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FINANCING NEWS
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Six-Building, 611k sf Vegas Office Portfolio Recapitalized in $116 Mil Financing Deal

2/01/22

A six-building, 611.2k sf office portfolio in Las Vegas was recapitalized in a $116 mil, long-term financing transaction. The financing was arranged by Dekel Capital on behalf of Moonwater Capital and its equity partners.

6226 W. Sahara Ave
6226 W. Sahara Ave
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 the following assets:

• 6551 Las Vegas Boulevard South — a 31.1k sf, mixed use building, 100% leased to Amazon

• 6543 Las Vegas Boulevard South – a 102.3k sf office building 100% leased to WeWork

• 1450 Center Crossing Road – a 53k sf office building 100% leased to Hilton Grand Vacations

• 10190 Covington Cross Drive – a 755.5k sf office building 100% leased to Coin Cloud

• 9901-9921 Covington Cross Drive – a 57.1k sf, multi-tenant building anchored by Adtalem Global Education & Chamberlain University College of Nursing

• 6226 West Sahara Avenue, a 292.2k sf 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.

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.







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