$116M Secured to Refinance Las Vegas Office Portfolio
Moonwater Capital and its equity partners have secured the CMBS financing for a 97% leased, 611,248-SF portfolio.
LAS VEGAS, NV – Private real estate investment firm, Moonwater Capital and its equity partners have secured $116 million in long-term permanent financing to recapitalize a six-building office portfolio in Las Vegas, NV.
The 611,248-square-foot portfolio is 97% leased, primarily to large national tenants with strong credit and balance sheets.
The financing was provided by Citi Real Estate Funding Inc. and Barclays Capital Real Estate Inc. The proceeds from the 10-year CMBS loan were used to retire the existing debt on the individual assets and buyout the existing investors.
Real estate merchant banking firm, Dekel Capital arranged the financing on behalf of Moonwater Capital and its equity partners.
Located in the southwestern Las Vegas market, the portfolio comprises a 31,105-square-foot mixed-use building at 6551 Las Vegas Blvd. South, which is 100% leased to Amazon; a 102,276-square-foot office building 6543 Las Vegas Blvd. South that is 100% leased to WeWork; a 52,975-square-foot office building at 1450 Center Crossing Rd. that is 100% leased to Hilton Grand Vacations; a 755,548-square-foot office building at 10190 Covington Cross Dr. that is 100% leased to Coin Cloud; a 57,124-square-foot multi-tenant building at 9901-9921 Covington Cross Dr. that is anchored by Adtalem Global Education & Chamberlain University College of Nursing; and a 292,180-square-foot headquarters building at 6226 West Sahara Ave. that is 100% leased by NV Energy, a holding of Berkshire Hathaway Energy.
Moonwater Capital ultimately decided to recapitalize the portfolio with a single loan for more aggressive debt terms from lenders.
“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,” says Shlomi Ronen, managing principal at Dekel Capital.
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.