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Dekel Capital Arranges $116MM CMBS Financing to Recapitalize Moonwater Capital’s Office Portfolio in Las Vegas

February 01, 2022, 07:00 AM
Filed Under: Real Estate

Real estate merchant banking firm Dekel Capital arranged $116 million in long-term permanent financing to recapitalize a six-building, 611,248-square-foot office portfolio in Las Vegas, NV on behalf of Moonwater and its equity partners.

The portfolio is concentrated in the southwestern Las Vegas market and is 97% leased, with the majority to large national tenants with strong credit and balance sheets. The financing, provided by Citi Real Estate Funding Inc., and Barclays Capital Real Estate, Inc., is secured by: 

  • 6551 Las Vegas Boulevard South — a 31,105-square-foot mixed use building, 100% leased to Amazon;
  • 6543 Las Vegas Boulevard South – a 102,276-square-foot office building 100% leased to WeWork;
  • 1450 Center Crossing Road – a 52,975-square-foot office building 100% leased to Hilton Grand Vacations;
  • 10190 Covington Cross Drive – a 755,548-square-foot office building 100% leased to Coin Cloud;
  • 9901-9921 Covington Cross Drive – a 57,124-square-foot multi-tenant building anchored by Adtalem Global Education & Chamberlain University College of Nursing; and
  • 6226 West Sahara Avenue, a 292,180-square-foot headquarters building 100% leased by NV Energy, a holding of Berkshire Hathaway Energy.

Proceeds from the 10-year year CMBS loan were used to retire the existing debt on the individual assets and buyout the existing investors.   

Dekel and Moonwater looked at several strategies, but decided that recapitalizing the Portfolio with a single loan would result in more aggressive debt terms from lenders, according to Dekel Capital Managing Principal Shlomi Ronen.

“We worked with Moonwater and its equity partners to explore a number of financing strategies in order to help them achieve their ultimate goal of owning these assets outright over the long term,” said Ronen.

Moonwater Capital’s equity partners include: Ryan Tedder, Grammy-award winning songwriter and producer and lead Singer of OneRepublic; Keith Kantrowitz, owner and President of Power Express Mortgage; and  Alex Pall and Drew Taggart of the Grammy-award winning DJ duo, The Chainsmokers.

Dekel Capital is an advisor to Moonwater Capital, a Las Vegas-based real estate investment firm focusing primarily on commercial office, retail, and multifamily assets in the Las Vegas metropolitan area. Most recently, Dekel arranged $33 million in permanent debt to recapitalize Montecito Tower, a 177,301-square foot Class A office building in Las Vegas. Proceeds from that financing was used to retire the existing debt and facilitate a complex change of ownership with a new joint venture partner.  

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