{"id":1004566039,"date":"2022-02-03T11:50:45","date_gmt":"2022-02-03T19:50:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566039"},"modified":"2022-12-08T09:30:58","modified_gmt":"2022-12-08T17:30:58","slug":"las-vegas-office-portfolio-lands-116m-cmbs-recapitalization","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/las-vegas-office-portfolio-lands-116m-cmbs-recapitalization\/","title":{"rendered":"Las Vegas Portfolio Lands $116M in CMBS Financing"},"content":{"rendered":"
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6226 W. Sahara Ave., NV Energy corporate headquarters. Photo courtesy of Dekel Capital<\/p><\/div>\n

Moonwater Capital<\/strong> has successfully recapitalized a Las Vegas office portfolio comprising more than 611,00 square feet. The investment firm received $116 million in CMBS financing<\/a>, arranged by Dekel Capital<\/strong>, a merchant banking firm that had worked on multiple occasions with the lender. Proceeds will be used to retire existing debt and buyout investors.<\/p>\n

Citi Real Estate Funding Inc.<\/strong> and Barclays Capital Real Estate Inc.<\/strong> provided the 10-year loan for Moonwater and its equity partners. The lender opted for a single loan for the entire portfolio. In a prepared statement, Dekel Capital Managing Principal Shlomi Ronen<\/a> noted that this single-loan strategy helped achieve Moonwater\u2019s goal of obtaining full ownership of the assets.<\/p>\n

Portfolio details<\/h2>\n

Securing the loan are six office buildings situated in the Spring Valley, Airport and Summerlin submarkets of Las Vegas. The portfolio is 97 percent occupied, with most properties being single tenant.<\/p>\n

The largest of them is 6226 W. Sahara Ave., a four-story office building totaling 292,180 square feet. The property underwent a cosmetic renovation in 1994 and is fully leased by public utility company NV Energy. According to CommercialEdge<\/strong> data, Moonwater Capital purchased the asset in 2020 for $33.4 million, from Davidson Kempner Capital Management<\/strong>. The sale was subject to a $23.8 million loan held by Washington Federal Bank.<\/p>\n

Three properties in the portfolio are part of The Crossing Business Center\u2014a master-planned park set to include a total of 1.2 million square feet of space in Summerlin, adjacent to the I-215\/15 interchange. Moonwater Capital purchased the assets from Hines Interests<\/strong> in 2018, in a portfolio transaction totaling $62.2 million. That purchase was also subject to a loan, totaling $82.8 million and held by Prime Finance Partners.<\/strong> The buildings are:<\/p>\n