Independent Bank has the reach, resources and local market expertise that make a difference for customers.