Officials with World Market Center Las Vegas obtained $225 million in permanent financing to cover its Phase One construction loan and speed construction of Phase Two.

WMC and New York-based Ackman-Ziff Real Estate Group announced the permanent financing from Bear Stearns Commercial Mortgage just weeks before the the market's first show this month.

The WMC schedule now calls for construction of Phase Two to begin before the grand opening of the first building, said Jack Kashani and Shawn Samson, managing partners of WMC.

"World Market Center has experienced an exceptionally strong and positive reception from the financial community," said Alex Draganiuk, director of Ackman-Ziff. "As a result, we were able to secure favorable financing terms and repay the construction financing for Phase One well ahead of schedule. This will enable World Market Center's management to move forward on an accelerated basis with construction of Phase Two."

Upon completion of Phases One and Two by early 2007, WMC will offer close to 3 million square feet of permanent showroom space, plus an additional 350,000 square feet of flexible space in large-scale pavilions constructed on site.