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Dekel Capital Arranges $33.3MM Loan for Acquisition and Recapitalization of Class-A Office Building

May 20, 2021, 05:00 AM
Filed Under: Real Estate

Dekel Capital provided Moonwater Capital and Apex Financial Advisors with $33.3 million in permanent debt as part of the acquisition and recapitalization of Montecito Tower, a 177,301-square-foot Class-A office building in Las Vegas, NV.

Moonwater acquired the building in 2018 in a joint venture with an affiliate of a global private equity investment firm, which exits the investment. Moonwater will continue as operating partner in the new joint venture with Pennsylvania-based investment management firm Apex.

The 10-year CMBS financing provided by a multinational investment bank, retires the existing debt on the building helping to facilitate the new partnership with Apex.    
Dekel worked with the lender to keep the loan on process and ensure that the terms of the deal remained constant during the complex change of ownership.

“While no loan placement is ever simple, getting lenders to focus on the Vegas market and showing them how well both the asset and the overall market performed during the pandemic was critical in getting them to stretch on the loan terms and proceeds,” said Dekel Managing Principal Shlomi Ronen.  “It was a complex transaction with a lot of moving parts but we were able to put together a deal that works for everyone.”

This is the first major trade of a Class-A office building in Las Vegas since the Covid-19 pandemic hit last year according to Ronen.

“While the Las Vegas office market was impacted by the pandemic, we’re starting to see larger, out-of-state users identify Southern Nevada as a growth location for future expansions and relocations,” Ronen said. “This is driven by the relative affordability of high-quality office space, a talented local workforce, and a favorable local business environment.”

Located at 6605 Grand Montecito Parkway, the property was built in 2009 and is the only true Class-A office building located in northwestern Las Vegas. It is strategically located just off I-215 providing an easy commute for office users in Las Vegas. The property features a two-level parking structure with stalls both above ground and subterranean. The building is parked at a 6.4/1000 square foot that is above market for Las Vegas.

Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges. 

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