{"id":1004467420,"date":"2020-07-29T03:48:26","date_gmt":"2020-07-29T11:48:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004467420"},"modified":"2020-07-29T03:48:26","modified_gmt":"2020-07-29T11:48:26","slug":"dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/","title":{"rendered":"Dekel Capital Orchestrates $35M in Financing for Las Vegas Office Asset"},"content":{"rendered":"
\"\"<\/a>

NV Energy Pearson Building. Image courtesy of Dekel Capital<\/em><\/p><\/div>\n

Dekel Capital has orchestrated $35 million in financing for Moonwater Capital’s acquisition of the approximately 262,000-square-foot NV Energy Pearson Building in Las Vegas. Moonwater purchased the Class A corporate headquarters property from Lexington Realty Trust in a transaction valued at roughly $33.4 million, according to the Clark County Assessor’s office.<\/p>\n

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READ ALSO<\/strong>: Q&A: Tenant Demand to Drive Expansion<\/a><\/p>\n

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Lexington had owned a 20 percent interest in the NV Energy Pearson Building, having sold the remaining stake to Davidson Kempner Capital Management for $60.7 million in 2018 as part of a $726 million office portfolio transaction<\/a>. Located 4 miles from downtown Las Vegas at 6226 W. Sahara Ave., the four-story property first opened its doors in 1983 as the headquarters of NV Energy and has served solely as the Berkshire Hathaway Energy subsidiary’s home ever since.<\/p>\n

Financing for the office destination, acquired as a core-plus asset, took the shape of a two-part package comprising debt and equity. Dekel secured approximately $23.8 million in long-term, fixed-rate, first mortgage debt from a West Coast-based regional bank. The real estate merchant banking firm also rounded up joint venture equity on Moonwater’s behalf, the majority of which came from a private REIT managed by real estate crowdfunding and investment company RealtyMogul.<\/p>\n

Both the lending and investment communities took a strong interest in the NV Energy Pearson Building financing opportunity. Dekel notes in a prepared statement that a range of lending sources vied for the chance to provide funds, and on the equity side, investors were drawn in by the property’s low-cost basis and robust cash flow from a large credit tenant.<\/p>\n

Bucking the trend<\/strong><\/h2>\n

In a report released in May, Cushman & Wakefield made a prediction about commercial real estate financing in the time of COVID-19: “In the case of both the equity and debt markets, activity will continue to be restrained by elevated uncertainty.”<\/em> Dekel, however, has been successful in reeling in financing amid this time of global upheaval. In late April, as the pandemic strengthened its grip on the economy, Dekel arranged $59 million in construction financing for The Latigo Group’s 142-unit mixed-use apartment community outside Los Angeles in Thousand Oaks, Calif., obtaining the funds from a life insurance company and a publicly traded REIT.<\/p>\n","protected":false},"excerpt":{"rendered":"

The firm raised joint venture equity and secured first mortgage debt for Moonwater Capital’s acquisition of the NV Energy Pearson Building.<\/p>\n","protected":false},"author":969,"featured_media":1004467423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1593,21742,21747,15],"tags":[32799,41918,36700,36727,38280,49849],"class_list":["post-1004467420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-las-vegas","category-latest","category-office","category-west","tag-cushman-wakefield","tag-davidson-kempner-capital-management","tag-dekel-capital-inc","tag-lexington-realty-trust","tag-moonwater-capital","tag-realtymogul-com"],"acf":[],"yoast_head":"\nDekel Capital Orchestrates $35M in Financing for Las Vegas Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dekel Capital Orchestrates $35M in Financing for Las Vegas Office Asset\" \/>\n<meta property=\"og:description\" content=\"The firm raised joint venture equity and secured first mortgage debt for Moonwater Capital's acquisition of the NV Energy Pearson Building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-29T11:48:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/NV-Energy-Pearson-Building-Las-Vegas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/\",\"name\":\"Dekel Capital Orchestrates $35M in Financing for Las Vegas Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/NV-Energy-Pearson-Building-Las-Vegas.jpg\",\"datePublished\":\"2020-07-29T11:48:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dekel-capital-orchestrates-35m-in-financing-for-las-vegas-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/NV-Energy-Pearson-Building-Las-Vegas.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/NV-Energy-Pearson-Building-Las-Vegas.jpg\",\"width\":800,\"height\":620,\"caption\":\"NV Energy Pearson Building. 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