Within the last 3 years there has been significant development; new target, top golf, tanger outlets, mgm casino, new shopping center stores, etc. 

Same reason a 10 year treasury pays less than a BBB rated bond.Unless you live in a VERY pricy area, I'd strongly suggest trading a higher return for being closer to home.  

The most recent casino to open cost over $7B.

The Resorts World Casino alone cost over $7B to build.

The rate after the initial 5 years is set by using the 1 year treasury bill rate plus 3%.

So not my cup of tea, but then we have industries built on risk, from casinos to insurance...

I do, and it is in the multi-billions, USD.Their 'standards' for projects are anything humanitarian (which just means it creates growth, adds jobs, etc etc - not necessarily a non profit) and no casino's (no gambling ties).They demand a 40% share in the company they are providing the funding for.

They are seeking the stability of the dollar but are looking for higher yields than treasuries.  

If it's close to attractions, shopping, bars, casinos, lakes or anywhere people might want to spend the night then furnished is the only way to go.

However, this seems to fly in the face of the tax code interest allocation (tracing) rules, as specified in Treasury Regulation 1.163-8T, and discussed in IRS pubs 535 & 550.